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Dato/tid 18.12.2017 07:00
Utsteder Targovax ASA
UtstederID TRVX
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Tittel Targovax announces that TG02 has passed the initial safety review in the first-in-man clinical trial in colorectal cancer

Oslo,  Norway, 18 December  2017 - Targovax  ASA (OSE:  TRVX), a  clinical stage
company  focused on developing immuno-oncology therapies to target solid tumors,
today  announces that TG02 has  passed the initial planned  safety review in the
phase  Ib  clinical  mechanism-of-action  trial  evaluating  TG02,  and  TG02 in
combination  with  the  checkpoint  inhibitor  KEYTRUDA(®)  (pembrolizumab),  in
patients with confirmed RAS-mutated colorectal cancer.

The  safety review was carried out on the initial three patients enrolled in the
first cohort, who are treated with TG02 as monotherapy. No issues were reported,
and  it has been recommended  that the trial should  continue. This is the first
time  TG02, the  second generation  RAS neo-antigen  vaccine from  the Company's
proprietary  TG platform,  has been  administered to  patients. In February, the
Company   published  positive  two-year  survival  data  from  TG01,  its  first
generation vaccine from this platform, in resected pancreatic cancer.

Early exploratory clinical results indicate that TG02 induces immune response in
patients,  with high activation status of tumor-infiltrating T-cells compared to
historical   controls.   In  addition,  PD-1 expression  was  observed  in  both
circulating   and  tumor-infiltrating  T-cells.  This  further  strengthens  the
rationale  for  combining  TG02  with  PD-1 checkpoint  blockade. Based on these
initial  safety and  immune activation  findings, the  Company and investigators
will   discuss  the  appropriate  timing  for  switching  into  the  KEYTRUDA(®)
combination  part of  the trial,  and start  recruiting patients into the second

Magnus Jäderberg, Chief Medical Officer of Targovax said: "This is the first
time TG02 has been administered to patients, and we are very pleased that there
were no issues reported in this initial safety review. The early clinical data
is also encouraging, indicating immune activation in vaccinated patients in a
manner that is consistent with the drugs postulated mechanism of action. We are
now eager to initiate the combination trial with KEYTRUDA(®), and we are hopeful
that PD-1 blockade might boost the effect of TG02 vaccination."

Trial details

This TG02 trial is a multi-site, open-label, non-randomized phase Ib exploratory
trial,  that will enrol approximately  20 patients with locally recurrent rectal
cancer,  where  specific  poor-prognosis  mutations  in  the  RAS gene have been
confirmed  (ClinicalTrials.gov Identifier:  NCT02933944). The  study consists of
two  cohorts of up to  10 patients each. The first  cohort will receive TG02 and
granulocyte  macrophage colony  stimulating factor  (GM-CSF) as monotherapy, and
the  second  cohort  will  in  addition  to  this  receive  the  PD-1 checkpoint
inhibitor,  KEYTRUDA(®). The  primary objective  of the  study is  to assess the
safety  of TG02 in this setting. In  addition, the impact of TG02 vaccination on
systemic and local innate and adaptive immune responses of treated patients will
be  evaluated. The trial  is currently enrolling  patients at sites in Australia
and New Zealand.

For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media and IR enquires:
Jan Petter Stiff - Crux Advisers (Norway)
Phone: +47 995 13 891
Email: stiff@crux.no

Julia Phillips / Simon Conway - FTI Consulting (International)
Phone: +44 20 3727 1000
Email: Targovax@fticonsulting.com

About Targovax

Arming the patient's immune system to fight cancer

Targovax (OSE:TRVX) 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 as potential multi-target,
neo-antigen therapeutic cancer vaccines. ONCOS uses an adenovirus that has been
engineered to be an immune activator that selectively targets cancer cells. In
phase I trials it has demonstrated immune activation at lesional level which was
associated with clinical benefit. In an ongoing phase I trial in advanced
melanoma we expect important proof of concept data for checkpoint inhibitor
refractory patients.

The second platform, TG, are neo-antigen cancer vaccines designed to
specifically treat tumors that express mutated forms of RAS. Mutations to the
RAS 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 the patient's
immune system to identify and 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, Targovax has other products in early stages of

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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