Circio Holding ASA (OSE:CRNA), a biotechnology firm focused on circular RNA and immunotherapy medicines, announced on Tuesday that its Chinese partner IOVaxis Therapeutics has exercised its option to secure an exclusive licence for mutant RAS cancer vaccines TG01 and TG02 in Greater China and Singapore.

This agreement entails an immediate USD300,000 payment towards the USD3m option exercise fee, with the remainder due by 15 September 2024. Additionally, the deal includes up to USD10m in clinical development milestones, as well as royalties and commercial milestones on future sales.

IOVaxis plans to commence its initial TG01 clinical trial targeting pancreatic cancer later this year.

Circio granted IOVaxis a six-month payment extension on the remainder of the option exercise fee due to IOVaxis' ongoing efforts to secure capital to cover milestone payments and the TG01 clinical programme, alongside a re-evaluation of TG01's intellectual property and data protection rights in China. Failure to meet payment deadlines will result in the licence expiring on 15 September 2024.