Targovax ASA: Mandatory notification of trade by primary insider in connection with settlement of RSUs
1. Settlement of vested restricted stock units ("RSUs")
Robert Burns, member of the board of directors of Targovax ASA (the "Primary Insider"), has on 25 August 2017 subscribed for 40,984 shares in Targovax ASA at a price of NOK 0.10 per share in connection with settlement of vested RSUs.
2. Transfer of rights and sale of shares
Following the subscription, the Primary Insider transferred 40,984 rights to receive shares from the settlement of the RSUs to a third party to sell the corresponding amount of shares in the market in order to cover the Primary Insider's tax cash impact from the settlement of the RSUs/subscription of the shares.
On behalf of the Primary Insider, the third party sold 10,119 shares for an amount of NOK 194,466.942 to cover taxes for the subscription of shares. The third party completed its sale in the market with an average sale price of NOK 19.218 per share. Following the sale of the shares to finance tax, 30,865 new shares will be issued to the primary insider.
3. New holding
Robert Burns and his close associates will hold 64,928 shares, 21,235 options and 10,051 RSUs in Targovax ASA after the settlement of the RSUs.
For further information, please contact:
Erik Digman Wiklund, CFO
Phone: + 47 413 33 536
Arming the patient's immune system to fight cancer
Targovax is a clinical stage company focused on developing and commercializing 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 is based on two novel proprietary platforms:
The first platform, ONCOS, uses oncolytic viruses as potential multi-target, neo-antigen therapeutic cancer vaccines. ONCOS exclusively uses an adenovirus that has been engineered to be an immune activator that selectively targets cancer cells. In phase I studies it has demonstrated immune activation at lesional level which was associated with clinical benefit. In an ongoing phase I trial in advanced melanoma we expect important proof of concept data for checkpoint inhibitor refractory patients.
The second, TG, is a target specific, neo-antigen therapeutic cancer vaccine platform that 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. In early 2017, key proof of concept data for the TG platform from a clinical trial of TG01 in resected pancreatic cancer patients showed encouraging overall survival and will give guidance for the future clinical development of this platform.
Targovax's development pipeline has three novel therapeutic candidates in clinical development covering six indications.
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. Additionally, Targovax has other products in early stages of development.
In July 2016, the Company listed its shares on Oslo Axess. In March 2017, the shares moved to Oslo Børs, the main Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.