Targovax ASA: Interim Report second quarter and first half year 2016

OSLO, Norway, Aug. 25, 2016 -- Targovax ASA (OSE: TRVX), a clinical stage immuno-oncology company developing targeted immunotherapy treatments for cancer patients, announces its second quarter and first half year 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:

• Recruited and dosed the first patient in the Phase Ib/II trial evaluating ONCOS-102 for the treatment of malignant pleural mesothelioma (MPM), a rare type of cancer in the lining of the lung, in combination with chemotherapy
   
• Reported encouraging interim immunological response from the second cohort of the Phase I/II TG01 trial, assessing early immune activation
   
• Completed recruitment in the open label Phase I/II TG01 trial in combination with chemotherapy of patients with resected pancreatic cancer. 32 patients are included in this trial
   
• Confirmed synergism between ONCOS-102 and chemotherapy through in vivo research and published data in The International Journal of Cancer
   
• Received US patent for lead viral product ONCOS-102
   
• Raised NOK 110m in new equity, securing funding for further development of the company's ongoing and planned trials
   
• In July, listed the shares on Oslo Axess, and raised NOK 4m in a subsequent repair offering in August
   
• Second quarter 2016 operating expenditures of NOK 32m. Cash holdings were at the end of the quarter, before the financing, NOK 107m

       
Preparation of new combination clinical trials progressed according to plan. At the moment four new studies are in the process of being set up. In June Targovax recruited and dosed the first patient in the Phase Ib/II trial evaluating ONCOS-102 for the treatment of malignant pleural mesothelioma (MPM), a rare type of cancer in the lining of the lung, in combination with chemotherapy. This trial is planned to include six patients in the lead-in for safety evaluation of the combination treatment, and approximately 24 patients in a randomized second part to compare the tumor targeted immune activation of the combination treatment with the standard of care chemotherapy.

In July 2016, Targovax raised NOK 110 million in new equity. The transaction closed on 7 July 2016 and Targovax listed the next day on Oslo Axess under the ticker TRVX.

"Targovax develops according to plan. I am especially pleased that we recruited our first patient in our mesothelioma trial and that we could present positive data for our peptide immune therapy. The recent IPO means that we have funding to start and get data from six new trials", says CEO Gunnar Gårdemyr.

###

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 Gunnar Gårdemyr and CFO Øystein Soug will present the company.  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: 72735642#

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

Gunnar Gårdemyr, CEO
Phone: +41 798 340 585
Email: [email protected]

Øystein Soug, CFO
Phone: +47 906 56 525
Email: [email protected]

Arming the patient's immune system to fight cancer
Targovax is a clinical stage immuno-oncology company developing targeted immunotherapy treatments for cancer patients. Targovax has a broad and diversified immune therapy portfolio and aims to become a world leader in its area. The company is currently developing two complementary and highly targeted approaches in immuno-oncology.

ONCOS-102  is a product candidate derived from a virus-based immunotherapy platform based on engineered oncolytic viruses armed with potent immune-stimulating transgenes targeting solid tumors. This treatment is designed to reactivate the immune system's capacity to recognize and attack cancer cells.

The product candidates TG01 and TG02 constitute a peptide-based immunotherapy platform  targeting the difficult to treat RAS mutations  found in more than 85% of pancreatic cancers, 50% of colorectal cancer and 20-30% of all cancers. Targovax is working towards demonstrating that TG vaccines will prolong time to cancer progression and increase survival.

These product candidates will be developed in combination with multiple treatments, including checkpoint inhibitors in several cancer indications. Targovax also has a number of other cancer immune therapy candidates in the early stages of development.

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 2016 report http://hugin.info/171039/R/2037133/758988.pdf
Targovax_Second quarter and first half 2016 presentation http://hugin.info/171039/R/2037133/758989.pdf