Circio terminates TG01 cancer vaccine license option agreement with IOVaxis in China for non-payment

 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 Therapeutics´ 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

Lubor Gaal, CFO
Phone: +34 683343811

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.