On October 18, 2023 Circio reported that it intends to close the subsidiary Targovax OY in Finland, which owned and managed the ONCOS-102 program (Press release, Circio, OCT 18, 2023, View Source [SID1234636097]). All activities relating to the 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, but this may change if investor and partnering interest for oncolytic viruses reemerges in the future.
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As a result of this new strategic focus and after discussions with the Nomination Committee, the three Directors Bente-Lill Romøren, Sonia Quaratino and Raphael Clynes have tendered their resignations from Circio’s Board. In parallel, the management team has been reorganized with VP and Head of Clinical Development, Margrethe Sørgaard, moving on to take up a new external role. The remaining management team has also taken a temporary pay reduction as a further cost-saving initiative. This restructuring of the Board and management, together with the previously communicated staff reductions during 2Q 2023, enables around 40% lower payroll costs from 2H 2023 onwards.
Damian Marron, Chairman of Circio, commented: "I wish to sincerely thank Bente-Lill, Sonia and Raphael for their service and important contributions to Circio over the years. In addition, I extend my gratitude to Margrethe for her deep dedication to the ONCOS-102 and TG01 clinical development programs. Although we are very sorry to lose the valuable experience and contributions these talented individuals have brought to the Board and management, we are now implementing a new strategy that requires a different toolbox and skillset. With these adjustments we believe that we have a strong, right-sized team to continue building Circio into the clear leader in vector-delivered circular RNA therapeutics."
Following the resignations, Circio´s Board will, effective 17 October 2023 and until the 2024 Annual General Meeting, be comprised of four Directors: Damian Marron (Chairman), Diane Mellet, Robert Burns and Thomas Falck. Circio’s management team will consist of five members: Erik D Wiklund (CEO), Lubor Gaal (CFO), Victor Levitsky (CSO), Thomas B Hansen (VP & Head of Research) and Ola Melin (VP & Head of Manufacturing).