On the basis of the approval by the Annual General Meeting on 17 March 2021 to authorize the Board of Targovax ASA to issue new shares to employees under the Company long-term incentive program, the Board has resolved to issue new options to employees of the Company. A total of 585,000 options for shares of the Company were distributed amongst members of the executive management and a total of 585,000 options for shares of the Company were distributed amongst other employees.
Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 25% of the options will vest 12 months after the day of grant (as long as the option holder is still employed). Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is still employed, with the first 1/36 vesting 13 months after the day of grant. The exercise price of the options is NOK 2.18. The exercise price is equal to the volume weighted average trading price of the shares of the Company on Oslo Børs on the date of the grant. Options that have not been exercised will lapse 7 years after the date of grant.
Primary insiders in Targovax ASA have received the following options grants, according to the terms described above:
Chief Executive Officer Erik Digman Wiklund has been granted 200,000 share options. Following the grant, he holds 100,000 shares and 1,200,000 options in the Company.
Chief Development Officer Lone Ottesen has been granted 140,000 share options. Following the grant, she holds 47,000 shares and 490,000 options in the Company.
VP Regulatory Affairs Ingunn Munch Lindvig has been granted 125,000 share options. Following the grant, she holds 10,000 shares and 392,000 options in the Company.
Head of Manufacturing Ola Melin has been granted 75,000 share options. Following the grant, he holds 50,000 shares and 325,000 options in the Company.
Chief Scientific Officer Victor Levitsky has been granted 45,000 share options. Following the grant, he holds 10,000 shares and 545,000 options in the Company.
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 aims to unlock greater clinical benefits in cancer patients by deploying its 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 company’s product candidates 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 clinical data in several indications, both in monotherapy and in multiple combinations, the next development steps for ONCOS-102 will be to further improve responses in melanoma patients resistant to or poorly responsive to current standard of care.