On June 15, 2023 Circio Holding ASA (OSE: CRNA), a biotechnology company developing next generation RNA therapeutics, reported a general company update, demonstrating substantial progress for the company’s circRNA platform development (Press release, Circio, JUN 15, 2023, View Source [SID1234632722]).
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"Over the recent months we have accelerated the development of our unique circular RNA platform. The transition into a dedicated circRNA technology company has now been completed, with the aim to fully capture the potential of our differentiated approach and early mover advantage in this exciting new therapeutic area. The prioritization of resources to pre-clinical circRNA development over the ONCOS-102 phase 2 clinical program also significantly reduces our cash burn rate and financing needs, and allows us to fully focus our time and resources on the program that is most technologically innovative and provides the best opportunity for value creation in the short- to mid-term," said Circio’s CEO Dr. Erik Digman Wiklund.
Dr. Erik Digman Wiklund will give an online presentation to investors, analysts, and the press at 10:00 CET today (details below),
2022 year-to-date highlights
Corporate development
The new R&D strategy prioritized to accelerate the circular RNA (circRNA) platform development, a rapidly emerging area in RNA therapeutics receiving strong interest from global pharma and specialist investors
To reflect the strategic shift towards circRNA development, the name of the company was changed to Circio, under the Euronext Oslo ticker: CRNA
Chief Medical Officer Dr. Lone H Ottesen and VP Regulatory Affairs Dr. Ingunn M Lindvig have resigned to join other Nordic biotechnology companies. We thank them for their service and highly valued contributions to Circio
The organization has now been streamlined for pre-clinical development of the circRNA platform, resulting in a net staff reduction of 40%, with core scientific operations based at the Karolinska Institute in Stockholm, Sweden
Finance
Up to NOK 300m in financing over the next 3 years was secured through a convertible bond facility from Atlas Capital Markets, providing Circio flexible access to capital during a period of challenging biotech market conditions
circRNA platform development
Key technical proof-of-concept data was established for circVec, Circio’s differentiated vector delivery approach for efficient and durable circRNA expression, including demonstration of 15x extended half-life versus linear mRNA
An important patent application expanding circVec coverage to novel vector systems was filed in March, adding to the general circVec genetic cassette design filed in late 2022
Cancer gene therapy, protein replacement for rare disease and vaccines were selected as the first three therapeutic areas to be explored for circVec
Mutant KRAS platform
The first patient has been dosed in the trial in pancreatic cancer at Kansas University Cancer Center, where TG01 will be tested in combination with PD1 checkpoint inhibitor balstilimab from collaboration partner Agenus
The TG01 trial in multiple myeloma at Oslo University Hospital received regulatory approvals to proceed and the first patient has been enrolled
Important cancer vaccine data was presented by US-based biotechs at major scientific conferences, validating the clinical benefit of neoantigen cancer vaccines in post-surgical settings
Presentation
We invite to a live webcast today at 10.00 CET. Click here to join the webcast. It will be possible to submit questions during the presentation.