Circio Holding ASA announced that Business Finland has approved Circio's application for a waiver in full of three R&D loans totalling EUR 6.2m granted towards the development of ONCOS-102. As a result, Circio's equity will be increased by a corresponding amount. Business Finland is a public agency that provides funding towards R&D activities for companies in Finland.

Targovax Oy, a wholly owned Finnish subsidiary of Circio Holding ASA, received three loans from Business Finland for the development and commercialization of ONCOS-102 in 2010, 2012 and 2013, totalling EUR 6 209 888. The loans were repayable over a ten-year period from 2021-2031 with an interest rate of currently 1.25% p.a. In 2023, Circio made the strategic decision to prioritize and accelerate pre-clinical development of its innovative circular RNA (circRNA) platform and discontinue the ONCOS-102 program. Following this decision, Circio applied for a waiver of the three ONCOS-102 loans.

On 15 January 2024, Business Finland approved the application and granted a waiver in full of the outstanding principal amount and future interest of the three loans. The waiver is subject to the termination of the ONCOS-102 program and its related IP and the liquidation of Targovax Oy, which is ongoing with the relevant authorities in Finland.