OSLO, Norway, Jan. 12, 2022 /PRNewswire/ -- Targovax ASA (OSE: TRVX) a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors, today announces that Innovation Norway has awarded Targovax an NOK 8.2m grant to accelerate product development activities related to the company's TG mutant RAS vaccine program and planned clinical trials.

Awarded by: Innovation Norway

Granted amount: NOK 8.2m

Time frame: 2022-2024

Kristin Willoch Haugen, Director of Innovation Norway Oslo Viken, commented: "Through this project Targovax and their partners aim to solve an important part of the great, international societal challenge that cancer represents. Innovation Norway has awarded a significant grant to reduce the development risk in the project, which we believe has a high level of innovation and a great potential for value creation in Norway. The Research Council of Norway has also contributed with funding to this exciting project. "

Dr. Erik Digman Wiklund, CEO of Targovax, added: "We are very pleased to be awarded yet another prestigious grant towards our mutant RAS vaccines, this time from Innovation Norway. Targovax's TG program is set up to develop innovative novel immunotherapies that target critical mutations in KRAS, a key driver of around 30% of all cancers. With the support from Innovation Norway, we have now secured a total of up to NOK 18m in grant funding, which will allow us to move the TG program forward faster and more broadly, and thus bring benefit to a patient group with poor prognosis and few available treatment options."

For further information, please contact:

Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com 
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media enquires:

Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

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