An update from Targovax’s Phase I/II study in unresectable mesothelioma with OCOS-102 was the highlight of Q220 (described in our last note). Median over survival (OS) data are still not mature and the next update in expected by year-end. Another catalyst expected this year is the results of Part 2 from the Phase I melanoma trial in H220. The trial aims to show ONCOS-102 can activate the immune response in anti-PD1 refractory patients. Following the cost-reduction programme implemented in 2019, Targovax is now sharply focused on its oncolytic virus platform. However, after signing a string of new collaborations, the company is now involved in multiple projects, which significantly increase profit opportunities. Our valuation is unchanged at NOK1.65bn or NOK21.6/share.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-growing-list-of-collaborations-and-more-data-in-h2/3_27764xxx-c554-b1c9-6077-dc25b46bf43e?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/1b3cedc2-9b89-4d54-b4ed-029bb70a87bf-biotechnology-6-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2020-09-17T11:20:54.073", "LastModifiedDateTime": "2020-09-18T11:29:58.497" }, { "Id": "research-3_27104xxx-52fa-b6e4-8d9d-34368ebdcfdf", "ContentId": "3_27104xxx-52fa-b6e4-8d9d-34368ebdcfdf", "Headline": "Edison - Targovax - Confirmatory 12-month mesothelioma update", "Synopsis": "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.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-confirmatory-12-month-mesothelioma-update/3_27104xxx-52fa-b6e4-8d9d-34368ebdcfdf?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9e3844fb-232f-4c54-b778-aac8b47149aa-biotechnology-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2020-06-22T17:00:32.073", "LastModifiedDateTime": "2020-06-23T09:10:53.613" }, { "Id": "research-3_26953xxx-d553-9fa6-4c31-c1f10e345821", "ContentId": "3_26953xxx-d553-9fa6-4c31-c1f10e345821", "Headline": "Edison - Targovax - ONCOS-102 plus durvalumab trial in spotlight", "Synopsis": "Targovax has announced that one of the trials with ONCOS-102, which is sponsored by Ludwig Institute for Cancer Research, will be in the spotlight at this year's ASCO meeting. This is an open-label Phase I/II trial that is exploring the combination of intraperitoneally delivered ONCOS-102 and systemically administered checkpoint inhibitor durvalumab (anti-PD-L1, Imfinzi, AstraZeneca) in patients with ovarian or colorectal cancers metastasised to the peritoneum. An abstract from the dose-escalation part of the trial will be presented at ASCO. Although Targovax is not sponsoring the trial, this may become a new opportunity for the company. Targovax's two lead trials with ONCOS-102 in melanoma and mesothelioma are on track to deliver data later this year. Our valuation is virtually unchanged at NOK1.52bn or NOK20.0 per share.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-oncos-102-plus-durvalumab-trial-in-spotlight/3_26953xxx-d553-9fa6-4c31-c1f10e345821?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/2536958d-65a1-48cc-abbf-608fdf6a5c51-biotechnology-3-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2020-05-28T12:21:06.533", "LastModifiedDateTime": "2020-05-29T10:53:02.533" }, { "Id": "research-3_26413xxx-d16d-2a8d-7431-ce4eb7d40465", "ContentId": "3_26413xxx-d16d-2a8d-7431-ce4eb7d40465", "Headline": "Edison - Targovax - More data in 2020 from both clinical trials", "Synopsis": "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).
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-more-data-in-2020-from-both-clinical-trials/3_26413xxx-d16d-2a8d-7431-ce4eb7d40465?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/fd4588e9-ee9a-4404-aa0c-28fe69a71949-biotechnology-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2020-03-23T11:21:08.053", "LastModifiedDateTime": "2020-03-24T06:10:06.44" }, { "Id": "research-3_26033xxx-2849-309e-47c6-93b07ab89944", "ContentId": "3_26033xxx-2849-309e-47c6-93b07ab89944", "Headline": "Edison - Targovax - ONCOS-102 set for late-stage development", "Synopsis": "Together with the positive Phase I/II mesothelioma trial, Targovax has introduced a preliminary design for its next trial. The new study will explore ONCOS-102 in triple combination with a checkpoint inhibitor (CPI) and standard chemotherapy. Although plans for the next study are still at a preliminary stage, there is potential for it to become a pivotal programme due to a high unmet need in mesothelioma. The private placement completed on the back of the trial results provides confidence that preparations for advanced ONCOS-102 development in mesothelioma will continue at a strong pace. Consequently, we increase the probability of success and our updated valuation is NOK1.5bn or NOK19.9/share.