Targovax ASA: Settlement of restricted stock units and resolution to increase the share capital

Oslo, 2 March 2023: The board of directors of Targovax ASA (OSE:TRVX) (“Targovax” or the “Company“) has resolved to increase the share capital of the Company following the completion of a settlement period for vested restricted stock units (“RSUs“). The settlement period commenced on 24 February 2023 at 10:00 hours (CEST) and ended on 2 March 2023 at 12:00 hours (CEST).

1. Settlement of RSUs

The board members Diane Mellett, Robert Burns, Damian Marron and Eva-Lotta Allan have settled 20,870, 23,307, 55,588 and 4,024 RSUs, respectively. Hence in total, 103,789 RSUs were settled, giving the RSUs holders the right to subscribe for 103,789 new shares in total, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.

The RSU holders have previously elected to receive the RSUs as part of their board remuneration instead of cash payment pursuant to resolutions by the annual general meeting (the “AGM”) of the Company. The number of RSUs granted was calculated as the NOK amount of the RSU selected portion of the total remuneration to the respective board member, divided by the market price for the shares, calculated as the volume weighted average share price for the 10 trading days prior to the relevant AGM, being NOK 6.34 per share in 2019, NOK 6.81 per share in 2020, NOK 8.80 per share in 2021 and NOK 1.79 per share in 2022.

2. Resolution to increase the share capital in Targovax ASA

The board of directors of the Company has today, on 2 March 2023, in accordance with the authorisation granted by the general meeting on 20 April 2022, resolved to increase the share capital of the Company with NOK 10,378.90  by issuance of 103,789 new shares, each with a par value of NOK 0.10, in order to facilitate the settlement of RSUs, as further described above.

The new share capital of the Company will be NOK 18,857,757.20, divided into 188,577,572 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible.

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 to bring benefit to cancer patients with few available treatment alternatives. Targovax is developing its product candidates in different cancer indications, including melanoma, mesothelioma, multiple myeloma and pancreatic cancer.

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 against the tumor. ONCOS-102 has demonstrated a favorable efficacy, immunological and safety profile in several indications, both as monotherapy and in combinations, and ONCOS-102 is progressing into a randomized phase 2 trial in melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Targovax has also established a cutting-edge circular RNA (circRNA) program with the intent to develop next generation RNA therapeutics for various applications, building on clinical experience and deep mechanistic insights from its first generation products.  In addition, Targovax has a KRAS immunotherapy program, with lead candidate TG01 due to enter clinical trials in an enhanced format in pancreatic cancer and multiple myeloma during early 2023. This provides Targovax with a rich pipeline of innovative future therapeutic candidates to follow ONCOS-102.