Circio has raised NOK 250 million in a significantly oversubscribed private placement to accelerate development of its circular RNA (circRNA) expression platform for gene and cell therapy.

The financing, priced at NOK 10.8 per share, was conducted at market pricing and represents a 5% premium to the five-day volume-weighted average price and a 20% premium to the 10-day VWAP. The company also said the deal was 2.3 times covered following strong demand from Nordic and international investors.

The gross proceeds are equivalent to approximately $22.6 million and €20.8 million, based on current exchange rates.

Circio said the capital raise will extend its financial runway into 2030 and support scale-up of its circVec platform, which focuses on circular RNA-based expression systems for therapeutic development.

Chief executive Erik Digman Wiklund said the financing marks a significant milestone for the company’s development strategy.

Wiklund said: “This oversubscribed private placement is a truly transformational event for Circio, and a testament to the major scientific and business development achievements over the past year.”

He added that the new funding will accelerate R&D activity and expand validation work across multiple therapeutic areas.

Circio said proceeds will be used to advance its circVec-AAV gene therapy programme, with work ongoing in heart, eye and central nervous system indications. The company is also progressing a feasibility study with a global pharmaceutical partner and aims to identify candidates for future clinical development.

In parallel, funding will support expansion of its circVec-LNP in vivo CAR-T cell therapy programme, alongside investment in infrastructure and personnel to move the platform toward key preclinical milestones.

The company also plans to strengthen business development activities as it seeks to build partnerships in gene and cell therapy, an area of growing interest as RNA-based modalities expand across therapeutic pipelines.

As part of the transaction, management, board members and the company have entered into six-month lock-up agreements, subject to customary exemptions.

Circio said a subsequent offering of up to NOK 82.5 million is planned in around three weeks, allowing existing shareholders to participate on similar terms.

Following completion of the transaction, Circio will have a share capital of NOK 142.8 million, divided into 238,054,835 shares.