OSLO, Norway, May 23, 2019 /PRNewswire/ -- Targovax
ASA (OSE: TRVX), a clinical stage biotechnology company
developing immune activators to target hard-to-treat solid tumors,
today announces that going forward the company will strengthen the
commitment to oncolytic viruses and focus resources to advance the
ONCOS program with full force.
With the reporting of encouraging median overall survival and
three-year survival rate, the TG01 trial in resected pancreatic
cancer has been successfully completed (see press release here).
The natural next step in this indication is to continue with a
larger randomized clinical trial within the current standard of
care setting. The Company has decided to not pursue this
opportunity on a stand-alone basis and will instead allocate all
resources on the ONCOS oncolytic virus program.
Oncolytic viruses are increasingly recognized as an important
future class of immune activators, and Targovax is well positioned
as one of the leaders in this rapidly evolving field. Maintaining
that position will require speed and agility. Therefore, the
decision has been made to focus the company's resources on
advancing the ONCOS program with full force and to deliver the
important ONCOS-102 data read-outs in the mesothelioma, melanoma
and peritoneal trials over the next 6-18 months, as well as
advancing the pre-clinical development of the next generation of
double-transgene ONCOS viruses.
Although Targovax will not utilize future resources on the TG
program in its current form, we continue to believe in RAS as an
important immunotherapeutic target. Management will seek and
implement strategic alternatives for TG and assess opportunities
for how our expertise and IP can be utilized to develop novel
mutant RAS targeting strategies that can complement the oncolytic
virus approach.
Øystein Soug, CEO of Targovax, said: "We are proud
to have brought both the TG and ONCOS programs to an advanced
development stage. We have a leading role in oncolytic viruses and
to maintain our position we wish to prioritize our resources. As a
consequence, we will seek alternative ways to progress and capture
value from TG. I firmly believe that the Company will be
strengthened by a sharpened focus on ONCOS, and that this move
significantly increases our chance of success."
For further information, please contact:
Renate Birkeli, Investor
Relations
Phone: +47-922-61-624
Email: renate.birkeli@targovax.com
Media and IR enquires:
Andreas Tinglum - Corporate
Communications (Norway)
Phone: +47-9300-1773
Email: andreas.tinglum@corpcom.no
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SOURCE Targovax