Oslo, Norway 17 April 2024 - Circio Holding ASA (OSE: CRNA), a biotechnology
company developing next generation circular RNA vector technology for gene
therapy and cancer vaccines, announces that it has terminated the exclusive TG01
KRAS cancer vaccine license option agreement with IOVaxis therapeutics in
Greater China and Singapore
On 1 March 2024, IOVaxis TherapeuticsŽ IND-application to initiate TG01 clinical
development in China was approved, triggering a USD 3 million license fee to
Circio. Circio initially granted IOVaxis a six-month payment extension following
an immediate USD 300,000 down-payment. However, despite multiple exchanges with
IOVaxis, the agreed USD 300,000 down-payment has not been made and no plan has
been provided to do so.
"IOVaxis has not met the first financial payment milestone and Circio has
therefore decided to terminate the TG01 license agreement in China. The three
collaborative clinical studies in the USA and EU are proceeding according to
plan and remain the primary TG01 development priority," said Dr. Erik Digman
Wiklund, CEO at Circio. "Circio will now seek alternative partnering options in
China for the TG01 program. Should IOVaxis demonstrate in the future that it has
secured the required capital to cover its obligations and initiate TG01 clinical
development, then discussions can potentially be reactivated to find a path
forward."
Circio currently has three ongoing collaborative TG01 clinical trials with
industry and academic partners in the USA and Europe in RAS-mutated multiple
myeloma, pancreatic and lung cancer, which are unaffected by this license
termination in China.
For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@circio.com (erik.wiklund@targovax.com)
Lubor Gaal, CFO
Phone: +34 683343811
Email: lubor.gaal@circio.com (erik.wiklund@targovax.com)
About Circio
Building next generation RNA therapeutics
Circio Holding ASA is a biotechnology company developing novel circular RNA gene
therapies and immunotherapy medicines.
Circio has established a unique circular RNA (circRNA) platform for genetic
medicine. The proprietary circVec technology is based on a modular genetic
cassette design for efficient biogenesis of multifunctional circRNA from DNA and
viral vectors, which can be deployed in multiple disease settings. The circVec
platform has demonstrated enhanced and more durable protein expression than
classic mRNA vector systems, and has the potential to become the new gold
-standard for DNA and virus-based therapeutics in the future. The circRNA R&D
activities are being conducted by the wholly owned subsidiary Circio AB based at
the Karolinska Institute in Stockholm, Sweden.
In addition, Circio is developing a cancer vaccine, TG01, targeting KRAS driver
mutations. TG01 is currently being tested in three clinical trials: RAS-mutated
pancreatic cancer and lung and non-resectable pancreatic cancer in US, and
multiple myeloma in Norway. These studies are being run through academic
collaborative networks, supported by prestigious research grants from Innovation
Norway and the Norwegian Research Council, creating read-outs and future
optionality for the program at low cost to Circio.