Targovax ASA: First quarter 2020 results

Oslo, Norway, 7 May 2020 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first quarter 2020 results.

An online presentation by Targovax’s management to investors, analysts and the press will take place at 10:00 CET today (details below).

HIGHLIGHTS FOR THE FIRST QUARTER 2020

  • Entered into an option agreement with IOVaxis Therapeutics for an TG mutant RAS vaccine license and clinical development agreement in China
  • Presented encouraging data in the mesothelioma study combining ONCOS-102 and standard of care chemotherapy
  • Successfully completed a private placement, raising gross proceeds of approximately NOK 101 million (USD 11.2 million)
  • Announced completed enrollment in the ONCOS-102 trial in anti-PD1 refractory melanoma

POST-PERIOD HIGHLIGHTS

  • Entered into a collaboration with Valo Therapeutics to develop mutant RAS neoantigen coating of ONCOS viruses using PeptiCRAd technology
  • Released update in the mesothelioma study combining ONCOS-102 and standard of care chemotherapy
  • Announced that an abstract on interim phase I clinical data from the phase I/II peritoneal trial was accepted for ASCO
  • Appointed Dr Victor Levitsky, MD, PhD as Chief Scientific Officer (CSO)
  • Announced the election of Damian Marron as Chairman of the Board at the Company’s Annual General Meeting 29 April 2020

Øystein Soug, CEO commented: “After several years of preparations and hard work establishing our clinical program, 2020 is already proving to be a pivotal year for Targovax. In the first months of the year, we have reported important ONCOS-102 oncolytic virus data, found a regional partner for the TG mutant RAS vaccine and established an external R&D collaboration to combine our two technology platforms. Furthermore, there are several readouts coming out from our development program later this year.”

Presentation

As a consequence of the Corona situation, there will not be a physical presentation of the results. Instead, we invite to a live webcast today at 10.00 CET. You can join the webcast here. It will be possible to ask questions during the presentation.

Reporting material

Targovax 1Q 2020 – Report
Targovax 1Q 2020 – Presentation

The quarterly report and presentation are also available at the website  www.targovax.com.

For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media and IR enquires:
Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

About Targovax

Activating the patient’s immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors. Targovax’s lead product 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.

ONCOS-102 is currently being tested in mesothelioma, melanoma and peritoneal malignancies and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.