Targovax - Full focus on ONCOS platform and fresh data
Targovax recently announced a strategic decision to focus on the clinical development of its ONCOS programmes and to discontinue clinical development of its TG platform, citing the need to reallocate resources as the main reason. The news was followed by the release of interim data from the Phase I melanoma study, which was encouraging. After the latest events we have removed TG02 colorectal cancer asset from our model, although out-licensing is still a possibility, and increased the likelihood of success from ONCOS-102 in melanoma. Our Targovax valuation is lower at NOK1.2bn or NOK18.9/share, vs NOK1.46bn or NOK27.7/share before. Our new, more detailed look into the investigator-led trials with ONCOS-102 reveals the potential for oncolytic virus platform expansion not yet reflected in our rNPV model.Targovax ASA is a Norway-based company active within the healthcare sector. The Company is developing two complementary and targeted approaches in immuno-oncology: a peptide-based immunotherapy platform for patients with RAS-mutated cancers and a virus-based immunotherapy platform based on engineered oncolytic viruses armed with potent immune-stimulating transgenes for patients with solid tumors. The Company's candidate, TG01, is a peptide vaccine that targets mutations in the RAS genes that are associated with cancer, and it is in a phase II clinical trial in pancreatic cancer. The Company's other RAS targeting immunotherapy, TG02 is developed for colorectal cancer treatment. The Company's adenoviral candidate, ONCOS-102 is developed for the treatment of solid tumors, such as melanoma as well as ovarian and prostate cancer.
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