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-oncos-102-set-for-late-stage-development/3_26033xxx-2849-309e-47c6-93b07ab89944?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/1b3cedc2-9b89-4d54-b4ed-029bb70a87bf-biotechnology-6-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2020-01-27T10:21:56.423", "LastModifiedDateTime": "2020-01-28T05:20:53.473" }, { "Id": "research-3_26006xxx-11e5-70e2-5df6-cbc308414cf0", "ContentId": "3_26006xxx-11e5-70e2-5df6-cbc308414cf0", "Headline": "Edison - Targovax - Positive signals from Phase I/II mesothelioma trial", "Synopsis": "Today, Targovax reported randomised data from the Phase I/II study (n=31) in unresectable malignant pleural mesothelioma. The results confirmed a good ONCOS-102 safety profile. The key clinical response endpoint mPFS was 8.4 months (active arm) vs 6.8 months (control) and above the historical control of 5.7–7.3 months. mPFS results are still early, with many patients not included in the analysis (additional data will serve as a potential catalyst later in 2020). Overall, as we described in our last note, mesothelioma is one of the most difficult cancers to treat, with classic chemotherapy still being the standard of care. While the size of the study limited the analysis for statistical significance (the trial was not designed to check for a statistically significant clinical effect), the mPFS results and the fact that clinical outcomes correlate with a cancer-specific immune response are clearly positive signals. Targovax has presented preliminary plans for the next trial. Our valuation is under review, while we analyse the details of the trial results.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-positive-signals-from-phase-i-ii-mesothelioma-trial/3_26006xxx-11e5-70e2-5df6-cbc308414cf0?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/1b3cedc2-9b89-4d54-b4ed-029bb70a87bf-biotechnology-6-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2020-01-22T12:12:15.12", "LastModifiedDateTime": "2020-01-23T06:00:47.547" }, { "Id": "research-3_25717xxx-e203-4ae6-8f87-cce35ac953fc", "ContentId": "3_25717xxx-e203-4ae6-8f87-cce35ac953fc", "Headline": "Edison - Targovax - Data from both lead trials due H120", "Synopsis": "Both lead clinical trials with ONCOS-102 are expected to deliver results over the next few months, which will make H120 one the most eventful periods in Targovax’s history. Data from Phase I/II trial in mesothelioma are expected in January 2020, whereas data from the Phase I melanoma study are expected in H120 or ‘before summer’, according to Targovax. Clinical data readouts should be supplemented by preclinical studies with the second-generation oncolytic viruses, which Targovax introduced for the first time in the Q319 results presentation. Our valuation is almost unchanged at NOK1.18bn or NOK18.7/share (vs NOK18.6/share previously).
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-data-from-both-lead-trials-due-h120/3_25717xxx-e203-4ae6-8f87-cce35ac953fc?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/2536958d-65a1-48cc-abbf-608fdf6a5c51-biotechnology-3-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2019-12-03T12:04:28.297", "LastModifiedDateTime": "2019-12-04T05:10:55.507" }, { "Id": "research-3_24963xxx-9e08-a0af-c069-a391278df3ad", "ContentId": "3_24963xxx-9e08-a0af-c069-a391278df3ad", "Headline": "Edison - Targovax - Multiple data readouts over next 12 months", "Synopsis": "Two ONCOS-102 readouts are expected in the next 12 months: mesothelioma Phase I/II data around new year 2020, and data from the Phase I melanoma study in H120. Targovax is also conducting preclinical trials with its new oncolytic viruses, with first results likely to be released in H219. This will support its move to becoming a focused oncolytic virus company. In addition, it provided an update on the Phase I/II trial with ONCOS-102 + Imfinzi (durvalumab) in patients with advanced peritoneal malignancies in collaboration with the Ludwig Institute for Cancer Research, where the expansion part has now started. Our Targovax valuation is virtually unchanged at NOK1.18bn or NOK18.6/share (vs NOK18.9/share previously).
