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Targovax ASA: Interim report third quarter 2015

  • Next development phase established via merger, capital increase and new partnerships
  • Merged with Finnish company Oncos Therapeutics in July, establishing a combined company with two promising technology platforms and diversified pipeline
  • Successfully raised NOK 200 million to finance ongoing studies under the TG and ONCOS platforms
  • Third quarter 2015 operating expenditures of NOK 29 million
  • Phase II trial TG01 in pancreatic cancer and the preparation of Phase I/II trial ONCOS-102 in mesothelioma progressed as planned
  • Signed agreements with US based  Ludwig Cancer Research (LICR) and the Cancer Research Institute (CRI) to evaluate ONCOS-102 in combination with other immunotherapies
  • Entered into collaboration with Czech biotech company Sotio to study combination of ONCOS-102 and Sotio’s dendritic cell therapy

“The combination with Oncos expanded our technology platform, pipeline and market opportunities. It also brought together an experienced, international management team and a board with extensive pharmaceutical and commercial experience. We are looking forward to further developing our TG and ONCOS technologies supported by new collaborations with internationally renowned partners”, says Gunnar Gårdemyr, CEO of Targovax.

Targovax is the owner of two established technologies with promising phase I data; TG01 and ONCOS-102. TG01 is the only RAS-specific vaccine currently in development, while ONCOS-102 is the only viral cancer immunotherapy shown to induce tumor specific cellular immunity in humans. With these two technologies, Targovax has established a solid platform for further development of its clinical stage immune-oncology technologies and targeted immunotherapy treatments for cancer patients.

The TG01 Pancreas cancer Phase II trials are progressing as planned. In the first quarter 2015, Targovax decided to expand the study with a second cohort of up to 13 patients in order to optimize the vaccine regimen. The study centres are open for recruitment and patients are being treated. The TG02 Colorectal cancer open-label study including 20 patients is planned to start during the first half of 2016

ONCOS-102 Mesothelioma, a randomized phase II open label study planned to include 30 patients, is set to commence in the first half of 2016, while the ONCOS-102 Melanoma open-label study involving 12 patients, will commence during the second half next year.

To finance the ongoing development and exploratory studies under its TG- and the ONCOS platforms, Targovax raised NOK 200 million in a private placement on the back of the July merger. Third quarter 2015 operating expenditures of NOK 29 million reflects the investment phase the company.

In addition to ongoing internal studies, Targovax collaborates with external scientific partners. In November, the company entered an agreement with US based Ludwig Cancer Research (LICR) and the Cancer Research Institute (CRI) to evaluate ONCOS-102 in combination with other immunotherapies such as checkpoint inhibitors. Recently, Targovax also entered into an agreement with the Czech biotech company Sotio to run a collaboration study combining ONCOS-102 and Sotio’s dendritic cell therapy to evaluate the safety and tolerability in the treatment of advanced prostate cancer.

Reporting material

The quarterly report and the presentation material will be available at this time at

Presentation at 10:00 CET

A presentation of the results will be held at 10:00 CET at Hotel Continental Conference Centre, Stortingsgaten 24/26, Oslo, Norway. CEO Gunnar Gårdemyr, CFO Øystein Soug and CMO Magnus Jäderberg will be representing the company. Following the quarterly presentation Dr. Jäderberg will give a 20-30 minute presentation on the history of cancer treatments and immunotherapy.

Conference call

At 14:00 CET (08:00 EST), Targovax will host a telephone conference, including a presentation of the results, following with a Q&A session. Call in details below. Please make sure to dial in at least 5-10 minutes ahead of time to complete your registration.

Participant information:

Call in number:

Norway Toll-Free Number: 800 19 747
Norway Toll Number: +472350 0559
UK Toll-Free Number: 08082370030
UK Toll Number: +442031394830
US Toll-Free Number: 1866 928 7517
US Toll Number: +1 718 873 9077

See attached list for more dial in numbers.

Access code:


For further information, please contact

Gunnar Gårdemyr, CEO
Phone: +41 798 340 585

Øystein Soug, CFO
Phone: +47 906 56 525


Source: Targovax