Oslo, 31 May 2022: The board of directors of Targovax ASA (OSE:TRVX) (“Targovax” or the “Company“) has resolved to increase the share capital of the Company following the completion of a an exercise period for vested share options under the Company’s long-term incentive program for employees and the completion of settlement period for vested restricted stock units (“RSUs“). The settlement period commenced on 16 May 2022 at 10:00 hours (CEST) and ended on 31 May 2022 at 10:00 hours (CEST).
1. Exercise of options
In total, 4,502 options, each with a subscription price of NOK 0.51 per share were exercised, giving the option holder the right to subscribe for 4,502 new shares in total, each with a par value of NOK 0.10.
2. Settlement of RSUs
The board members Diane Mellett and Eva-Lotta Allan have settled 6,049 and 40,811 RSUs, respectively. Hence in total, 46,860 RSUs were settled, giving the RSUs holders the right to subscribe for 46,860 new shares in total, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.
The RSU holders have previously elected to receive the RSUs as part of their board remuneration instead of cash payment pursuant to resolutions by the annual general meeting (the “AGM”) of the Company. The number of RSUs granted was calculated as the NOK amount of the RSU selected portion of the total remuneration to the respective board member, divided by the market price for the shares, calculated as the volume weighted average share price for the 10 trading days prior to the relevant AGM, being NOK 14.33 per share in 2018, NOK 6.34 per share in 2019, NOK 6.81 per share in 2020 and NOK 8.80 per share in 2021.
3. Resolution to increase the share capital in Targovax ASA
The board of directors of the Company has today, on 31 May 2022, in accordance with the authorisation granted by the general meeting on 20 April 2022, resolved to :
- to increase the share capital with NOK 450.20 by the issuance of 4,502 new shares, each with a par value of NOK 0.10 in order to facilitate the exercise of options; and
- increase the share capital of the Company with NOK 4,686 by issuance of 46,860 new shares, each with a par value of NOK 0.10, in order to facilitate the settlement of RSUs.
The new share capital of the Company will be NOK 18,847,378.30, divided into 188,473,783 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible.
For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773
Activating the patient’s immune system to fight cancer
Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors. Targovax’s focus is to activate the patient’s immune system to fight cancer, and thereby bring benefit to cancer patients with few available treatment alternatives. Targovax is assessing its product candidates in different cancer indications, including melanoma, mesothelioma, multiple myeloma and colorectal cancer, and has demonstrated a favorable safety and tolerability profile.
Targovax’s lead clinical candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system to fight the cancer. On the back of very encouraging clinical data in several indications, both as monotherapy and in combinations, ONCOS-102 will progress into a phase 2 trial in multiple combinations in melanoma patients resistant to PD1 checkpoint blockade.
Building on successful studies demonstrating clinical efficacy and providing deep mechanistic insights, the ONCOS platform is being expanded into delivery of circular RNA (circRNA). In addition, Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate, TG01, due to enter the clinic in the second half of 2022. This provides Targovax with a rich pipeline of innovative future immunotherapy product candidates to follow ONCOS-102.