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Targovax ASA: First quarter 2022 results

Oslo, Norway, 12 May 2022 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first quarter 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).


Business Development

  • Announced two key collaboration agreements with Agenus:
  • Free drug supply of two checkpoint inhibitors for ONCOS-102 combination therapy in the upcoming phase 2 melanoma trial
  • Inclusion of the adjuvant QS-21 STIMULON[TM] as an immune-stimulatory component of the TG mutant KRAS cancer vaccine


  • Announced that Oslo University Hospital will sponsor a study to test the TG01 cancer vaccine in RAS mutant multiple myeloma patients
  • Announced a research collaboration with Prof Michael Uhlin at Karolinska Institutet in Stockholm for development and characterization of NextGen circular RNA ONCOS viruses


  • Appointed circular RNA co-discoverer and pioneer Dr Thomas B Hansen as VP of Research to lead the circular RNA pipeline program
  • Strengthened the management team with the appointment of industry veteran Dr Lubor Gaal as Chief Financial Officer
  • Appointed Dr Raphael Clynes and Mr Thomas Falck as new members of the Board of Directors

Erik Digman Wiklund, CEO commented: "Building on our strong existing data package, we are now defining the next steps of our clinical development strategy. We have extended the partnership with Agenus to include the upcoming multi-cohort phase 2 trial in anti-PD1 refractory melanoma, providing access to innovative novel checkpoint inhibitors for combination with ONCOS-102. In addition, we are bringing our KRAS vaccine TG01 back into the clinic this year in an enhanced format. The aim is to establish a portfolio of clinical trials on both of our platforms in multiple cancers and combinations, thereby providing several opportunities for future value creation."

Key figures

Amounts in NOK thousands 1Q 2022 1Q 2021 FY 2021

Total operating revenues - - -
Total operating expenses -29 072 -23 010 -95 601
Operating profit/loss -29 072 -23 010 -95 601
Net financial items -1 375 513 -2 422
Income tax 10 16 52
Net profit/loss -30 437 -22 481 -97 971

Basic and diluted EPS (NOK/share)  -0.16  -0.26  -1.10

 Net change in cash -32 175 -26 854 59 360
Cash and cash equivalents start of period 181 682 122 321 122 321
Cash and cash equivalents end of period 149 506 95 468 181 682

The interim financial information has not been subject to audit


We invite to a live webcast today at 10.00 CET. You can join the webcast here (!/hegnarmedia/20220512_8). It will be possible to submit questions during the presentation.

Reporting material

2205 TRVX 1Q report.pdf (

2205 TRVX Q1 presentation.pdf (

The quarterly report and presentation are also available at the website (


For further information, please contact:

Erik Digman Wiklund, CEO
Phone: +47 413 33 536

Renate Birkeli, Investor Relations
Phone: +47 922 61 624

Media enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773

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