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Targovax ASA: Third quarter 2016 results

17.November 2016 at 07:00:00 CET

Oslo, Norway, 17 November 2016 – Targovax ASA (“Targovax” or “the Company”; OSE: TRVX), a clinical stage company focused on developing immuno-oncology therapies to target, primarily, treatment-resistant solid tumors, announces its third quarter 2016 results. A meeting for investors, analysts and press will take place in Oslo today at 10:00 CET and a conference call will take place at 14.00 CET (details below).


  • Raised NOK 110m (USD  13,7m), gross, in a private placement transaction that concluded in July
  • Targovax shares were subsequently listed on the Oslo Axess exchange under the ticker TRVX
  • In August, successfully completed an equity offering, raising gross proceeds of NOK 4m (USD 0,5m)
  • After Targovax initiated its mesothelioma trial, The International Journal of Cancer published preclinical in-vivo data demonstrating synergy of ONCOS-102 with pemetrexed and cisplatin
  • Anne-Sophie Møller joined the Company as Director of Clinical Science
  • Net loss for the third quarter 2016 was NOK 26m (USD 3m) vs 3Q15 NOK 29m (USD 4m)
  • Cash and cash equivalents at 30 September 2016 was NOK 193m (USD 24m) vs NOK 107m (USD 13m) 30 June 2016, following equity capital raises of gross NOK 114m (USD 14m)


Post-period highlights:

  • In November, Øystein Soug succeeded Gunnar Gårdemyr as CEO
  • Targovax was granted European Patent for ONCOS platform lead product, ONCOS-102, extending patent coverage following award of similar US patent in May. These patents expire in 2029
  • A temporary supply interruption of ONCOS-102 will delay administration of drug to the first half of 2017. While the key proof of concept data readout from the melanoma trial in late 2017 will not be materially affected, the data readouts from the mesothelioma trial and the two partnered trials will, as a consequence, be delayed by one to six months

Øystein Soug, Targovax’s Chief Executive Officer said: “During the third quarter of 2016 we achieved a major milestone in the Company’s history as we listed our shares on the Oslo Stock Exchange and began life as a public company. The new capital we raised as part of this process has allowed us to make good progress in the clinical programs arising from our two platform technologies. Looking forward, we continue to expect 2017 to contain important value inflection points as some of these clinical programs generate meaningful data and we will look to prioritize our pipeline based on these results”.



The presentation will take place at 10:00 CET at:

Hotel Continental
Stortingsgaten 24/26
0117 Oslo

The presentation will also be webcast live and can be accessed through

Conference call
At 14:00 CET (08:00 EST) The Company will host a telephone conference which will include a presentation of the results, following a Q&A session. CEO Øystein Soug will present. Call in details can be found below.

Call-in numbers:
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

Access code: 23804707#

Please make sure to dial in at least 5-10 minutes ahead to complete your registration.

See attached list for more dial-in numbers.

Reporting material
The quarterly report and presentation are also available at the website

For further information, please contact


Øystein Soug, CEO
Phone: +47 906 56 525

About Targovax


Arming the patient’s immune system to fight cancer
Targovax is a clinical stage Company focused on developing novel immuno-oncology therapies to target, primarily, treatment-resistant solid tumors. Immuno-oncology is currently one of the fastest growing therapeutic fields in medicine.

The Company’s development pipeline has arisen from two novel proprietary platforms:

The first platform, ONCOS, uses oncolytic viruses, an emerging class of biological therapy. ONCOS exclusively uses an adenovirus that has been engineered to be a tumor-targeted immune activator. The platform has the potential to generate therapies with superior efficacy and safety compared to the first approved oncolytic virus therapy, Imlygic, recently launched by Amgen. We expect proof of concept data related to immune activation in tumor tissue in 2017 from the clinical trial of ONCOS-102 in combination with CPI in patients with refractory malignant melanoma.

The second platform, TG-Peptides, solely targets tumors that express mutated forms of the RAS protein. Mutations to this protein are common in many cancers and are known to drive aggressive disease progression and treatment resistance. There is a high unmet medical need for therapies that are effective against tumors that express these mutations. The TG platform’s therapeutic potential stems from its ability to enable a patient’s immune system to identify and then destroy tumors bearing any RAS mutations.

The development pipeline has three novel therapeutic candidates in clinical development covering six indications and has already demonstrated promising safety and tolerability data and early signs of clinical response.

Both platforms are protected by an extensive portfolio of IP and know-how and have the potential to yield multiple product candidates in a cost effective manner. Our portfolio of future opportunities comprises a number of early stage development candidates in addition to the three outlined above.

In July 2016 the Company listed its shares on Oslo Axess, securing funding for further development of the Company’s ongoing and planned trials.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Source: Targovax