Targovax, an Oslo, Norway-based cancer vaccine specialist, raised $3.6m in funding.
The funds include $2.3m in public support from the Norwegian Research Council’s BIA programme and $1.3m from existing and new investors, including the Radium Hospital Research Foundation, Algot Invest and Trygve Schiørbeck.
The company intends to use the capital to accelerate development of its RAS mutation-targeted therapeutic cancer vaccine pipeline, specifically lead candidate TG01 for pancreatic cancer.
Established in October in 2010 and led by Hanne Mette D Kristensen, CEO, Targovax develops therapeutic cancer vaccines based on research into RAS mutations in the Norwegian Radium Hospital and Norsk Hydro in the late ’90s. Its lead candidate, TG01, has already been granted orphan drug status in the EU and US and is currently in Phase I/II pancreatic cancer trials at Oslo University Hospital and the Radium Hospital in Norway.