Circio Holding ASA (OSE:CRNA), a biotechnology company developing next generation circular RNA vector technology for gene therapy and cancer vaccines, revealed on Wednesday that it has terminated the exclusive TG01 KRAS cancer vaccine licence option agreement with its Chinese partner IOVaxis Therapeutics in Greater China and Singapore due to non-payment.
Despite previously granting a payment extension, Circio terminated the agreement as IOVaxis failed to make the agreed initial payment of USD300,000.
Dr Erik Digman Wiklund, Circio's CEO, stated that the three collaborative clinical studies in the United States and European Union are proceeding unaffected.
Circio will now explore alternative partnerships for TG01 in China, leaving room for potential reactivation of discussions with IOVaxis if financial obligations are met.
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