OSLO, Norway, May 6, 2021 /PRNewswire/ -- Targovax ASA (OSE:
TRVX), a clinical stage biotechnology company developing immune
activators to target hard-to-treat solid tumors, today announces
its first quarter 2021 results.
An online presentation by Targovax's management to investors,
analysts and the press will take place at 10:00 CET today (details below).
FIRST QUARTER HIGHLIGHTS
REASEARCH & DEVELOPMENT
- Reported continued survival benefit in Targovax's ONCOS-102
trial in mesothelioma at the 21-month
follow-up
-
- Median Overall Survival (mOS) has still not been met for
randomized first-line patients receiving ONCOS-102 plus
chemotherapy
- mOS will be at least 20.5 months for randomized first-line
patients receiving ONCOS-102 plus chemotherapy, compared to mOS of
13.5 months in the chemotherapy-only control group
- Received Fast-Track designation from the US FDA for ONCOS-102
in malignant pleural mesothelioma. This opens the potential for
expedited development path and review
- Entered a research collaboration with Papyrus Therapeutics to
develop novel ONCOS viruses with receptor tyrosine kinase (RTK)
inhibitor functionality
CORPORATE
- Announced Dr Sonia Quaratino as
a new member of the Board of Directors
- Obtained US Patent for ONCOS-102 in combination with checkpoint
inhibitors
- Maintained TG + chemo patent as granted after opposition in
European Patent Office
FINANCIALS
|
Amounts in NOK
thousands
|
1Q 2021
|
1Q 2020
|
FY 2020
|
|
|
|
|
|
Total operating
revenues
|
|
318
|
624
|
|
Total operating
expenses
|
-23 010
|
-29 594
|
-104 524
|
|
Operating
profit/loss
|
-23 010
|
-29 277
|
-103 901
|
|
Net financial
items
|
513
|
3 278
|
-4 503
|
|
Income tax
|
16
|
76
|
277
|
|
Net
profit/loss
|
-22 481
|
-25 923
|
-108 126
|
|
|
|
|
|
Basic and diluted EPS
(NOK/share)
|
-0.26
|
-0.36
|
-1.40
|
|
|
|
|
|
Net change in
cash
|
-26 854
|
64 860
|
51 893
|
|
Cash and cash
equivalents start of period
|
122 321
|
70 429
|
70 429
|
|
Cash and cash
equivalents end of period
|
95 468
|
135 289
|
122 321
|
The interim financial information has not been subject to
audit
Øystein Soug, CEO commented: "Targovax is at the
beginning of a new and exciting development phase. Based on
impressive ONCOS-102 clinical data, our main priority going forward
is to start a next trial in PD1 refractory melanoma. At the same
time, it is also important that we do it right and discuss our
strategy with the FDA, since the aim of this trial is to support an
accelerated approval. Moreover, based on the strength and breadth
of the clinical and immune data, we believe our technology warrants
a broader application. Hence, we envision several expansion
possibilities beyond melanoma in other indications, with other
novel combinations, and for our next generation pipeline
products."
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 Q1 report.pdf
TRVX 1Q presentation.pdf
The quarterly report and presentation are also available at the
website www.targovax.com.
CONTACT:
For further information, please contact:
Øystein 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
IR enquires:
Kim Sutton Golodetz - LHA
Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/targovax/r/targovax-asa--first-quarter-2021-results,c3341418
The following files are available for download:
|
https://mb.cision.com/Public/17093/3341418/a2a381340b762811.pdf
|
TRVX 1Q
report
|
|
https://mb.cision.com/Public/17093/3341418/bfeffc564c835b82.pdf
|
TRVX 1Q
presentation
|
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SOURCE Targovax