Targovax ASA: Issuance of options to primary insider


Oslo, 25 September 2018: Reference is made to the announcement made by Targovax ASA (“Targovax” or the “Company”) on 13 September 2018 regarding the appointment of Torbjørn Furuseth as the new CFO of the Company.

The Board of Directors has resolved to grant 200,000 share options in the Company under the Company’s long term incentive program, each with a strike price of NOK 10.26, to Torbjørn Furuseth.

Following the grant Torbjørn Furuseth holds nil shares and 200,000 options in the Company.

The options are granted without consideration. Pursuant to the vesting schedule, 25% of the options will vest 12 months after the day of grant (as long as the option holder is still employed). Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is employed, with the first 1/36 vesting 13 months after the day of grant. The strike price is equal to the volume weighted average trading price of the shares of the Company on Oslo Børs on the date of the grant. Options that have not been exercised will lapse 7 years after the date of grant.

For further information, please contact:

Øystein Soug, CEO
Phone: +47 90 6565 25
Email: oystein.soug@targovax.com

About Targovax

Activating the patient’s immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors. Immuno-oncology is currently one of the fastest growing therapeutic fields in medicine.

Targovax’s lead product candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect and replicate in cancer cells. It activates the immune system to generate tumor-specific immune responses. In a phase I monotherapy trial, ONCOS-102 induced both local and systemic innate and adaptive immune activation, with associated clinical benefit. In an ongoing phase I trial, patients who have progressed on anti-PD1 checkpoint inhibitors and treated with ONCOS-102 in combination with Keytruda, demonstrated responses in three of nine patients (33% ORR) including one complete response. ONCOS-102’s lead indication is mesothelioma, where the virus is currently being tested in a randomized phase I/II trial expected to report around new year 2019-20.