Targovax ASA: Settlement of restricted stock units and resolution to increase the share capital


Oslo, 12 June 2019: The board of directors of Targovax ASA (the “Company”) has resolved to increase the share capital of the Company following the completion of a settlement period for vested restricted stock units (“RSUs”). The settlement period commenced on 29 May 2019 at 10:00 hours (CET) and ended on 11 June 2019 at 10:00 hours (CET).

1. Settlement of RSUs

In total were 102,735 RSUs settled, giving the board members settling vested RSUs the right to subscribe for in total 102,735 shares, each with a par value of NOK 0.10.

Reference is made to the mandatory notifications of trade made by the following primary insiders:

– On 31 May 2019, board member Bente-Lill Bjerkelund Romøren notified that she had settled 5,464 RSUs;

– On 6 June 2019, board member Diane Mellett notified that she had settled 17,704 RSUs; and

– On 6 June 2019, board member Eva-Lotta Allan notified that she had settled 51,368 RSUs.

In addition has board member Robert Burns (the “Primary Insider”) settled 28,199 RSUs giving him the right to subscribe for an equal number of shares in the Company at a subscription price of NOK 0.10 per share. The Primary Insider has transferred his right to the shares to a third party to sell the corresponding amount of shares in the market in order to cover the Primary Insider’s tax cash impact from the RSU settlement. Further information regarding the shares sold by the third party to cover the tax impact of the Primary Insider and the Primary Insiders total holding of shares following the settlement will be published in a separate stock exchange notice as soon as the details are final.

2. Resolutions to increase the share capital in Targovax ASA

The Company’s board of directors has, in accordance with the authorisations granted by the general meeting on 30 April 2019, resolved to increase the Company’s share capital with NOK 10,273.50 by issuance of 102,735 new shares, each with a nominal value of NOK 0.10 in order to facilitate the settlement of RSUs.

The new share capital in the Company will accordingly be NOK 6,338,361.30 divided into 63 383 613 shares, each with a nominal value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible.

For further information, please contact:

Torbjørn Furuseth, CFO
Phone: + 47 932 11 101
Email: torbjorn.furuseth@targovax.com

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. 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.