NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT
Oslo, 17 July 2017: Reference is made to the stock exchange announcements dated 30 June 2017 and 3 July 2017 regarding the subsequent offering of up to 2,000,000 new shares (the "Offer Shares") in Targovax ASA ("Targovax" or the "Company") at a subscription price of NOK 20 per share (the "Subsequent Offering"), and the stock exchange announcement dated 14 July 2017 regarding the preliminary result of the Subsequent Offering.
The subscription period in the Subsequent Offering expired on 14 July at 16:30 CET. By the end of the subscription period, the Company had received valid subscriptions for a total of 323,268 offer shares. All subscribers have received full allocation.
Notifications of allocated offer shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be set out in a separate letter to each subscriber to whom shares have been allotted. The allocation letters are expected to be sent today.
The share capital increase relating to the Subsequent Offering is expected to be registered with the Norwegian Register of Business Enterprises on or about 24 July 2017 and that the shares will be delivered to the VPS accounts of the subscribers to whom they are allocated and listed on Oslo Børs on or about the same day.
Øystein Soug, CEO of Targovax and primary insider, has received full allocation of shares subscribed for and Øystein Soug and his close associate (Abakus Invest AS) will hold 109,598 shares, representing approximately 0.2% of the votes and shares in the Company following the completion of the subsequent offering.
ABG Sundal Collier ASA and DNB Markets, a part of DNB Bank ASA, are acting as Managers for the Subsequent Offering.
For further information, please contact:
Erik Digman Wiklund, CFO
Phone: +47 413 33 563
Arming the patient's immune system to fight cancer.
Targovax is a clinical stage company focused on developing and commercializing novel immuno-oncology therapies to target, primarily, treatment-resistant solid tumors. Immuno-oncology is currently one of the fastest growing therapeutic fields in medicine.
The Company's development pipeline is based on two novel proprietary platforms:
The first platform, ONCOS, uses oncolytic viruses, an emerging class of biological therapy. ONCOS exclusively uses an adenovirus that has been engineered to be an immune activator that selectively target cancer cells. In phase I it has shown to immune activate at lesional level which was associated with clinical benefit. We expect proof of concept data for this platform in 2017 from a clinical trial of lead product ONCOS-102 in patients with refractory malignant melanoma.
The second platform, TG peptides (TG), solely targets tumors that express mutated forms of the RAS protein. Mutations to this protein are common in many cancers and are known to drive aggressive disease progression and treatment resistance. There is a high unmet medical need for therapies that are effective against tumors that express these mutations. The TG platform's therapeutic potential stems from its ability to enable a patient's immune system to identify and then destroy tumors bearing any RAS mutations. In early 2017, key proof of concept data for the TG platform from a clinical trial of TG01 in resected pancreatic cancer patients showed encouraging overall survival and will give guidance for the future clinical development of this platform.
Targovax' development pipeline has three novel therapeutic candidates in clinical development covering six indications.
Both platforms are protected by an extensive portfolio of IP and know-how and have the potential to yield multiple product candidates in a cost-effective manner. Additionally, we have other products in early stages of development.
In July 2016, the Company listed its shares on Oslo Axess. In March 2017, the shares were upgraded to Oslo Børs, the main Oslo Stock Exchange.