Norwegian Biotech Hits €21M in Private Placement for its Immunotherapies
Targovax has raised €21M (NOK200M) in a private placement, which the biotech will use to fund data read-outs from clinical trials and CMC development.
Targovax, based in Oslo, is developing a number of immunotherapies for treatment-resistant tumors. The biotech’s pipeline is based on its two platforms, ONCOS, an oncolytic virus, which is being developed to treat melanoma, as well as TG peptides, a vaccine platform for cancers that express mutated forms of the RAS protein. Now, the company announced the successful completion of a private placement, earning the company a huge sum of €21M (NOK200M).
The biotech is planning to use the net proceeds, secured through the allocation of 10M new shares, to finance five additional data read-outs from clinical trials through 2018, in addition to three planned data read-outs in H2 2017. Also, the biotech wants to invest in selective CMC development in preparation for future clinical studies.
Targovax currently has three candidates in clinical development, covering six different cancer indications. The biotech just presented compelling data of its lead cancer vaccine, TG01, at this year’s ASCO meeting, which excelled in a recent Phase I/II trial in patients with pancreatic cancer. TG01 is the first peptide vaccine against RAS that has entered clinical trials and has the potential to treat more than 85% of pancreatic cancers, 50% of colorectal cancers and 20-30% of all cancers, based on mutations in the RAS gene.
Images via shutterstock.com / Rost9
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