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ListaOB Match
Targovax är ett läkemedelsbolag. Bolaget specialistkompetens återfinns inom riktad immunterapi som används vid behandling av cancerpatienter. Bolagets verksamhet består av forskning och utveckling och läkemedlen säljs idag under separata varumärken. Ett flertal partnerskap på marknaden har ingåtts för att stärka samarbetet inom utvecklingen av ny immunterapi. Bolaget grundades 2010 och har sitt huvudkontor i Oslo.
2022-08-18 07:00:14
Oslo, Norway, 18 August 2022 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its second quarter and first half year 2022 results.

Members of Targovax's executive management team will give an online presentation
to investors, analysts and the press at 10:00 CET today (details below).



· Signed a clinical collaboration agreement with Agenus for PD-1 and CTLA-4
checkpoint inhibitor supply to the upcoming ONCOS-102 phase 2 melanoma trial

CircRNA pipeline program

· Established a research collaboration with Prof. Michael Uhlin at Karolinska
Institutet in Stockholm, Sweden, for development of circRNA and NextGen ONCOS

Mutant KRAS platform

· Signed a clinical supply agreement with Agenus to include the adjuvant QS-21
STIMULON as an immune-stimulatory component of the TG mutant KRAS cancer
· Awarded two prestigious research grants, totaling NOK 18m, towards the TG
mutant RAS program from Innovation Norway and the Norwegian Research Council
· Entered a collaboration with Oslo University Hospital to test TG01/QS-21
vaccination in a phase 1/2 study in multiple myeloma
· Received IND approval from the US FDA to initiate clinical trials with the
enhanced TG01/QS-21 vaccine in the USA


· Appointed circRNA discoverer and pioneer Dr Thomas B Hansen as VP of
Research to lead the circRNA pipeline research program
· Strengthened the executive management team with Dr Lubor Gaal as Chief
Financial Officer
· Refreshed the Board of Directors with the addition of Dr Raphael Clynes and
Mr Thomas Falck

Erik Digman Wiklund, CEO commented: "Looking ahead to the second half of the
year and beyond - Targovax is establishing a broad and innovative immunotherapy
pipeline designed to generate a rich flow of both clinical and pre-clinical
data. Through differentiated combinations ONCOS-102 is in position to separate
from the competition in anti-PD-1 refractory melanoma. The collaborative TG01
trials offer additional upside potential for the major unmet medical need in
mutant RAS cancers, at low cost to Targovax. We believe the biggest opportunity
long-term lies in our pre-clinical circular RNA program, which provides a
cutting-edge innovation engine for platform expansion, partnering and future
value creation for our shareholders."

Key figures

Amounts in NOK 2Q 2022 2Q 2021 1H 2022 1H 2021 FY 2021

Total operating - - - - -
Total operating -30 714 -24 529 -59 786 -47 539 -95 601
Operating -30 714 -24 529 -59 786 -47 539 -95 601
Net financial items 1 539 -1 026 164 -513 -2 422
Income tax 10 15 21 31 52
Net profit/loss -29 165 -25 539 -59 601 -48 020 -97 971

Basic and diluted  -0.15  -0.30  -0.32  -0.55  -1.10
EPS (NOK/share)

Net change in cash -23 709 -24 276 -55 884 -51 130 59 360
Cash and cash 149 506 95 468 181 682 122 321 122 321
equivalents start of
Cash and cash 125 798 71 192 125 798 71 192 181 682
equivalents end of


We invite to a live webcast today at 10.00 CET. You can join the webcast
here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220818_10). It
will be possible to submit questions during the presentation.

Reporting material

220818 TRVX 2Q
report.pdf (https://mb.cision.com/Public/17093/3615815/9f17dbac1cbe5ff4.pdf)

220818 TRVX Q2
presentation.pdf (https://mb.cision.com/Public/17093/3615815/8e9c00bf13f83440.pd

The quarterly report and presentation are also available at the website
www.targovax.com (https://www.targovax.com/en/financial-reports/).

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

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

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's focus is to
activate the patient's immune system to fight cancer, and thereby bring benefit
to cancer patients with few available treatment alternatives. Targovax is
assessing its product candidates in different cancer indications, including
melanoma, mesothelioma and multiple myeloma, and has demonstrated a favorable
safety and tolerability profile.

Targovax's lead clinical candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect cancer
cells and activate the immune system against the tumor. Following very
encouraging clinical data in several indications, both as monotherapy and in
combinations, ONCOS-102 is progressing into a randomized phase 2 trial in
melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Building on successful studies demonstrating clinical efficacy and providing
deep mechanistic insights, the ONCOS platform is being expanded into delivery of
circular RNA (circRNA). In addition, Targovax has a KRAS immunotherapy program,
with lead cancer vaccine candidate, TG01, due to enter the clinic in the second
half of 2022. This provides Targovax with a rich pipeline of innovative future
immunotherapy product candidates to follow ONCOS-102.