Targovax grants IOVaxis 3 months extension to the exclusive license option for TG mutant RAS vaccines in Greater China and Singapore
- COVID-19 have caused delays to submission and processing of the regulatory application to initiate clinical development in China
- Due to the unforeseen delays, Targovax has extended the term of IOvaxis's license option by 3 months, otherwise the agreement remains unchanged
OSLO, Norway, Jan. 6, 2021 /PRNewswire/ -- Targovax ASA (OSE: TRVX), a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors, today announces that it has granted an extension of 3 months to the exclusive option agreement with IOVaxis Therapeutics of Nantong, China, for clinical development and licensing of the Targovax mutant RAS vaccines TG01 and TG02 in China, Hong Kong, Macau and Singapore.
On 8 January 2020 Targovax and IOVaxis announced that they had entered into an exclusive option agreement with 12-month validity for the development and commercialization of Targovax's TG vaccines in Greater China and Singapore (see press release here). An IND application to initiate clinical development of TG01 has been submitted to the Chinese National Medical Products Administration (NMPA), but the application preparation and regulatory review process has been delayed due to COVID-19 related issues. To accommodate the delay caused by these unforeseen circumstances, Targovax has granted to IOVaxis an extension to the license option period by 3 months. Otherwise, the option agreement remains unchanged and in force.
For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Kim Sutton Golodetz - LHA Investor Relations (US)
Phone: +1 212-838-3777
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Company Codes: Bloomberg:TRVX@NO, Frankfurt:TA5, ISIN:NO0010689326, LSE:0RIS, Oslo:TRVX, RICS:TRVX.OL, Stockholm:TRVXO, Munich:TA5, Stuttgart:TA5