Targovax ASA: Third quarter 2021 results

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Targovax

04 Nov, 2021, 06:35 GMT

OSLO, Norway, Nov. 4, 2021 /PRNewswire/ -- Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its third quarter 2021 results. Targovax's CEO will give an online presentation and update on the clinical program to investors, analysts and the press at 10:00 CET today (details below).

THIRD QUARTER HIGHLIGHTS       

  • Received acceptance of two posters to be presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November
  • Presented poster at European Society for Medical Oncology (ESMO)
  • Received European Patent for ONCOS-102 in combination with chemotherapy
  • Announced Dr Lone Ottesen's appointment as Chief Development Officer and Ola Melin as Head of Manufacturing

POST-PERIOD HIGHLIGHTS

  • In October, Dr. Erik Digman Wiklund was appointed as new Chief Executive Officer. Dr. Wiklund has a strong scientific background in cancer research, and intimate knowledge of the company and its technology having served as Chief Business Officer and Chief Financial Officer of Targovax since 2017. Former CEO Øystein Soug will remain with the company following the appointment of Dr. Wiklund. Mr. Soug will act as a special advisor and also serve as interim CFO providing important strategic and management continuum for the company.

KEY FIGURES

Amounts in NOK thousands

3Q 2021

3Q 2020

9M 2021

9M 2020

FY 2020







Total operating revenues

-

34

-

624

624

Total operating expenses

-22 539

-22 073

-70 078

-81 652

-104 524

Operating profit/loss

-22 539

-22 039

-70 078

-81 028

-103 901

Net financial items

-781

-718

-1 294

-1 089

-4 503

Income tax

11

73

42

220

277

Net profit/loss

-23 309

-22 684

-71 330

-81 898

-108 126







Basic and diluted EPS (NOK/share)

-0.27

-0.30

-0.82

-1.10

-1.40







Net change in cash

-17 127

-23 808

-68 257

7 228

51 893

Cash and cash equivalents start of period

71 192

101 465

122 321

70 429

70 429

Cash and cash equivalents end of period

54 064

77 657

54 064

77 657

122 321

Erik Digman Wiklund, CEO commented: "Taking over the leadership of Targovax at a time when we have demonstrated a clear signal of efficacy accompanied by a deep biomarker data package for our lead candidate ONCOS-102, is a truly exciting opportunity. The insights we have gained allow us to select the optimal combination strategy for the next development step, as well as to design innovative and differentiated second generation ONCOS vectors to shape our platform for the future."

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 material

TRVX Q3 report.pdf

TRVX Q3 presentation.pdf

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

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@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--third-quarter-2021-results,c3446803

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