Targovax ASA: second quarter and first half year 2021 results

Oslo, Norway, 18 August 2021 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its second quarter and first half year 2021 results.

Targovax’s management will give an online presentation and update on the clinical program to investors, analysts and the press at 10:00 CET today (details below).

FIRST HALF YEAR HIGHLIGHTS

  • Reported class-leading median overall survival in Targovax’s ONCOS-102 trial in mesothelioma at the 24-month follow-up
  • Received Fast-Track designation and scientific advice from the US FDA for ONCOS-102 in PD-1-refractory advanced melanoma
  • Received Fast-Track designation from the US FDA for ONCOS-102 in malignant pleural mesothelioma
  • Completed enrollment in the phase 1/2 trial with ONCOS-102 in combination with durvalumab in patients with advanced colorectal cancer with peritoneal metastases
  • Entered a research collaboration with Papyrus Therapeutics to develop novel ONCOS viruses with receptor tyrosine kinase inhibitor functionality
  • Announced Dr Lone Ottesen’s appointment as Chief Development Officer and Dr Sonia Quaratino’s election as a new member of the Board

FINANCIALS – KEY FIGURES

Amounts in NOK thousands 2Q 2021 2Q 2020 1H 2021 1H 2020 FY 2020
Total operating revenues 272 590 624
Total operating expenses -24 529 -29 985 -47 539 -59 579 -104 524
Operating profit/loss -24 529 -29 713 -47 539 -58 989 -103 901
Net financial items -1 026 -3 649 -513 -371 -4 503
Income tax 15 71 31 147 277
Net profit/loss -25 539 -33 291 -48 020 -59 214 -108 126
Basic and diluted EPS (NOK/share)  -0.30  -0.44  -0.55  -0.80  -1.40
Net change in cash -24 276 -33 824 -51 130 31 036 51 893
Cash and cash equivalents start of period 95 468 135 289 122 321 70 429 70 429
Cash and cash equivalents end of period 71 192 101 465 71 192 101 465 122 321

The interim financial information has not been subject to audit.

Øystein Soug, CEO commented:Targovax has conducted a broad early-stage clinical development program, documenting the clinical effects of ONCOS-102. We have shown promising and important benefits in patients without raising safety concerns. The main focus going forward is to take ONCOS-102 eagerly forward in clinical development in PD1-refractory melanoma. The feedback and discussions with the FDA have provided further guidance on what is the best next step, which will be a platform trial in PD1 refractory melanoma. The trial is intended to test ONCOS-102 in monotherapy and multiple combinations, including PD1 checkpoint inhibitor and potentially other novel immunotherapies to further enhance the efficacy beyond the promising response rate we saw in our previous melanoma trial. This will provide an opportunity to differentiate ONCOS-102 from other approaches and potentially open up development avenues into the commercially highly attractive front-line melanoma therapy indication.”

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 Q2 report
TRVX Q2 presentation
The quarterly report and presentation are also available at the website  www.targovax.com.

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For further information, please contact:
Oystein 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

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 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.