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-multiple-data-readouts-over-next-12-months/3_24963xxx-9e08-a0af-c069-a391278df3ad?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/2536958d-65a1-48cc-abbf-608fdf6a5c51-biotechnology-3-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2019-09-04T10:46:44.42", "LastModifiedDateTime": "2019-09-05T04:25:28.393" }, { "Id": "research-3_24585xxx-3d07-d0ac-006e-c09d9b706741", "ContentId": "3_24585xxx-3d07-d0ac-006e-c09d9b706741", "Headline": "Edison - Targovax - Full focus on ONCOS platform and fresh data", "Synopsis": "Targovax recently announced a strategic decision to focus on the clinical development of its ONCOS programmes and to discontinue clinical development of its TG platform, citing the need to reallocate resources as the main reason. The news was followed by the release of interim data from the Phase I melanoma study, which was encouraging. After the latest events we have removed TG02 colorectal cancer asset from our model, although out-licensing is still a possibility, and increased the likelihood of success from ONCOS-102 in melanoma. Our Targovax valuation is lower at NOK1.2bn or NOK18.9/share, vs NOK1.46bn or NOK27.7/share before. Our new, more detailed look into the investigator-led trials with ONCOS-102 reveals the potential for oncolytic virus platform expansion not yet reflected in our rNPV model.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-full-focus-on-oncos-platform-and-fresh-data/3_24585xxx-3d07-d0ac-006e-c09d9b706741?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9e3844fb-232f-4c54-b778-aac8b47149aa-biotechnology-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2019-07-11T09:20:58.85", "LastModifiedDateTime": "2019-07-12T06:58:31.4" }, { "Id": "research-3_6f885858-c064-7e0f-a573-adc1449de6e2", "ContentId": "3_6f885858-c064-7e0f-a573-adc1449de6e2", "Headline": "Edison - Targovax - Cohort 2 starts in ONCOS-102 melanoma trial", "Synopsis": "Targovax’s Q418 presentation discussed highlights from the past year, focusing on the data readouts from the TG01 study in pancreatic cancer (PC) and the ONCOS-102 melanoma Phase I data. Management’s plan for 2019 is largely unchanged: data from the first cohort of the ONCOS-102 melanoma study will be published in H119, treatment of the second cohort is ongoing and early interim data from TG02 colorectal cancer study will be published in H119. Management will also present three-year survival data from the TG01 PC study in H119 and is confident in finding a partner for continued development of TG01 in PC. Cash reaches into 2020, while our valuation is marginally higher at NOK1.46bn or NOK27.7/share.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-cohort-2-starts-in-oncos-102-melanoma-trial/3_6f885858-c064-7e0f-a573-adc1449de6e2?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/fd4588e9-ee9a-4404-aa0c-28fe69a71949-biotechnology-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2019-03-12T10:01:29.183", "LastModifiedDateTime": "2019-03-13T06:14:08.01" }, { "Id": "research-3_58099c22-2072-b615-a358-b8403a23f928", "ContentId": "3_58099c22-2072-b615-a358-b8403a23f928", "Headline": "Edison - Targovax - Steady progress across pipeline", "Synopsis": "Targovax delivered a steady stream of newsflow in 2018 from R&D projects in its pipeline, and from the recent KOL event in New York and capital markets day in Oslo. Highlights include the announcement of interim data from the Phase I trial with ONCOS-102 (an oncolytic virus) and Keytruda combination in melanoma, and the full dataset from the Phase I/IIa trial with TG01 (a neoepitope cancer vaccine) with gemcitabine combination in resected pancreatic cancer. Our valuation is marginally higher at NOK1.41bn or NOK26.8/share.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/targovax-steady-progress-across-pipeline/3_58099c22-2072-b615-a358-b8403a23f928?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/1b3cedc2-9b89-4d54-b4ed-029bb70a87bf-biotechnology-6-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2018-11-21T16:03:01.343", "LastModifiedDateTime": "2018-11-22T05:44:45.363" }, { "Id": "research-0760bcf8-bfac-c8c6-8ae9-856723934a92", "ContentId": "0760bcf8-bfac-c8c6-8ae9-856723934a92", "Headline": "Edison - Targovax - FOLFIRINOX sets bar in pancreatic cancer high", "Synopsis": "On 12 June, Targovax announced a strategic decision to move away from developing TG01, a neoantigen cancer vaccine for resected pancreatic cancer after new data with FOLFIRINOX set the bar for overall survival too high. With median overall survival of resected pancreatic cancer patients approaching five years, such a long clinical trial is beyond the capabilities of a relatively small biotech company, according to Targovax. We have removed pancreatic cancer from our valuation, which is now NOK1.31bn or NOK24.9/share (vs NOK33.8/share previously).
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/folfirinox-sets-bar-in-pancreatic-cancer-high/0760bcf8-bfac-c8c6-8ae9-856723934a92?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/7c3b0252-ba4b-4264-b327-9ccce576e450-biotechnology-2-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2018-06-13T12:03:15.657", "LastModifiedDateTime": "2018-06-13T13:24:23.933" }, { "Id": "research-ed31d18b-aded-41db-b7c5-789b61d9ad1b", "ContentId": "ed31d18b-aded-41db-b7c5-789b61d9ad1b", "Headline": "Edison - Targovax - Priming immune response in anticancer combos", "Synopsis": "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.
", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/norway/biotechnology/circio-holding-asa/research/referral/edison/priming-immune-response-in-anticancer-combos/ed31d18b-aded-41db-b7c5-789b61d9ad1b?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9e3844fb-232f-4c54-b778-aac8b47149aa-biotechnology-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Circio Holding ASA", "CompanyUrl": "https://www.research-tree.com/companies/norway/health/circio-holding-asa/CRNA/OSL", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "MVLN0F-R", "InternalId": "8645a789-aa07-48c0-84e4-6e18ed5596f9", "Isin": "NO0013033795", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Biotechnology", "Ticker": "CRNA:OSL", "TIDM": "CRNA", "BBTicker": "CRNA", "AltTicker": "CRNA", "AltExchange": "NO", "Exchange": "OSL", "TotalBlogCount": 0, "TotalEventCount": 0, "TotalMediaCount": 0, "TotalResearchCount": 15, "TotalRnsCount": 0 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2017-11-08T15:01:30.957", "LastModifiedDateTime": "2017-11-13T08:11:48.637" } ], "Message": null, "TotalItems": 15 }