Circio Holding ASA announced that following approval of the investigational new drug (IND) application by the Chinese National Medical Products Administration (NMPA) on 1 March 2024, IOVaxis Therapeutics of Nantong, China, has on 15 March 2024 exercised its option to license mutant RAS cancer vaccines TG01 and TG02. The license grants IOVaxis exclusive rights to develop and commercialize the TG vaccines in Greater China and Singapore. Under the license agreement between the parties, Circio is entitled to receive a milestone payment of USD 3 million following the exercise of the license option.

The total deal includes up to USD 10 million in clinical development milestones, as well as royalties and commercial milestones on future sales. Due to an ongoing process by IOVaxis to secure capital to cover both the milestone payments and the planned phase 1/2 TG01 clinical program and a re-evaluation around the TG01 intellectual property and data protection rights in China, IOVaxis has requested a six-month payment extension of the option fee and a discussion around certain commercial terms. The parties have agreed that IOVaxis will pay USD 300.000 of the option fee to Circio immediately, and that the remaining balance will be due on 15 September 2024. If the payments are not made by the agreed dates, the exclusive license will expire on 15 September 2024.