Targovax ASA - Targovax awarded NOK 8.2m grant by Innovation Norway

Oslo, Norway - Targovax ASA (OSE: TRVX) a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors, announces that Innovation Norway has awarded Targovax an NOK 8.2m grant to accelerate product development activities related to the company's TG mutant RAS vaccine program and planned clinical trials.

Awarded by: Innovation Norway

Granted amount: NOK 8.2m

Time frame: 2022-2024

Kristin Willoch Haugen, Director of Innovation Norway Oslo Viken, commented: 'Through this project Targovax and their partners aim to solve an important part of the great, international societal challenge that cancer represents. Innovation Norway has awarded a significant grant to reduce the development risk in the project, which we believe has a high level of innovation and a great potential for value creation in Norway. The Research Council of Norway has also contributed with funding to this exciting project. '

Dr. Erik Digman Wiklund, CEO of Targovax, added: 'We are very pleased to be awarded yet another prestigious grant towards our mutant RAS vaccines, this time from Innovation Norway. Targovax's TG program is set up to develop innovative novel immunotherapies that target critical mutations in KRAS, a key driver of around 30% of all cancers. With the support from Innovation Norway, we have now secured a total of up to NOK 18m in grant funding, which will allow us to move the TG program forward faster and more broadly, and thus bring benefit to a patient group with poor prognosis and few available treatment options.'

Contact:

Erik Digman Wiklund

CEO

Phone: [phone]

Email: [e-mail]

Renate Birkeli

Investor Relations

Phone: [phone]

Email: [e-mail]

Media

Andreas Tinglum

Corporate Communications

Norway

Phone: [phone]

Email: [e-mail]

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 aims to unlock greater clinical benefits in cancer patients by deploying its multifunctional platforms to target key immune regulators and oncogenic drivers. Targovax's focus is to 'activate the patient's immune system to fight cancer', thus extending and transforming the lives of cancer patients. Targovax's pipeline aims at different cancer indications, including melanoma, mesothelioma and colorectal cancer. The company's product candidates are designed to harness the patient's own immune system to fight the cancer, whilst also delivering 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 in monotherapy and in multiple combinations, the next development steps for ONCOS-102 will be to further improve responses in melanoma patients resistant to or poorly responsive to current standard of care.

(C) 2022 Electronic News Publishing, source ENP Newswire