HealthCap V Portfolio Company Targovax Completes NOK 200 Private Placement
HealthCap V portfolio company Targovax ASA has announced a successful NOK 200 million private placement, in which HealthCap V L.P. has committed to participate with NOK 25 million. HealthCap is the largest shareholder in Targovax with 22%, fully diluted, following the private placement, but prior to the repair offering of up to an additional NOK 40 million. The private placement is subject to approval by the company’s EGM to be held on or around June 30, 2017.
For more information, please visit Targovax Press Release page to view original article
Oslo, 6 July 2017: Reference is made to the stock exchange announcements by Targovax ASA (“Targovax” or the “Company”) published on 8 June 2017 and 30 June 2017 regarding the completed private placement of 10,000,000 new shares in the Company. The NOK 1,000,000 share capital increase pertaining to the private placement has now been registered with the Norwegian Register of Business Enterprises. The new share capital of the Company is NOK 5,224,111.30, divided into 52,241,113 shares, each with a nominal value of NOK 0.10.
The new shares issued in the private placement will be listed on Oslo Børs today.
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’s 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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Targovax ASA via Globenewswire