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Targovax ASA: Fourth quarter 2021 results

Oslo, Norway, 17 February 2022 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its fourth quarter 2021 results. Targovax’s CEO will give an online presentation and update on the clinical program to investors, analysts and the press at 10:00 CET today (details below).



  • Reported class-leading ORR of 35% for ONCOS-102 in PD1-refractory melanoma, associated with broad and powerful immune activation in responding tumors
  • Reported 25.0 months median Overall Survival (mOS) for ONCOS-102 combined with chemotherapy in first line mesothelioma
  • Granted two Fast-Track designations for ONCOS-102 by the US FDA, for both PD1-refractory melanoma and malignant pleural mesothelioma

NextGen circRNA ONCOS vectors

  • Expanded the pipeline programs into circular RNA delivery
  • Appointed Dr. Erik Digman Wiklund as CEO, previous Targovax CBO and CFO and circRNA co-discoverer
  • Appointed circRNA co-discoverer Dr. Thomas B Hansen as VP of Research to lead the NextGen circRNA ONCOS pipeline program
  • Announced a research collaboration with Prof. Michael Uhlin at Karolinska Institutet in Stockholm for development and characterization of NextGen ONCOS viruses

Mutant KRAS

  • Awarded two prestigious research grants towards the TG mut KRAS vaccine program totaling NOK 18m over four years; NOK 9.8m from the Research Council of Norway and NOK 8.2m from Innovation Norway


  • Completed a rights issue raising gross proceeds of NOK 175m

Erik Digman Wiklund, CEO commented: “During 2021, adenoviruses clearly pulled ahead as the most promising class for oncolytic immunotherapy, as demonstrated by convincing clinical data from both Targovax (ONCOS-102) and several of our peers. When it comes to the breadth, depth, and consistency of the translational analyses from our phase 1/2 clinical program, the totality of the ONCOS-102 data package is second to none. As such, Targovax can now soundly be considered one of the front-runners in the oncolytic virotherapy space. We are planning to leverage this position by building an innovative pipeline of NextGen ONCOS viruses, including a move into the emerging circular RNA field.”

Key figures

Amounts in NOK thousands4Q 20214Q 2020FY 2021FY 2020
Total operating revenues624
Total operating expenses-25 523-22 872-95 601-104 524
Operating profit/loss-25 523-22 872-95 601-103 901
Net financial items-1 129-3 413-2 422-4 503
Income tax105752277
Net profit/loss-26 641-26 229-97 971-108 126
Basic and diluted EPS (NOK/share) -0.28 -0.28 -1.10 -1.40
Net change in cash127 61744 66559 36051 893
Cash and cash equivalents start of period54 06477 657122 32170 429
Cash and cash equivalents end of period181 682122 321181 682122 321

  The interim financial information has not been subject to audit


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

TRVX 4Q report.pdf

TRVX 4Q presentation.pdf

The quarterly report and presentation are also available at the website

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536

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

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

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 thereby bring benefit to cancer patients with few available treatment alternatives. Targovax is assessing its product candidates in different cancer indications, including melanoma, mesothelioma and colorectal cancer, 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 to fight the cancer. On the back of very encouraging clinical data in several indications, both as monotherapy and in immunotherapy and chemotherapy combinations, the next development step for ONCOS-102 will be to further improve immune activation and clinical response in melanoma patients resistant to PD1 checkpoint blockade.



Source: Targovax