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TransCode adds more oncolytic adenovirus candidates through Unleash Immuno deal
License out/inImmunotherapyAcquisitionVaccine
TransCode Therapeutics, Inc. (Nasdaq: RNAZ), a Boston-based clinical-stage oncology company, has secured an exclusive, worldwide, fully paid-up, royalty-free license from Unleash Immuno Oncolytics, Inc., a privately held Canadian biotechnology company, to develop and commercialize three oncolytic adenovirus drug candidates — UIO-524, UIO-525, and UIO-526 — along with associated intellectual property. The license agreement grants TransCode global rights to Unleash’s oncolytic adenovirus platform across all territories. The lead candidate, UIO-524, is being positioned for development in muscle-invasive bladder cancer (MIBC).
The transaction was structured as an all-stock deal. Unleash received a one-time issuance of 1,136,364 shares of a new series of non-voting convertible preferred stock in TransCode, convertible into an equal number of common shares. This equity stake represents 6.8% of TransCode’s common stock on a fully diluted basis. No cash upfront payment, milestone obligations, or royalty commitments were disclosed.
UIO-524 is a rationally engineered oncolytic adenovirus designed to selectively replicate within malignant cells and cancer-associated stroma. Tumor selectivity is conferred by a proprietary SPARC promoter described as active in tumor and stromal compartments. The virus carries a multi-cytokine immune-activating payload comprising CD40L, 4-1BBL, and IL-21, intended to activate dendritic cells, T cells, and NK cells to drive systemic anti-tumor immunity. TransCode said UIO-524 builds on the structural backbone of CG Oncology’s CG0070 (cretostimogene grenadenorepvec), but adds tumor- and stroma-associated replication control alongside a broader cytokine payload. The program is preclinical, with IND-enabling studies anticipated. Details on UIO-525 and UIO-526, including target indications and molecular specifics, have not been publicly disclosed.
For TransCode, the deal adds a preclinical oncolytic immunotherapy platform to a pipeline previously centered on RNA-based therapeutics. Its lead clinical asset, TTX-MC138, is a microRNA-10b inhibitormicroRNA-10b inhibitor for metastatic cancer in early development. In October 2025, the company acquired Polynoma and its Phase III-ready cancer vaccine seviprotimut-L, alongside a USD 25 million strategic financing from CK Life Sciences.
The oncolytic virus space has attracted sustained pharma interest through acquisitions and partnerships. Johnson & Johnson acquired BeneVir Biopharm in 2018 for up to USD 1 billion including USD 140 million upfront, and Boehringer Ingelheim acquired ViraTherapeutics in 2018 in a transaction reported at up to EUR 210 million.
A mechanistic comparator to UIO-524 is LOAd703 (delolimogene mupadenorepvec), an oncolytic adenovirus armed with CD40L and 4-1BBL developed by Sweden-based Lokon Pharma. LOAd703 shares two of UIO-524’s three transgenes but does not include IL-21, and it has been evaluated clinically in pancreatic cancer and other solid tumors.
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