Targovax ASA: First quarter 2020 results

Oslo, Norway, 7 May 2020 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first quarter 2020 results.

An online presentation by Targovax's management to investors, analysts and the press will take place at 10:00 CET today (details below).

HIGHLIGHTS FOR THE FIRST QUARTER 2020

• Entered into an option agreement with IOVaxis Therapeutics for an TG mutant RAS vaccine license and clinical development agreement in China
• Presented encouraging data in the mesothelioma study combining ONCOS-102 and standard of care chemotherapy
• Successfully completed a private placement, raising gross proceeds of approximately NOK 101 million (USD 11.2 million)
• Announced completed enrollment in the ONCOS-102 trial in anti-PD1 refractory melanoma

POST-PERIOD HIGHLIGHTS

• Entered into a collaboration with Valo Therapeutics to develop mutant RAS neoantigen coating of ONCOS viruses using PeptiCRAd technology
• Released update in the mesothelioma study combining ONCOS-102 and standard of care chemotherapy
• Announced that an abstract on interim phase I clinical data from the phase I/II peritoneal trial was accepted for ASCO
• Appointed Dr Victor Levitsky, MD, PhD as Chief Scientific Officer (CSO)
• Announced the election of Damian Marron as Chairman of the Board at the Company’s Annual General Meeting 29 April 2020

Øystein Soug, CEO commented: “After several years of preparations and hard work establishing our clinical program, 2020 is already proving to be a pivotal year for Targovax. In the first months of the year, we have reported important ONCOS-102 oncolytic virus data, found a regional partner for the TG mutant RAS vaccine and established an external R&D collaboration to combine our two technology platforms. Furthermore, there are several readouts coming out from our development program later this year.”

Presentation

As a consequence of the Corona situation, there will not be a physical presentation of the results. Instead, we invite to a live webcast today at 10.00 CET. You can join the webcast here. It will be possible to ask questions during the presentation.

Reporting material

Targovax 1Q20 report
Targovax 1Q20 presentation

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

About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors. Targovax’s lead product 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.

ONCOS-102 is currently being tested in mesothelioma, melanoma and peritoneal malignancies and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.