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


In connection with the publication of the Q2 2018 quarterly financial report, Targovax ASA (the “Company”) has completed a settlement period for vested restricted stock units (“RSUs”). The settlement period commenced on 24 August 2018 at 10:00 hours (CET) and ended on 28 August 2018 at 10:00 hours (CET).

1. Settlement of RSUs

In total were 6,581 shares, each with a par value of NOK 0.10, subscribed for following settlement of RSUs.

2. Resolution to increase the share capital in Targovax ASA

In order to facilitate the settlement of RSUs, the Company’s board of directors has on 29 August 2018 resolved to increase the share capital of the Company with NOK 658.10 by issuance of 6,581 new shares, each with a nominal value of NOK 0.10. The share capital of the Company is thereby increased from NOK 5,260,986.70 to NOK 5,261,644.80. The resolution is made pursuant to the authorisation granted to the board of directors by the general meeting on 11 April 2018.

The new share capital will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible.

For further information, please contact:

Erik Digman Wiklund, CFO
Phone: + 47 413 33 536
Email: erik.wiklund@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.