Targovax ASA: First quarter 2020 results

Oslo, Norway, 7 May 2020 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first quarter 2020 results.

An online presentation by Targovax's management to investors, analysts and the press will take place at 10:00 CET today (details below).

HIGHLIGHTS FOR THE FIRST QUARTER 2020

• Entered into an option agreement with IOVaxis Therapeutics for an TG mutant RAS vaccine license and clinical development agreement in China
• Presented encouraging data in the mesothelioma study combining ONCOS-102 and standard of care chemotherapy
• Successfully completed a private placement, raising gross proceeds of approximately NOK 101 million (USD 11.2 million)
• Announced completed enrollment in the ONCOS-102 trial in anti-PD1 refractory melanoma

POST-PERIOD HIGHLIGHTS

• Entered into a collaboration with Valo Therapeutics to develop mutant RAS neoantigen coating of ONCOS viruses using PeptiCRAd technology
• Released update in the mesothelioma study combining ONCOS-102 and standard of care chemotherapy
• Announced that an abstract on interim phase I clinical data from the phase I/II peritoneal trial was accepted for ASCO
• Appointed Dr Victor Levitsky, MD, PhD as Chief Scientific Officer (CSO)
• Announced the election of Damian Marron as Chairman of the Board at the Company's Annual General Meeting 29 April 2020

Øystein Soug, CEO commented: "After several years of preparations and hard work establishing our clinical program, 2020 is already proving to be a pivotal year for Targovax. In the first months of the year, we have reported important ONCOS-102 oncolytic virus data, found a regional partner for the TG mutant RAS vaccine and established an external R&D collaboration to combine our two technology platforms. Furthermore, there are several readouts coming out from our development program later this year."

Presentation

As a consequence of the Corona situation, there will not be a physical presentation of the results. Instead, we invite to a live webcast today at 10.00 CET. You can join the webcast here (https://channel.royalcast.com/webcast/hegnarmedia/20200507_9/). It will be possible to ask questions during the presentation.

Reporting material
Targovax 1Q20 report (https://mb.cision.com/Public/17093/3105827/bfe82c7ec14bac6a.pdf)
Targovax 1Q20 presentation (https://mb.cision.com/Public/17093/3105827/b52514af07c7734f.pdf)

The quarterly report and presentation are also available at the website  www.targovax.com (https://www.targovax.com/en/financial-reports/).