London, UK, 8 November 2017

Edison issues initiation on Targovax (TRVX)

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.

We value Targovax at NOK1.69bn or NOK32.1/sh (NOK204m net cash estimated at end-2017), which is spread fairly evenly among four indications we currently value using probabilities of 10-15% to reflect early stage of the development. Targovax is funded into 2019, which is beyond multiple R&D events: three interim data readouts are expected in 2017 and five readouts in 2018, of which two will be final data.

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