Targovax ASA: Second quarter and first half 2017 results
(Thomson Reuters ONE) -
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 SECOND QUARTER AND 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."
###
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, followed by a Q&A session. CEO Øystein
Soug and CFO Erik Digman Wiklund will present the company. Call-in details can
be found below.
Call-in numbers:
Norway Toll-Free Number: 800 19 747
Norway Toll Number: +47 2350 0559
UK Toll-Free Number: 08082370030
UK Toll Number: +44 2031394830
US Toll-Free Number: 1 866 928 7517
US Toll Number: +1 718 873 9077
Access code: 32191771#
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:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli(at)targovax.com
Media and IR enquires:
Jan Petter Stiff - Crux Advisers (Norway)
Phone: +47 995 13 891
Email: stiff(at)crux.no
Julia Phillips/Simon Conway - FTI Consulting (International)
Phone: +44 20 3727 1000
Email: Targovax(at)fticonsulting.com
About Targovax
Arming the patient's immune system to fight cancer
Targovax is a clinical stage company focused on developing and commercializing
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 is based on two novel proprietary platforms:
The first platform, ONCOS, uses oncolytic viruses as potential multi-target,
neo-antigen therapeutic cancer vaccines. ONCOS exclusively uses an adenovirus
that has been engineered to be an immune activator that selectively targets
cancer cells. In phase I studies it has demonstrated immune activation at
lesional level which was associated with clinical benefit. In an ongoing phase I
trial in advanced melanoma we expect important proof of concept data for
checkpoint inhibitor refractory patients.
The second, TG, is a target specific, neo-antigen therapeutic cancer vaccine
platform that 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. In early 2017, key proof of concept data for the TG platform
from a clinical trial of TG01 in resected pancreatic cancer patients showed
encouraging overall survival and will give guidance for the future clinical
development of this platform.
Targovax's development pipeline has three novel therapeutic candidates in
clinical development covering six indications.
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. Additionally, Targovax has other products in early stages of
development.
In July 2016, the Company listed its shares on Oslo Axess. In March 2017, the
shares moved to Oslo Børs, the main Oslo Stock Exchange.
--------------------------------------------------------------------------------
[1] Survival is counted from time of resection, which occurred on average two
months prior to first treatment
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Targovax second quarter and first half 2017 presentation:
http://hugin.info/171039/R/2128897/813063.pdf
Targovax second quarter and first half 2017 report:
http://hugin.info/171039/R/2128897/813062.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: 24.08.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 557637
Anzahl Zeichen: 8286
contact information:
Town:
Oslo
Kategorie:
Business News
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