As you have already tried both the recovery tools from transcend and also the registry fix, it seems there is altogether a different problem with this pen drive. Try this pen drive in another computer (a friend's computer may be) and see if it works. If it works in a different computer the problem is with the Operating System.
Also, you can run an Anti-Virus scan on your computer to see if any virus is causing this problem.
If the issue is still not fixed, in your reply include the model number of your Transcend pen drive and I will see there is any specific issue/fix for this pen drive. Also, add the text of the exact error message that you get.
Do reply with results.