Targovax grants IOVaxis 3 months extension to the exclusive license option for TG mutant RAS vaccines in Greater China and Singapore

• COVID-19 have caused delays to submission and processing of the regulatory application to initiate clinical development in China
• Due to the unforeseen delays, Targovax has extended the term of IOvaxis´s license option by 3 months, otherwise the agreement remains unchanged

Oslo, Norway 6 January 2021 – Targovax ASA (OSE: TRVX), a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors, today announces that it has granted an extension of 3 months to the exclusive option agreement with IOVaxis Therapeutics of Nantong, China, for clinical development and licensing of the Targovax mutant RAS vaccines TG01 and TG02 in China, Hong Kong, Macau and Singapore.  

On 8 January 2020 Targovax and IOVaxis announced that they had entered into an exclusive option agreement with 12-month validity for the development and commercialization of Targovax´s TG vaccines in Greater China and Singapore  (see press release here). An IND application to initiate clinical development of TG01 has been submitted to the Chinese National Medical Products Administration (NMPA), but the application preparation and regulatory review process has been delayed due to COVID-19 related issues. To accommodate the delay caused by these unforeseen circumstances, Targovax has granted to IOVaxis an extension to the license option period by 3 months. Otherwise, the option agreement remains unchanged and in force.

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

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

IR enquires:
Kim Sutton Golodetz - LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777
 

About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors. Targovax aims to unlock greater clinical benefits in cancer patients by deploying multifunctional platforms to target key immune regulators and oncogenic drivers. Targovax's focus is to "activate the patient's immune system to fight cancer", thus extending and transforming the lives of cancer patients with targeted therapeutic cancer immunotherapies. The Group's pipeline aims at different cancer indications, including melanoma, mesothelioma and colorectal cancer. The products are designed to harness the patient's own immune system to fight the cancer, whilst also delivering a favorable safety and tolerability profile. Further, the products are well positioned for combinations with other treatment approaches, including other immunotherapies, surgery, radiation and chemotherapy.

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 colorectal cancer and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.