Targovax Appoints Øystein Soug As New CFO

OSLO, Norway--(BUSINESS WIRE)--Targovax is pleased to announce Mr. Øystein Soug as the new CFO of the Company from June 1, 2015

Mr. Øystein Soug, has been the CFO of the late-stage oncology biotech company Algeta ASA since 2008, building up the functions of Finance, IR, Compliance, IT and HR. During Mr. Soug's period at Algeta, the company raised USD 200m capital, launched Xofigo, established production and sales in the USA, partnered with and was acquired by Bayer AG.

Before 2008, Mr. Soug was with the Norwegian Orkla group, holding two functions; first as project manager in Orkla's Corporate Development M&A team and later as the CFO of SladCo, the Russian operations of Orkla. Prior to Orkla, Mr. Soug spent five years in banking. He has 17 years' experience in international finance and corporate development. In addition, he has served as Deputy Chairman and Director of Bionor Pharma ASA since 2013.

Mr. Soug has an MSc in Economics and Finance and a Master of International Management (CEMS) both from the University of St Gallen in Switzerland.

Gunnar Gårdemyr, CEO of Targovax, says "I am excited to welcome Øystein Soug to Targovax. With Øystein in place we are well positioned to move our products through the important Proof of Concept phase. Øystein's recent experience from the successful financing and sub-sequent sale of Algeta to Bayer will be important to develop Targovax further."

Facts:

Targovax

Targovax was established in October in 2010 to develop immunotherapy in the form of therapeutic cancer vaccines based on pioneering research at the Norwegian Radium Hospital and Norsk Hydro. Mutation of RAS is an early mutation in the transformation of a normal cell into a cancer cell. Lead candidate TG01 educates the body's immune system to recognize and kill cancer cells with RAS mutations. TG01 has Orphan Drug status for pancreatic cancer in the EU and US and is currently in Phase II trials in operated pancreatic cancer. The company is located in Lysaker, close to Oslo, Norway.

Contacts

Targovax
Gunnar Gårdemyr
Chief Executive Officer
Cell phone: (+41) 798 340 585
E-mail: [email protected]

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