Targovax ASA: Fourth quarter and full year 2016 results

Oslo, Norway, 16 February 2017 – Targovax ASA (“Targovax” or “the Company”; OSE: TRVX), a clinical stage company focused on developing immuno-oncology therapies to target solid tumors, today announces its fourth quarter and full 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:

Targovax was granted a European Patent for the ONCOS platform lead product, ONCOS-102, extending patent coverage following the award of a similar US patent in June. These patents expire in 2029

Øystein Soug was appointed as CEO on 1 November

Targovax presented at a number of scientific and investor conferences in the period, including the European Society of Gene and Cell Therapy in October in Florence, Biotech and Money in November in London, and the DNB Nordic Healthcare Conference in December in Oslo

Net loss for the fourth quarter 2016 was NOK 32 million (USD 4 million), compared with a net loss of NOK 44 million (USD 5 million) in corresponding quarter in 2015

Cash and cash equivalents at 31 December 2016 was NOK 172 million (USD 20 million) vs NOK 193 million (USD 24 million) at 30 September 2016
Subsequent events:

Targovax announced encouraging top line two-year survival data from TG01 clinical trial in resected pancreatic cancer patients

Erik Digman Wiklund was appointed CFO of Targovax, succeeding Øystein Soug, the Company’s new CEO, and will take up this role in April 2017
Øystein Soug, CEO said: “2016 was a successful year for Targovax. During the year we listed our shares on Oslo Axess, we successfully raised funds to finance the clinical trial program and we were granted European and US patents for ONCOS-102, extending the protection till 2029. Furthermore, in 2016 we prepared and set up five new clinical trials in five indications. 2017 will be an even more important year as we start harvesting the data from these trials. We have already generated good momentum as we recently announced encouraging overall survival data in our TG01 proof of concept trial. We also expect to start a proof of concept trial of ONCOS-102 in checkpoint inhibitor refractory melanoma, where key interim data are expected later in the year.”
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 here.

 

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 and CMO Magnus Jäderberg 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: 54717166#

 

Please make sure to dial in at least 5-10 minutes ahead to complete your registration.

 

See attached list for more dial-in numbers.

 

Reporting material

The quarterly report and presentation are also available here

 

For further information, please contact

Øystein Soug, CEO

Phone: +47 906 56 525

Email: oystein.soug@targovax.com

 

Media and IR enquires:

Jan Petter Stiff – Crux Advisers (Norway)

Phone: +47 995 13 891

Email: stiff@crux.no

 

Julia Phillips/Simon Conway – FTI Consulting (International)

Phone: +44 20 3727 1000

Email: Targovax@fticonsulting.com

 

Targovax fourth quarter 2016 report
Targovax fourth presentation 2016 report

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