Targovax ASA: Mandatory notification of trade by primary insider following settlement of RSUs
1. Settlement of restricted stock units (“RSUs”)
Reference is made to the stock exchange announcement dated 12 June 2019 regarding the primary insider Robert Burns’ (the “Primary Insider”) settlement of 28,199 RSUs in Targovax ASA (the “Company”), giving the Primary Insider the right to subscribe for an equal amount of shares in the Company at a price of NOK 0.10 per share.
2. Transfer of rights and sale of shares
Following the subscription of shares, the Primary Insider transferred 28,199 rights to receive shares from the settlement of RSUs to a third party to sell a corresponding amount of shares in the market in order to cover the Primary Insider’s cash impact of the exercise price, tax and related fees from the settlement of the RSUs and subscription of shares.
On behalf of the Primary Insider, the third party sold 7,107 shares for an amount of NOK 35,346.66 to cover the cash impact of the exercise price, tax and related fees from the settlement of RSUs and subscription of the shares. The third party completed its sale in the market with an average sale price of NOK 4.9735 per share. Following the sale of the shares to finance the cash impact of the exercise price, tax and related fees from the settlement of the RSUs and subscription of shares, 21,092 new shares will be transferred to the Primary Insider.
3. New holding
Robert Burns and his close associates hold 86,020 shares, 45,747 RSUs and 21,235 options in the Company following the transactions referred to herein.
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. Immuno-oncology is currently one of the fastest growing therapeutic fields in medicine.
Targovax’s lead product candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect and replicate in cancer cells. It activates the immune system to generate tumor-specific immune responses. In a phase I monotherapy trial, ONCOS-102 induced both local and systemic innate and adaptive immune activation, with associated clinical benefit. In an ongoing phase I trial, patients who have progressed on anti-PD1 checkpoint inhibitors and treated with ONCOS-102 in combination with Keytruda, demonstrated responses in three of nine patients (33% ORR) including one complete response. ONCOS-102’s lead indication is mesothelioma, where the virus is currently being tested in a randomized phase I/II trial expected to report around new year 2019-20.