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.
Deal context
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.