08.05.2019 kl 09:41 4915

Redeye research note
Targovax: Reaches important milestone
May 8 2019
All patients have now been enrolled in the mesothelioma phase Ib/II trial, where Oncos-102 is being evaluated in combination with standard of care (SoC) vs. SoC. Top-line results are now expected by year-end, which is somewhat ahead of the previous timeline (H1 2020). This is a welcome announcement that we believe should give a decent boost to the stock today.
Oncos-102 is the lead clinical asset of Targovax, which is being evaluated in four ongoing clinical trials. In the mesothelioma study, Oncos-102 is studied in combination with SoC (pemetrexed and cisplatin) vs. SoC in first or second/third line patients with unresectable malignant pleural mesothelioma (MPM). In the phase Ib part of the trial (safety lead-in), encouraging results were reported last year, which indicated immune activation and response to treatment. Oncos-102 has also shown synergy with SoC in preclinical mesothelioma models.

A total of 25 patients have been enrolled in the randomized controlled phase II part of the trial (14 that has received Oncos-102), and six in the safety lead-in. Top-line data will include safety and tolerability, immunological activation and 6-month overall response rate (ORR) of the combination. Positive results, especially ORR and safety, will probably trigger Targovax to push Oncos-102 forward to a more extensive phase II trial in the indication, which may provide enough data to reach a conditional approval (2023).

As we have already mentioned, today’s announcement is positive, as it strengthens the news-flow of 2019:

- Further ORR and immune data from the first cohort of the ongoing combination trial in melanoma is expected in Q2 2019
- Late in 2019 top-line results from the ongoing mesothelioma trial

We reiterate our base case fair value of NOK 12, which offers almost a 100% upside from current levels.
Klas Palin
Equity Analyst

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