Targovax ASA: First quarter 2021 results

Oslo, Norway, 6 May 2021 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first quarter 2021 results.

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

FIRST QUARTER HIGHLIGHTS

REASEARCH & DEVELOPMENT

  • Reported continued survival benefit in Targovax’s ONCOS-102 trial in mesothelioma at the 21-month follow-up
    • Median Overall Survival (mOS) has still not been met for randomized first-line patients receiving ONCOS-102 plus chemotherapy
    • mOS will be at least 20.5 months for randomized first-line patients receiving ONCOS-102 plus chemotherapy, compared to mOS of 13.5 months in the chemotherapy-only control group
  • Received Fast-Track designation from the US FDA for ONCOS-102 in malignant pleural mesothelioma. This opens the potential for expedited development path and review
  • Entered a research collaboration with Papyrus Therapeutics to develop novel ONCOS viruses with receptor tyrosine kinase (RTK) inhibitor functionality

CORPORATE

  • Announced Dr Sonia Quaratino as a new member of the Board of Directors
  • Obtained US Patent for ONCOS-102 in combination with checkpoint inhibitors
  • Maintained TG + chemo patent as granted after opposition in European Patent Office

FINANCIALS

Amounts in NOK thousands 1Q 2021 1Q 2020 FY 2020
Total operating revenues 318 624
Total operating expenses -23 010 -29 594 -104 524
Operating profit/loss -23 010 -29 277 -103 901
Net financial items 513 3 278 -4 503
Income tax 16 76 277
Net profit/loss -22 481 -25 923 -108 126
Basic and diluted EPS (NOK/share)          -0.26          -0.36  -1.40
Net change in cash -26 854 64 860 51 893
Cash and cash equivalents start of period 122 321 70 429 70 429
Cash and cash equivalents end of period 95 468 135 289 122 321

The interim financial information has not been subject to audit

Øystein Soug, CEO commented: “Targovax is at the beginning of a new and exciting development phase. Based on impressive ONCOS-102 clinical data, our main priority going forward is to start a next trial in PD1 refractory melanoma. At the same time, it is also important that we do it right and discuss our strategy with the FDA, since the aim of this trial is to support an accelerated approval. Moreover, based on the strength and breadth of the clinical and immune data, we believe our technology warrants a broader application. Hence, we envision several expansion possibilities beyond melanoma in other indications, with other novel combinations, and for our next generation pipeline products.”

Presentation
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
TRVX Q1 report.pdf
TRVX 1Q presentation.pdf
The quarterly report and presentation are also available at the website www.targovax.com.

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For further information, please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

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

IR enquires:
Kim Sutton Golodetz – LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777

About Targovax

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 aims to unlock greater clinical benefits in cancer patients by deploying multifunctional platforms to target key immune regulators and oncogenic drivers. Targovax’s focus is to “activate the patient’s immune system to fight cancer”, thus extending and transforming the lives of cancer patients. Targovax’s pipeline aims at different cancer indications, including melanoma, mesothelioma and colorectal cancer. The products are designed to harness the patient’s own immune system to fight the cancer, whilst also delivering 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 data in several indications, in monotherapy and in multiple combination, the next development steps for ONCOS-102 will involve a clinical trial with registration intent in checkpoint inhibitor refractory melanoma.