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options to key employees as a retention incentive and to align management and
shareholder interests during a financially constrained period for the company.
“The Circio team is continuing to deliver strong technological progress,
recently highlighted by impressive in vivo circVec expression and durability
data presented at the prestiguous ESGCT conference in October”, said Damian
Marron, Chairman of Circio Holding ASA. “This has been achieved despite
considerable financial constraints and cost-cutting initiatives, including a
voluntary 50% pay cut taken by CEO, CFO and CSO to channel available resources
into crucial experimental work. To reward this dedication and incentivize
employee retention, the Board has therefore resolved to issue new stock options
to all Circio employees”.
On 19 June 2024, the Annual General Meeting authorized the Board of Circio
Holding ASA to issue new shares to employees under the Company long-term
incentive program up to a maximum of 10% of the total share float. The previous
general stock option allocation was in December 2022. All current stock options
are substantially below their strike value and are no longer considered to have
a relevant retention effect. To realign the option incentive program to the
current situation, the Board has therefore resolved to issue a total of
2,350,000 stock options to members of the executive management and a total of
1,100,000 stock options to employees.
Each option, when exercised, will give the right to acquire one share in the
Company. The options are granted without consideration. Pursuant to the vesting
schedule, 25% of the options will vest 12 months after the day of grant (as long
as the option holder is still employed). Thereafter, 1/36 of the remaining
options will vest each month as long as the option holder is still employed,
with the first 1/36 vesting 13 months after the day of grant. The exercise price
of the options is NOK 0.76. The exercise price is equal to the volume weighted
average trading price of the shares of the Company on Oslo Børs on the date of
the grant. Options that have not been exercised will lapse 7 years after the
date of grant.
Primary insiders in Circio Holding ASA have received the following options
grants, according to the terms described above:
Chief Executive Officer Erik Digman Wiklund has been granted 750,000 share
options. Following the grant, he holds 143,733 shares and 805,005 options in the
Company.
Chief Financial Officer Lubor Gaal has been granted 600,000 share options.
Following the grant, he holds 93,600 shares and 623,329 options in the Company.
Chief Technology Officer Thomas Birkballe Hansen has been granted 400,000 share
options. Following the grant, he holds 46,800 shares and 416,658 options in the
Company.
Chief Operating Officer Ola Melin has been granted 300,000 share options.
Following the grant, he holds 48,466 shares and 324,185 options in the Company.
Chief Scientific Officer Victor Levitsky has been granted 300,000 share options.
Following the grant, he holds 47,133 shares and 321,502 options in the Company.
Please see the attached forms for further details about the stock option
allocation.
This information is subject to the disclosure requirements pursuant to article
19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian
Securities Trading Act.
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) expression 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,
including cell and gene -therapy and chronic diseases. The circVec platform has
demonstrated enhanced and more durable protein expression vs. 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 pan-RAS cancer vaccine, TG01, targeting KRAS
driver mutations. TG01 is currently being tested in two clinical trials: RAS
-mutated pancreatic and lung cancer in the USA and multiple myeloma in Norway.
These studies are being run through academic and industry 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.
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