Circio announces intention to raise around NOK 50-60 million in Q2 2024 to extend cash runway to Q2 2025

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• Circio plans to raise around NOK 50-60 million in gross proceeds in a partially underwritten rights issue to be completed during Q2 2024
• The intended financing will provide twelve months of runway, enabling delivery of key circVec circular RNA platform milestones
• Members of Circio´s board and management have pre-committed to participate with around NOK 2 million in the fundraising
• Atlas Capital Markets is supportive of, and intends to participate in, the financing
• Redeye AB is acting as financial advisor to Circio

Oslo, Norway 17 April 2024 – Circio Holding ASA (OSE: CRNA, “Circio”), a biotechnology company developing next generation circular RNA vector technology for gene therapy, announces that it is initiating a fundraising process with the intent to raise around NOK 50-60 million or more in gross proceeds from existing shareholders and new investors in a partially underwritten rights issue to be completed during Q2 2024.

“The board strongly believes in the potential of Circio´s unique circVec platform, and this intended fundraising will provide the company with the required capital to validate the significant advantage of the technology in gene therapy,” said Damian Marron, Chairman of Circio. “With twelve months runway, Circio will have time to reach important R&D milestones and will aim to achieve its first business development deal, thereby delivering value to our shareholders.”

Existing convertible bond investor Atlas Capital Markets is supportive of, and intends to participate in, the intended fundraising. Members of Circio´s board and management have pre-committed to participate with around NOK 2 million, including NOK 500.000 by CEO Dr. Erik D Wiklund.

“Circio has now demonstrated technical validation for its circVec circular RNA platform both in vitro and in vivo and is pushing ahead to establish in vivo proof-of-concept for its novel circVec gene therapy formats,” said Dr. Erik Digman Wiklund, CEO at Circio. “This financing will enable Circio to develop the lead program in AATD towards selection of a lead therapeutic candidate by the middle of next year. In parallel, Circio will continue to improve and expand the circVec platform, which will open opportunities for multiple future revenue-generating partnerships both in the short- and long-term.”

Circio will update the market in due time when the structure and timing of the intended transaction have been determined.

Redeye AB will be acting as financial advisor to Circio and sole bookrunner in the transaction and Advokatfirmaet Thommessen AS is acting as legal advisor.

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@circio.com

Lubor Gaal, CFO
Phone: +34 683343811
Email: lubor.gaal@circio.com

About Circio

Building next generation RNA therapeutics

Circio Holding ASA is a biotechnology company developing novel circular RNA gene therapies and immunotherapy medicines.

Circio has established a unique circular RNA (circRNA) platform for genetic medicine. The proprietary circVec technology is based on a modular genetic cassette design for efficient biogenesis of multifunctional circRNA from DNA and viral vectors, which can be deployed in multiple disease settings. The circVec platform has demonstrated enhanced and more durable protein expression than classic mRNA vector systems, and has the potential to become the new gold-standard for DNA and virus-based therapeutics in the future. The circRNA R&D activities are being conducted by the wholly owned subsidiary Circio AB based at the Karolinska Institute in Stockholm, Sweden.

In addition, Circio is developing a cancer vaccine, TG01, targeting KRAS driver mutations. TG01 is currently being tested in three clinical trials: RAS-mutated pancreatic cancer and lung and non-resectable pancreatic cancer in US, and multiple myeloma in Norway. These studies are being run through academic collaborative networks, supported by prestigious research grants from Innovation Norway and the Norwegian Research Council, creating read-outs and future optionality for the program at low cost to Circio.

Important notice:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at (i) qualified investors in that Member State within the meaning of the Prospectus Regulation, and (ii) to fewer than 150, natural or legal persons , subject to obtaining the prior consent of the Company for any such offer, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Regulation, as the term is used in Article 1(4) and (6) of the Prospectus Regulation, that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the Order) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as Relevant Persons). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons.

Persons distributing this communication must satisfy themselves that it is lawful to do so.

The information contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any of the content of this announcement.

The Company makes no representation as to the accuracy or completeness of this announcement and does not accept any responsibility for the contents of this announcement or any matters referred to herein. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. The Company accepts no liability arising from the use of this announcement.

This information is subject to a duty of disclosure pursuant to the Company's continuing obligations as a company listed on the Oslo Stock Exchange. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Mats Hermansen, VP Finance of Circio, on the date and time set out above.