Targovax ASA: Extraordinary general meeting held, approval of private placement and subsequent offering
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Oslo, Norway, 30 June 2017: Targovax ASA ("Targovax" or the "Company") has today held an extraordinary general meeting. The general meeting approved all items on the agenda, including the private placement announced by the Company on 8 June 2017 and the subsequent offering (the "Subsequent Offering").
The share capital increase pertaining to the private placement is expected to be registered on or about 6 July 2017, and, subject to approval of the listing prospectus for shares issued in the private placement, the private placement shares are expected to be listed and tradable on the Oslo Stock Exchange later on the same date.
The commencement of the Subsequent Offering is also subject to a prospectus being approved by the Norwegian Financial Supervisory Authority and published by the Company. All details about the Subsequent Offering will be set out in the prospectus, expected to be published no later than 3 July 2017.
The minutes of the extraordinary general meeting are attached to this announcement and can also be found on the Company's website, www.targovax.com.
For further information, please contact:
Erik Digman Wiklund, CFO
Phone: +47 413 33 563
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, an emerging class of biological therapy. ONCOS exclusively uses an adenovirus that has been engineered to be an immune activator that selectively target cancer cells. In phase I it has shown to immune activate at lesional level which was associated with clinical benefit. We expect proof of concept data for this platform in 2017 from a clinical trial of lead product ONCOS-102 in patients with refractory malignant melanoma.
The second platform, TG peptides (TG), 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, we have other products in early stages of development.
In July 2016, the Company listed its shares on Oslo Axess. In March 2017, the shares were upgraded 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.