Brief: Circio To Close Unit In Finland, Reduce BoD

Circio Holding ASA

18/10/2023 06:04

Oct 18 (Reuters) - Circio Holding ASA  CRNA.OL :
    * STRENGTHENS ITS FOCUS ON NEXT GENERATION CIRCULAR RNA
THERAPEUTICS WITH ADDITIONAL COST REDUCTIONS
    * INTENDS TO CLOSE SUBSIDIARY TARGOVAX OY IN FINLAND, WHICH
OWNED
AND MANAGED ONCOS-102 PROGRAM
    * ALL ACTIVITIES RELATING TO WIND-DOWN OF ONCOS -102
CLINICAL
DEVELOPMENT AND MANUFACTURING WILL SOON BE COMPLETED AND IS NOT
EXPECTED TO INCUR FURTHER COSTS
    * THERE ARE CURRENTLY NO PLANS TO REINITIATE ONCOS-102
DEVELOPMENT
    * BOARD OF DIRECTORS WILL BE REDUCED FROM SEVEN TO FOUR
PERSONS
    * RESTRUCTURING OF BOARD AND MANAGEMENT, TOGETHER WITH
PREVIOUSLY
COMMUNICATED STAFF REDUCTIONS DURING 2Q 2023, ENABLES AROUND 40%
LOWER PAYROLL COSTS FROM 2H 2023 ONWARDS
    * COST SAVINGS WILL EXTEND RUNWAY ON EXISTING RESOURCES

Source text for Eikon:  ID:nObiY0FyLa 
Further company coverage:  CRNA.OL 

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