Targovax ASA: Third quarter 2022 results

Oslo, Norway, 3 November 2022 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its third quarter 2022 results.

Members of Targovax’s executive management team will give an online presentation to investors, analysts and the press at 10:00 CET today (details below).

THIRD QUARTER 2022 HIGHLIGHTS

ONCOS-102

  • The study protocol for the planned multi-cohort phase 2 in melanoma was approved by the US FDA
  • The phase 1b melanoma study results were selected for oral presentation at the prestigious Society for Immunotherapy in Cancer (SITC) annual meeting
  • The phase 1b melanoma study results were published in the high-impact oncology journal “Clinical Cancer Research”

CircRNA pipeline program

  • Key technical proof-of-concept data were established for the circRNA program

Mutant KRAS platform

  • Preparations progressed for the TG01 mutant KRAS trials – one in Norway and one in the USA

Erik Digman Wiklund, CEO commented: “It is a very exciting time to lead Targovax.  We are building a great pipeline and have established a robust development strategy for our clinical stage products. During the third quarter we made important progress on all three of our strategic pillars, and Targovax is in a strong position to build success for both the clinical and pre-clinical parts of our portfolio.”

Key figures

Amounts in NOK thousands 3Q 2022 3Q 2021 9M 2022 9M 2021 FY 2021
Total operating revenues
Total operating expenses -20 282 -22 539 -80 069 -70 078 -95 601
Operating profit/loss -20 282 -22 539 -80 069 -70 078 -95 601
Net financial items -460 -781 -296 -1 294 -2 422
Income tax 10 11 31 42 52
Net profit/loss -20 732 -23 309 -80 333 -71 330 -97 971
Basic and diluted EPS (NOK/share)  -0.11  -0.27  -0.43  -0.82  -1.10
Net change in cash -29 612 -17 127 -85 496 -68 257 59 360
Cash and cash equivalents start of period 125 798 71 192 181 682 122 321 122 321
Cash and cash equivalents end of period 96 186 54 064 96 186 54 064 181 682

  The interim financial information has not been subject to audit

Presentation

We invite to a live webcast today at 10.00 CET. You can join the webcast here. It will be possible to submit questions during the presentation.

Reporting material

221103 TRVX 3Q report.pdf

221103 TRVX 3Q presentation.pdf

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

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@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’s focus is to activate the patient’s immune system to fight cancer, and to bring benefit to cancer patients with few available treatment alternatives. Targovax is developing its product candidates in different cancer indications, including melanoma, mesothelioma, and multiple myeloma, and has demonstrated 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 against the tumor. Following very encouraging clinical data in several indications, both as monotherapy and in combinations, ONCOS-102 is progressing into a randomized phase 2 trial in melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Building on successful clinical studies which have provided deep mechanistic insights into the tumor biology and the human immune systems, Targovax is researching circular RNA (circRNA) as novel cancer medicines. In addition, Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate, TG01, expected to enter the clinic in an enhanced format in the second half of 2022.  Together this provides Targovax with a rich pipeline of innovative future immunotherapy product candidates to follow ONCOS-102.