Targovax's Q418 presentation discussed highlights from the past year, focusing on the data readouts from the TG01 study in pancreatic cancer (PC) and the ONCOS-102 melanoma Phase I data. Management's plan for 2019 is largely unchanged: data from the first cohort of the ONCOS-102 melanoma study will be published in H119, treatment of the second cohort is ongoing and early interim data from TG02 colorectal cancer study will be published in H119. Management will also present three-year survival data from the TG01 PC study in H119 and is confident in finding a partner for continued development of TG01 in PC. Cash reaches into 2020, while our valuation is marginally higher at NOK1.46bn or NOK27.7/share.
Targovax delivered a steady stream of newsflow in 2018 from R&D projects in its pipeline, and from the recent KOL event in New York and capital markets day in Oslo. Highlights include the announcement of interim data from the Phase I trial with ONCOS-102 (an oncolytic virus) and Keytruda combination in melanoma, and the full dataset from the Phase I/IIa trial with TG01 (a neoepitope cancer vaccine) with gemcitabine combination in resected pancreatic cancer. Our valuation is marginally higher at NOK1.41bn or NOK26.8/share.
On 12 June, Targovax announced a strategic decision to move away from developing TG01, a neoantigen cancer vaccine for resected pancreatic cancer after new data with FOLFIRINOX set the bar for overall survival too high. With median overall survival of resected pancreatic cancer patients approaching five years, such a long clinical trial is beyond the capabilities of a relatively small biotech company, according to Targovax. We have removed pancreatic cancer from our valuation, which is now NOK1.31bn or NOK24.9/share (vs NOK33.8/share previously).
Q417 saw the release of several reports indicating a good safety profile and consistent immune activation signs by ONCOS-102, an oncolytic virus for melanoma and mesothelioma, and TG02, a neo-antigen vaccine for colorectal cancer. 2018 catalysts include full two-year survival data from the pancreatic cancer trial (Phase I/II) with TG01 and interim data readouts from the melanoma (Phase I) and mesothelioma (Phase Ib/II) trials with ONCOS-102. Our valuation is marginally higher at NOK1.78bn or NOK33.8/share.
In this short video Magnus Jaderberg, Chief Medical Officer of Targovax gives us some background on Targovax and discusses key technology areas.
Targovax is an immuno-oncology (IO) company specialising in two distinct, but complementary approaches. ONCOS-102 is a genetically engineered adenovirus being tested in advanced melanoma, mesothelioma and three other indications run by partners. From the TG platform two mutant RAS-specific, neo-antigen cancer vaccines are in development for colorectal and pancreatic cancers, for which interim Phase I/II results with positive survival data were presented at ASCO in June 2017. Targovax’s core proposition is to use its products as immune response primers and combine with other anticancer therapies, such as checkpoint inhibitors, for increased efficacy. We value Targovax at NOK1.69bn or NOK32.1 per share.