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| Land | Norge |
|---|---|
| Lista | OB Match |
| Sektor | Hälsovård |
| Industri | Bioteknik |
Oslo, Norway, 16 February 2023 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its fourth quarter 2022 results.
Members of Targovax's executive management team will give an online presentation to investors, analysts and the press at 10:00 CET today (details below).
FOURTH QUARTER 2022 HIGHLIGHTS
ONCOS-102- The phase 1b melanoma study was selected for oral presentation at the prestigious Society for Immunotherapy in Cancer (SITC) annual meeting
- The phase 1b melanoma full study results were published in the high-impact oncology journal Clinical Cancer Research
- Key technical proof-of-concept data were established, and IP filed for the in-house circRNA design and circAde vector
- The TG01 trial in multiple myeloma at Oslo University Hospital received regulatory approvals to proceed
- A clinical trial collaboration was announced with Agenus and Kansas University to test TG01 in combination with PD1 checkpoint inhibitor balstilimab in pancreatic cancer
- Hubro Therapeutics acquired GM-CSF vaccine adjuvant for NOK 10m from Targovax ASA in an asset purchase agreement
- In February 2023, Targovax announced financing of up to NOK 300m over three years to advance its clinical cancer programs & pre-clinical circular RNA platform
Erik Digman Wiklund, CEO commented: "We are now well positioned to execute on all our R&D programs in 2023. During the year, we expect both ONCOS-102 and TG01 to progress rapidly in clinical studies at major cancer centers in the USA and Europe, teeing up important read-outs in 2024. For circRNA, we aim to establish in vivo proof-of-concept in several settings, and firmly establish Targovax as the leader in vector-delivered circRNA therapeutics - aiming to be first into the clinic with a circRNA product for cancer treatment already in 2025. To further strengthen our financial position, we are building on the momentum in the RNA field to actively pursue additional opportunities to help unlock the substantial potential value of our circRNA platform"
Key figures
Amounts in NOK thousands 4Q 2022 4Q 2021 FY 2022 FY 2021
Total operating revenues 10 002 - 10 002 -
Total operating expenses -32 198 -25 523 -112 266 -95 601
Operating profit/loss -22 196 -25 523 -102 264 -95 601
Net financial items -17 -1 129 -313 -2 422
Income tax 9 10 40 52
Net profit/loss -22 204 -26 641 -102 537 -97 971
Basic and diluted EPS (NOK/share) -0.12 -0.28 -0.54 -1.10
Net change in cash -30 171 127 617 -115 667 59 360
Cash and cash equivalents start of period 96 186 54 064 181 682 122 321
Cash and cash equivalents end of period 66 015 181 682 66 015 181 682
The interim financial information has not been subject to audit
Presentation
We invite to a live webcast today at 10.00 CET. You can join the webcast here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230216_12). It will be possible to submit questions during the presentation.
Reporting material
TRVX 4Q'22 report.pdf (https://mb.cision.com/Public/17093/3716062/8c0698c600ff95cb.pdf)
TRVX 4Q'22 presentation.pdf (https://mb.cision.com/Public/17093/3716062/80b0880579655956.pdf)
The quarterly report and presentation are also available at the website www.targovax.com (https://www.targovax.com/en/financial-reports/).