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Targovax ASA: Fourth quarter 2020 results

Oslo, Norway, 18 February 2021 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its fourth quarter 2020 results.

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).



  • 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


  • 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


Unaudited Unaudited
Amounts in NOK thousands 4Q 2020 4Q 2019 FY 2020 FY 2019
Total operating revenues          – 2 234 624 2 251
Total operating expenses -22 872 -41 577 -104 524 -152 524
Operating profit/loss -22 872 -39 344 -103 901 -150 273
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 EPS (NOK/share)  -0.31  -0.55  -1.40  -2.43
Net change in cash 44 665 -33 590 51 893 -80 760
Cash and cash equivalents start of period 77 657 104 019 70 429 151 189
Cash and cash equivalents end of period 122 321 70 429 122 321 70 429


  • 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.”


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. It will be possible to ask questions during the presentation.

Reporting material

2102 TRVX Q4 report final.pdf
The quarterly report is also available at


For further information, please contact:

Renate Birkeli, Investor Relations
Phone: +47 922 61 624

Media enquires:

Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773

IR enquires:

Kim Sutton Golodetz – LHA Investor Relations (US)
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.