Targovax ASA: First quarter 2018 results

Oslo, Norway, 3 May 2018 - Targovax ASA (OSE: TRVX), a clinical stage company focused on developing immuno-oncology therapies to target solid tumors, today announces its first quarter 2018 results.

A meeting for investors, analysts and press will take place in Oslo today at 10:00 CET (details below).

HIGHLIGHTS FOR THE FIRST QUARTER 2018

Research & Development

• In January, Targovax announced that ONCOS-102 generated immune activation at both the systemic and lesional levels in checkpoint inhibitor (CPI) refractory melanoma in four out of the first four patients treated
   
• After the encouraging safety and immune activation data, a new site in Philadelphia was opened to recruit patients into the melanoma trial
   
• In February, Targovax announced that the safety lead-in part of its ONCOS-102 trial in unresectable, malignant, pleural mesothelioma was completed without any safety concerns, and that ONCOS-102 generates early immune activation in treated patients. The safety review committee recommended that the trial continues, and recruitment into the randomized part has now started.

Corporate
            In January, Dr. Michael Bogenstätter took up his role as Chief Business Officer of Targovax

POST-PERIOD HIGHLIGHTS

• In April, Dr. Catherine A. Wheeler was elected as a new member of the Board of Directors
   
• In May, early signal of efficacy was reported in the ONCOS-102 trial in mesothelioma trial, with clinical response observed in three out of six patients

Øystein Soug, CEO said: "The first quarter of 2018 has yielded further encouraging data generated from studies on candidates emanating from both our platforms. We continue to believe our prospects are great for 2018, and expect to further demonstrate the potential of our two immuno-oncology platforms during the remainder of the year."

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Presentation
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 www.targovax.com.

Reporting material
The quarterly report and presentation are also available at the website  www.targovax.com.

For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com 

Media and IR enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

Simon Conway/Stephanie Cuthbert - FTI Consulting (International)
Phone: +44 20 3727 1000
Email: Targovax@fticonsulting.com   

About Targovax

Arming the patient's immune system to fight cancer

Targovax (OSE:TRVX) 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 uses an adenovirus that has been engineered to be an immune activator that selectively targets cancer cells. In phase I trials 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 in the treatment of checkpoint inhibitor refractory patients.

The second platform, TG, is neo-antigen cancer vaccine approach designed to specifically treat tumors that express mutated forms of a protein called RAS. Mutations to the RAS protein are common in many cancers and are known to drive aggressive disease progression and treatment resistance of such cancers. 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 the patient's immune system to identify and 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 is part of our guidance inthe 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 earlier stages of development.

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