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Press Release

Targovax ASA: Second quarter and first half 2017 results

Targovax
Posted on: 25 Aug 17

Oslo, Norway, 24 August 2017 - Targovax ASA (OSE: TRVX), a clinical stage company focused on developing immuno-oncology therapies to target solid tumors, today announces its second quarter and first half 2017 results.

 

A meeting for investors, analysts and press will take place in Oslo today at 10:00 CET and a conference call will take place at 14.00 CET (details below).

 

HIGHLIGHTS FOR THE FIRST HALF 2017

 

R&D

  • In February, Targovax announced encouraging top line two-year survival data from the phase I/II TG01 clinical trial in resected pancreatic cancer patients
    • 68 percent[1] of evaluated patients (13/19) were still alive after two years

 

  • Further encouraging clinical data from the phase I/II TG01 trial were presented at the 2017 ASCO Annual Meeting in June:
    • TG01 activates mutant RAS specific T cells
    • Median overall survival of 33.1 months was promising in view of previous published reports of 27.6 months for standard of care
    • The regimen was generally well tolerated

 

  • In April, Targovax initiated the first clinical trial with TG02, the second product from its RAS-peptide immunotherapy platform, in patients with locally recurrent RAS-mutated colorectal cancer

 

  • In May, Targovax recruited the first patient in its ONCOS-102 study in advanced or unresectable melanoma patients with progression following checkpoint inhibitor treatment

 

 

Finance

  • Targovax moved its share listing from Oslo Axess to the main board on the Oslo Stock Exchange in March

 

  • Targovax successfully completed a private placement, raising gross proceeds of NOK 200m (USD 25m)

 

  • Erik Digman Wiklund was appointed CFO of Targovax, succeeding Øystein Soug, who was promoted to CEO in November 2016. Erik took on the role in April 2017

 

POST-PERIOD HIGHLIGHTS

 

  • In July, Targovax raised NOK 6.4m (USD 0.8m) in a subsequent repair offering following the private placement in June

 

 

Øystein Soug, CEO said: “In the first half of 2017, the Company took significant strides forward, demonstrating important clinical and financial progress, as well as strengthening our team with the hire of Erik Digman Wiklund as CFO. We are especially pleased by the recent data showing a signal of efficacy of TG01 in patients with resected pancreatic cancer, which is an important milestone for the TG program. Combined with the successful fund raising this summer of NOK 206 million (approx. $26 million), we believe we are well positioned to deliver several important clinical read-outs going forward.”

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 25/08/2017

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