Targovax ASA: First quarter 2022 results

Oslo, Norway, 12 May 2022 – Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first 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).


Business Development

Announced two key collaboration agreements with Agenus:

  • Free drug supply of two checkpoint inhibitors for ONCOS-102 combination therapy in the upcoming phase 2 melanoma trial
  • Inclusion of the adjuvant QS-21 STIMULONTM as an immune-stimulatory component of the TG mutant KRAS cancer vaccine


  • Announced that Oslo University Hospital will sponsor a study to test the TG01 cancer vaccine in RAS mutant multiple myeloma patients
  • Announced a research collaboration with Prof Michael Uhlin at Karolinska Institutet in Stockholm for development and characterization of NextGen circular RNA ONCOS viruses


  • Appointed circular RNA co-discoverer and pioneer Dr Thomas B Hansen as VP of Research to lead the circular RNA pipeline program
  • Strengthened the management team with the appointment of industry veteran Dr Lubor Gaal as Chief Financial Officer
  • Appointed Dr Raphael Clynes and Mr Thomas Falck as new members of the Board of Directors

Erik Digman Wiklund, CEO commented:Building on our strong existing data package, we are now defining the next steps of our clinical development strategy. We have extended the partnership with Agenus to include the upcoming multi-cohort phase 2 trial in anti-PD1 refractory melanoma, providing access to innovative novel checkpoint inhibitors for combination with ONCOS-102. In addition, we are bringing our KRAS vaccine TG01 back into the clinic this year in an enhanced format. The aim is to establish a portfolio of clinical trials on both of our platforms in multiple cancers and combinations, thereby providing several opportunities for future value creation.”

Key figures

Amounts in NOK thousands 1Q 2022 1Q 2021 FY 2021
Total operating revenues
Total operating expenses -29 072 -23 010 -95 601
Operating profit/loss -29 072 -23 010 -95 601
Net financial items -1 375 513 -2 422
Income tax 10 16 52
Net profit/loss -30 437 -22 481 -97 971
Basic and diluted EPS (NOK/share)  -0.16  -0.26  -1.10
 Net change in cash -32 175 -26 854 59 360
Cash and cash equivalents start of period 181 682 122 321 122 321
Cash and cash equivalents end of period 149 506 95 468 181 682

The interim financial information has not been subject to audit


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

Reporting material

2205 TRVX 1Q report.pdf

2205 TRVX Q1 presentation.pdf

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

About Targovax

Activating the patient’s immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors. Targovax’s focus is to activate the patient’s immune system to fight cancer, and thereby bring benefit to cancer patients with few available treatment alternatives. Targovax is assessing its product candidates in different cancer indications, including melanoma, mesothelioma, multiple myeloma and colorectal cancer, and has demonstrated a favorable safety and tolerability profile.

Targovax’s lead clinical candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system to fight the cancer. On the back of very encouraging clinical data in several indications, both as monotherapy and in combinations, ONCOS-102 will progress into a phase 2 trial in multiple combinations in melanoma patients resistant to PD1 checkpoint blockade.

Building on successful studies demonstrating clinical efficacy and providing deep mechanistic insights, the ONCOS platform is being expanded into delivery of circular RNA (circRNA). In addition, Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate, TG01, due to enter the clinic in the second half of 2022. This provides Targovax with a rich pipeline of innovative future immunotherapy product candidates to follow ONCOS-102.