Targovax ASA: second quarter and first half year 2021 results

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Targovax

18 Aug, 2021, 05:57 GMT

OSLO, Norway, Aug. 18, 2021  /PRNewswire/ -- 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 2021 results.

Targovax's management will give an online presentation and update on the clinical program to investors, analysts and the press at 10:00 CET today (details below).

FIRST HALF YEAR HIGHLIGHTS  

  • Reported class-leading median overall survival in Targovax's ONCOS-102 trial in mesothelioma at the 24-month follow-up
  • Received Fast-Track designation and scientific advice from the US FDA for ONCOS-102 in PD-1-refractory advanced melanoma
  • Received Fast-Track designation from the US FDA for ONCOS-102 in malignant pleural mesothelioma
  • Completed enrollment in the phase 1/2 trial with ONCOS-102 in combination with durvalumab in patients with advanced colorectal cancer with peritoneal metastases
  • Entered a research collaboration with Papyrus Therapeutics to develop novel ONCOS viruses with receptor tyrosine kinase inhibitor functionality
  • Announced Dr Lone Ottesen's appointment as Chief Development Officer and Dr Sonia Quaratino's election as a new member of the Board

FINANCIALS - KEY FIGURES

Amounts in NOK thousands

2Q 2021

2Q 2020

1H 2021

1H 2020

FY 2020







Total operating revenues


272


590

624

Total operating expenses

-24 529

-29 985

-47 539

-59 579

-104 524

Operating profit/loss

-24 529

-29 713

-47 539

-58 989

-103 901

Net financial items

-1 026

-3 649

-513

-371

-4 503

Income tax

15

71

31

147

277

Net profit/loss

-25 539

-33 291

-48 020

-59 214

-108 126







Basic and diluted EPS (NOK/share)

-0.30

-0.44

-0.55

-0.80

-1.40







Net change in cash

-24 276

-33 824

-51 130

31 036

51 893

Cash and cash equivalents start of period

95 468

135 289

122 321

70 429

70 429

Cash and cash equivalents end of period

71 192

101 465

71 192

101 465

122 321

The interim financial information has not been subject to audit.

The interim financial information has not been subject to audit.

Øystein Soug, CEO commented: "Targovax has conducted a broad early-stage clinical development program, documenting the clinical effects of ONCOS-102. We have shown promising and important benefits in patients without raising safety concerns. The main focus going forward is to take ONCOS-102 eagerly forward in clinical development in PD1-refractory melanoma. The feedback and discussions with the FDA have provided further guidance on what is the best next step, which will be a platform trial in PD1 refractory melanoma. The trial is intended to test ONCOS-102 in monotherapy and multiple combinations, including PD1 checkpoint inhibitor and potentially other novel immunotherapies to further enhance the efficacy beyond the promising response rate we saw in our previous melanoma trial. This will provide an opportunity to differentiate ONCOS-102 from other approaches and potentially open up development avenues into the commercially highly attractive front-line melanoma therapy indication."

Presentation

We invite to a live webcast today at 10.00 CET. You can join the webcast here. It will be possible to ask questions during the presentation.

Reporting materialTRVX Q2 reportTRVX Q2 presentation

The quarterly report and presentation are also available at the website www.targovax.com

For further information, please contact:

Oystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@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

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https://news.cision.com/targovax/r/targovax-asa--second-quarter-and-first-half-year-2021-results,c3397894

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