Targovax ASA: Exercise of options under LTI program and resolution to increase the share capital
Oslo, 1 March 2021: The board of directors of Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") has resolved to increase the share capital of the Company following the completion of an exercise period for vested share options under the Company's long-term incentive program for employees. The exercise period for the LTI program commenced on 19 February 2021 at 10:00 hours (CET) and ended on 1 March 2021 at 10:00 hours (CET).
1. Exercise of options
In total, 29,788 options were exercised, giving the option holders the right to subscribe for 29,788 shares, each with a par value of NOK 0.10, of which:
– 13,000 options were exercised at a subscription price of NOK 5.77 per share;
– 6,250 options were exercised at a subscription price of NOK 6.58 per share; and
– 10,538 options were exercised at a subscription price of NOK 7.74 per share.
2. Resolutions to increase the share capital in Targovax ASA
The Company's board of directors has on 1 March 2021, in accordance with the authorisation granted by the general meeting on 29 April 2020, resolved to increase the share capital with NOK 2,978.80 by the issuance of 29,788 new shares, each with a par value of NOK 0.10 in order to facilitate the exercise of options.
Accordingly, the new share capital of the Company is NOK 8,656,110.60, divided into 86,561,106 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.
For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Kim Sutton Golodetz - LHA Investor Relations (US)
Phone: +1 212-838-3777
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. Targovax’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.
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. On the back of very encouraging data in several indications, in monotherapy and in multiple combination, the next development steps for ONCOS-102 will involve a clinical trial with registration intent in checkpoint inhibitor refractory melanoma.