Polynoma LLC

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 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.

TransCode Therapeutics named Philippe Calais, Ph.D., as its CEO in a statement to disclose a pair of deals.\n In a pair of deals, TransCode Therapeutics has bagged Polynoma and its phase 3 cancer vaccine, as well as a $25 million injection into its cash-strapped coffers—but in doing so, the company is trading away most of its equity.Publicly traded TransCode ended June with $7.4 million in cash. Having burned through $7.3 million over the first half of the year, the biotech warned investors of substantial doubt about its ability to continue for another 12 months. With a market cap of around $10 million, TransCode had limited power to raise money from public investors to support its plans.Enter CK Life Sciences. Polynoma’s sole stockholder is an indirect wholly-owned subsidiary of the Hong Kong-listed CK. TransCode has agreed to buy Polynoma in an all-stock deal, the company announced on Oct. 8. In conjunction with the deal, a CK subsidiary has agreed to invest $25 million in TransCode in exchange for a large tranche of shares. The investment consists of $20 million in cash and a $5 million note. Once the deals close, CK will own around 91% of the resulting company. Pre-acquisition stockholders of TransCode will own the remaining 9%. TransCode could pay the CK subsidiary up to $95 million if Polynoma’s cancer vaccine, seviprotimut-L, hits clinical, regulatory and commercial milestones. Seviprotimut-L is an off-the-shelf vaccine that contains human melanoma antigens. Exposing the body to the antigens is intended to stimulate both humoral and cellular immune responses, leading to the death of tumor cells. Polynoma completed a phase 3 study of the vaccine in 2021, delivering results that left researchers relying on an exploratory efficacy model to make the case for further development. Preparations for a phase 3 confirmatory trial are underway, but TransCode’s next milestones center on its internal program TTX-MC138. The company is planning to start a phase 2a trial of the microRNA-10b inhibitor next year.TransCode named Philippe Calais, Ph.D., as its CEO in a statement disclosing the deals. Calais, who joined TransCode’s board in 2018, has replaced Tom Fitzgerald, who had held the CEO position on an interim basis. Fitzgerald is staying on as Chief Financial Officer. TransCode shares spiked after the news and were trading up about 16% to $14.18 at 11 a.m. ET on Wednesday.