Circio Holding ASA announced that Business Finland has approved its application for full forgiveness of three R&D loans totaling €6.2 million awarded for the development of ONCOS-102. As a result, Circio’s capital increases by a corresponding amount. Business Finland is a public institution that funds the research and development activities of Finnish companies.
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, totaling €6,209,888. Ta. The loan could be repaid by him in 10 years. The term is from 2021 to 2031, and the interest rate is currently 1.25% per annum. In 2023, Circio made the strategic decision to prioritize and accelerate preclinical development of its innovative circular RNA (circRNA) platform and discontinue the ONCOS-102 program. Following this decision, Circio applied for forgiveness of his three ONCOS-102 loans.
On January 15, 2024, Business Finland approved the application and waived all outstanding principal and future interest on the three loans. This waiver is conditional on the termination of the ONCOS-102 program and its associated intellectual property and the ongoing liquidation of his Targovax Oy with the relevant Finnish authorities.