Edison Investment Research Limited
London, UK, 22 June 2020
Edison issues update on Targovax (TRVX)
On 22 June 2020 Targovax reported data from its Phase I/II study in unresectable mesothelioma (a follow up to the first data published in January 2020). There were no new safety issues and the efficacy signals seen in the first set of data were confirmed. Importantly, the immune and gene sequencing data provided strong support for ONCOS-102's ability to activate the immune system and remodel the tumour microenvironment. Targovax reiterated its plans to explore ONCOS-102 in triple combination with a checkpoint inhibitor (CPI) and standard chemotherapy in first line. These plans are still at a preliminary stage, but there is potential for the study to become a registrational programme due to a high unmet need in mesothelioma. We increase the probability of success for ONCOS-102 and our updated valuation is NOK1.64bn or NOK21.6/share.
Our valuation has increased to NOK1.64bn or NOK21.6/share from NOK1.52bn or NOK20.0/share after increasing the success probability in our mesothelioma project to 25% from 20% and rolling the model forward. An update on the upcoming Phase I melanoma trial is the key potential catalyst this year.
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