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.