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Targovax will host a Capital Markets Day for investors, analysts and the press
at 14:30 CET today, which will include a fourth quarter update (details below).
FOURTH QUARTER HIGHLIGHTS
DATA
· Announced impressive objective responses as well as effects on non-injected
lesions in ONCOS-102 trial in anti-PD1 refractory melanoma patients
· Demonstrated encouraging survival data for ONCOS-102 in mesothelioma
· Presented an abstract on the 12-month analysis of biomarkers and clinical
outcome from the phase I/II trial in malignant pleural mesothelioma at the
Society for Immunotherapy of Cancer (SITC) 35th Anniversary Annual Meeting
CORPORATE
· Completed a private placement, raising gross proceeds of approximately NOK
75 million (USD 8 million). The Private Placement attracted strong interest from
existing shareholders and new institutional investors, both in the Nordics and
internationally, and the transaction was oversubscribed multiple times
· Announced grant of European Patent no 3293201 by the European Patent Office.
The patent covers the use of ONCOS-102 in combination with checkpoint inhibitors
until 2036
· Formed a new Scientific Advisory Board (SAB), consisting of a group of world
-renowned experts in immuno-oncology research and drug development carefully
selected to act as advisors to guide the Targovax R&D strategy
FINANCIALS
Unaudited Unaudited
Amounts in NOK 4Q 2020 4Q 2019 FY 2020 FY 2019
thousands
Total operating - 2 234 624 2 251
revenues
Total operating -22 872 -41 577 -104 524 -152 524
expenses
Operating -22 872 -39 344 -103 901 -150 273
profit/loss
Net financial items -3 413 4 501 -4 503 2 422
Income tax 57 72 277 321
Net profit/loss -26 229 -34 770 -108 126 -147 529
Basic and diluted -0.31 -0.55 -1.40 -2.43
EPS (NOK/share)
Net change in cash 44 665 -33 590 51 893 -80 760
Cash and cash 77 657 104 019 70 429 151 189
equivalents start of
period
Cash and cash 122 321 70 429 122 321 70 429
equivalents end of
period
RECENT HIGHLIGHTS
·
Received Fast-Track designation for ONCOS-102 in malignant pleural mesothelioma
·
Entered a research collaboration with Papyrus Therapeutics to develop novel
ONCOS viruses with receptor tyrosine kinase (RTK) inhibitor functionality
·
Collaboration partner SOTIO stopped the combination trial assessing the
combination of ONCOS-102 and DCVAC/PCa in prostate cancer due to slow patient
recruitment. Only a very limited patient population fulfilled the strict
inclusion criteria. Therefore, the recruitment could not meet originally planned
numbers
·
Granted IOVaxis 3 months extension to the exclusive license option for TG mutant
RAS vaccines in Greater China and Singapore
Øystein Soug, CEO commented: “2020 has been a special year in many aspects and
the COVID-19 pandemic made quite an impact on our lives. Luckily, in Targovax we
have so far been able to cope well, and 2020 brought us considerably closer to
our goal of being able to bring important clinical benefit to cancer patients,
and thus extend and transform their lives. Class-leading melanoma data, improved
mesothelioma survival outcomes, compelling immune activation, an expanding
pipeline and a rejuvenated mutant RAS program provide us with a solid platform
to reach this goal. Our successes were made possible by the impressive efforts
from our hard-working team, and our world leading partners.”
Presentation
As a consequence of the Corona situation, there will not be a physical
presentation of the results. Instead, we invite to the live Capital Markets Day
webcast today at 14.30 CET. You can join the webcast
here (Capital markets day 2021 – Targovax). It will be
possible to ask questions during the presentation.
Reporting material
2102 TRVX Q4 report
final.pdf (https://mb.cision.com/Public/17093/3289125/a8a30bee01bbb5b3.pdf)
The quarterly report is also available at
www.targovax.com (Financial Reports – Targovax).
For further information, please contact:
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
IR enquires:
Kim Sutton Golodetz - LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777
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 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 with targeted
therapeutic cancer immunotherapies. Targovax’s pipeline aims at different cancer
indications, including melanoma, mesothelioma and colorectal cancer. The
products 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 product 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 data in several indications, in monotherapy and in multiple
combination, the next development steps for ONCOS-102 will involve a clinical
trial with registration intent in checkpoint inhibitor refractory melanoma.
Kilde