Oslo, 2 March 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 an exercise period for vested share options under the Company's long-term incentive program for employees and the completion of a settlement period for vested restricted stock units ("RSUs"). The exercise period for the LTI program and the settlement period for the RSUs lasted from 28 February 2022 at 10:00 hours (CET) to 2 March 2022 at 10:00 hours (CET).
- Exercise of options
In total, 7,479 options, each with a subscription price of NOK 0.51 per share were exercised, giving the option holder the right to subscribe for 7,479 shares, each with a par value of NOK 0.10.
- Settlement of RSUs
In total, 88,351 RSUs were settled by Robert Burns, giving the RSU holder the right to subscribe for 88,351 shares in total, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.
The RSU holder received the RSUs as part of its remuneration for its directorship. 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 6.34 per share in 2019 and NOK 6.81 per share in 2020.
- Resolutions to increase the share capital in Targovax ASA
The Company's board of directors has on 2 March 2021, in accordance with the authorisation granted by the general meeting on 17 March 2021, resolved:
- to increase the share capital with NOK 747.90 by the issuance of 7,479 new shares, each with a par value of NOK 0.10 in order to facilitate the exercise of options; and
- to increase the share capital with NOK 8,835.10 by the issuance of 88 351 new shares, each with a par value of NOK 0.10 in order to facilitate the settlement of RSUs.
Accordingly, the new share capital of the Company will be NOK 18,842,242.10, divided into 188,422,421 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 after the share contribution has been fully paid.
For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
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 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 immunotherapy and chemotherapy combinations, the next development step for ONCOS-102 will be to further improve immune activation and clinical response in melanoma patients resistant to PD1 checkpoint blockade.