Office 365 claims authentication fails after hosting application in IIS

Hi,

I am working on an application in which i have to read/create/update sharepoint calendar events from my asp.net application. I have used office 365 authentication (https://login.microsoftonline.com/extSTS.srf) to get the STS token, the application works fine in visual studio, but after hosting in IIS7 it is not working.

https://jonathanvanderoost.com/2013/03/05/connecting-to-sharepoint-with-claims-authentication-in-code/ this the article that i am referring

In the below code block i get the error, An error (The request was aborted: The request was canceled.) occurred while transmitting data over the HTTP channel.

using (WSTrustFeb2005ContractClient trustClient = new WSTrustFeb2005ContractClient(binding, address))
                {
                 
                    
                    trustClient.ClientCredentials.UserName.UserName = _username;
                    trustClient.ClientCredentials.UserName.Password = _password;
                    Message response = trustClient.EndIssue(
                        trustClient.BeginIssue(
                            Message.CreateMessage(
                                MessageVersion.Default,
                                WSTrustFeb2005Constants.Actions.Issue,
                                new RequestBodyWriter(trustSerializer, rst)
                            ),
                            null,
                            null));
                    trustClient.Close();
                    using (XmlDictionaryReader reader = response.GetReaderAtBodyContents())
                    {
                        return reader.ReadOuterXml();
                    }
                }

Is there any setting to be made in IIS level