Targovax - Growing list of collaborations and more data in H2

An update from Targovax’s Phase I/II study in unresectable mesothelioma with OCOS-102 was the highlight of Q220 (described in our last note). Median over survival (OS) data are still not mature and the next update in expected by year-end. Another catalyst expected this year is the results of Part 2 from the Phase I melanoma trial in H220. The trial aims to show ONCOS-102 can activate the immune response in anti-PD1 refractory patients. Following the cost-reduction programme implemented in 2019, Targovax is now sharply focused on its oncolytic virus platform. However, after signing a string of new collaborations, the company is now involved in multiple projects, which significantly increase profit opportunities. Our valuation is unchanged at NOK1.65bn or NOK21.6/share.