Kurs & Likviditet
Beskrivning
Land | Norge |
---|---|
Lista | OB Match |
Sektor | Hälsovård |
Industri | Bioteknik |
2024-01-18 07:54:56
Oslo, Norway 18 January 2024 - Circio Holding ASA (OSE: CRNA) today announces
that Business Finland has approved Circio's application for a waiver in full of
three R&D loans totalling EUR 6.2m granted towards the development of ONCOS-102.
As a result, Circio's equity will be increased by a corresponding amount.
Business Finland is a public agency that provides funding towards R&D activities
for companies in Finland. Targovax Oy, a wholly owned Finnish subsidiary of
Circio Holding ASA, received three loans from Business Finland for the
development and commercialization of ONCOS-102 in 2010, 2012 and 2013, totalling
EUR 6 209 888. The loans were repayable over a ten-year period from 2021-2031
with an interest rate of currently 1.25% p.a.
In 2023, Circio made the strategic decision to prioritize and accelerate pre
-clinical development of its innovative circular RNA (circRNA) platform and
discontinue the ONCOS-102 program. Following this decision, Circio applied for a
waiver of the three ONCOS-102 loans. On 15 January 2024, Business Finland
approved the application and granted a waiver in full of the outstanding
principal amount and future interest of the three loans. The waiver is subject
to the termination of the ONCOS-102 program and its related IP and the
liquidation of Targovax Oy, which is ongoing with the relevant authorities in
Finland.
Dr. Lubor Gaal, CFO of Circio Holding ASA, said: "The Business Finland loans
were granted to Oncos Therapeutics Oy more than ten years ago, and assumed by
the Targovax group following the acquisition of Oncos Therapeutics in 2015. We
greatly appreciate the goodwill and flexibility shown by Business Finland in
waiving these loans, thereby enabling us to fully dedicate our resources towards
development of our groundbreaking circVec platform, which has the potential to
disrupt the genetic medicine and vaccine fields".
About Business Finland
Business Finland is the government organization for innovation funding and
trade, travel, and investment promotion in Finland. More information:
https://www.businessfinland.fi/en/for-finnish-customers/home.
For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@circio.com (erik.wiklund@targovax.com)
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@circio.com (renate.birkeli@targovax.com)
About Circio
Building next generation RNA therapeutics
Circio Holding ASA is a biotechnology company developing novel circular RNA and
immunotherapy medicines.
Circio has established a unique circular RNA (circRNA) platform to develop novel
circRNA medicines for rare disease, vaccines, and cancer. 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 for many purposes. 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.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to disclosure requirements pursuant to
Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Renate Birkeli, Investor Relations, Circio Holding
ASA.