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2022-08-18

Targovax ASA: Second quarter and first half year 2022 results

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).

FIRST HALF YEAR 2022 HIGHLIGHTS

ONCOS-102

  • 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 viruses

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 vaccines
  • 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

Organization

  • 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
thousands

Total operating - - - - -
revenues
Total operating -30 714 -24 529 -59 786 -47 539 -95 601
expenses
Operating -30 714 -24 529 -59 786 -47 539 -95 601
profit/loss
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
period
Cash and cash 125 798 71 192 125 798 71 192 181 682
equivalents end of
period

Presentation

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.pdf)

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

Författare Cision