Targovax ASA: Third quarter 2016 results
(Thomson Reuters ONE) -
Oslo, Norway, 17 November 2016 - Targovax ASA ("Targovax" or "the Company"; OSE:
TRVX), a clinical stage company focused on developing immuno-oncology therapies
to target, primarily, treatment-resistant solid tumors, announces its third
quarter 2016 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:
* Raised NOK 110m (USD 13,7m), gross, in a private placement transaction that
concluded in July
* Targovax shares were subsequently listed on the Oslo Axess exchange under
the ticker TRVX
* In August, successfully completed an equity offering, raising gross proceeds
of NOK 4m (USD 0,5m)
* After Targovax initiated its mesothelioma trial, The International Journal
of Cancer published preclinical in-vivo data demonstrating synergy of ONCOS-
102 with pemetrexed and cisplatin
* Anne-Sophie Møller joined the Company as Director of Clinical Science
* Net loss for the third quarter 2016 was NOK 26m (USD 3m) vs 3Q15 NOK 29m
(USD 4m)
* Cash and cash equivalents at 30 September 2016 was NOK 193m (USD 24m) vs NOK
107m (USD 13m) 30 June 2016, following equity capital raises of gross NOK
114m (USD 14m)
Post-period highlights:
* In November, Øystein Soug succeeded Gunnar Gårdemyr as CEO
* Targovax was granted European Patent for ONCOS platform lead product, ONCOS-
102, extending patent coverage following award of similar US patent in May.
These patents expire in 2029
* A temporary supply interruption of ONCOS-102 will delay administration of
drug to the first half of 2017. While the key proof of concept data readout
from the melanoma trial in late 2017 will not be materially affected, the
data readouts from the mesothelioma trial and the two partnered trials will,
as a consequence, be delayed by one to six months
Øystein Soug, Targovax's Chief Executive Officer said: "During the third quarter
of 2016 we achieved a major milestone in the Company's history as we listed our
shares on the Oslo Stock Exchange and began life as a public company. The new
capital we raised as part of this process has allowed us to make good progress
in the clinical programs arising from our two platform technologies. Looking
forward, we continue to expect 2017 to contain important value inflection points
as some of these clinical programs generate meaningful data and we will look to
prioritize our pipeline based on these results".
###
Presentation
The presentation will take place at 10:00 CET at:
Hotel Continental
Stortingsgaten 24/26
0117 Oslo
The presentation will also be webcast live and can be accessed through
www.targovax.com.
Conference call
At 14:00 CET (08:00 EST) The Company will host a telephone conference which will
include a presentation of the results, following a Q&A session. CEO Øystein Soug
will present. Call in details can be found below.
Call-in numbers:
Norway Toll-Free Number: 800 19 747
Norway Toll Number: +472350 0559
UK Toll-Free Number: 08082370030
UK Toll Number: +442031394830
US Toll-Free Number: 1866 928 7517
US Toll Number: +1 718 873 9077
Access code: 23804707#
Please make sure to dial in at least 5-10 minutes ahead to complete your
registration.
See attached list for more dial-in numbers.
http://events.arkadin.com/ev/docs/NE_FEL_Events_International_Access_List.pdf
Reporting material
The quarterly report and presentation are also available at the website
www.targovax.com.
For further information, please contact
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug(at)targovax.com
About Targovax
Arming the patient's immune system to fight cancer
Targovax is a clinical stage Company focused on developing 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 has arisen from 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 a tumor-targeted immune activator. The platform has the
potential to generate therapies with superior efficacy and safety compared to
the first approved oncolytic virus therapy, Imlygic, recently launched by Amgen.
We expect proof of concept data related to immune activation in tumor tissue in
2017 from the clinical trial of ONCOS-102 in combination with CPI in patients
with refractory malignant melanoma.
The second platform, TG-Peptides, 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.
The development pipeline has three novel therapeutic candidates in clinical
development covering six indications and has already demonstrated promising
safety and tolerability data and early signs of clinical response.
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. Our portfolio of future opportunities comprises a number of early stage
development candidates in addition to the three outlined above.
In July 2016 the Company listed its shares on Oslo Axess, securing funding for
further development of the Company's ongoing and planned trials.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Targovax_third quarter 2016 presentation:
http://hugin.info/171039/R/2057529/770948.pdf
Targovax_third quarter 2016 report:
http://hugin.info/171039/R/2057529/770946.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Targovax ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.11.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 507652
Anzahl Zeichen: 7534
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 291 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Targovax ASA: Third quarter 2016 results"
steht unter der journalistisch-redaktionellen Verantwortung von
Targovax ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
