Targovax - More data in 2020 from both clinical trials

Targovax started 2020 with the first randomised data readout from its Phase I/II trial with oncolytic virus ONCOS-102 in unresectable mesothelioma. The company will present further data in H120. Interim results released in July 2019 from Part 1 of the Phase I trial with ONCOS-102 in refractory melanoma were the hallmark event last year. More data from this trial are also expected later this year (H220). We note that Targovax is a biotech company, therefore the ongoing turbulence in global markets has a limited effect on its long-term outlook, in our view. Moreover, Targovax completed a private placement earlier this year, which provides a cash runway. On Friday 20 March, the company issued a statement confirming that the key milestones should be achieved within planned timelines. Our valuation is NOK1.53bn or NOK20.1/share (vs NOK19.9/share previously).