December 12, 2018 / 2:45 PM / 4 months ago

Norway's Targovax eyes need for more cash in 2020

OSLO, Dec 12 (Reuters) - Norwegian biotech Targovax is fully financed into 2020, but the cancer drug maker must either raise more cash or enter a partnership to sustain itself to the end of that year, its chief executive told an investor conference on Wednesday.

Targovax, which seeks to develop ways to use patients’ own immune system to fight solid tumours, had net cash amounting to 173 million Norwegian crowns ($20.2 million) at the end of the third quarter.

“We have money going into 2020 and roughly speaking we need another 100 million-150 million Norwegian crowns to get to the end of 2020,” CEO Oeystein Soug said.

While the company was keeping its options open with regards to the timing of a cash call, it was not planning to raise money quite yet, Soug separately told Reuters, while adding that entering into partnerships could meet some of its needs. ($1 = 8.5765 Norwegian crowns) (Reporting by Camilla Knudsen, editing by Terje Solsvik)

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