Targinta's Board of Directors has decided to focus development of the company's therapeutic antibodies on a so-called clinical Phase 0 study (microdosing study) in cancer patients. The purpose of the clinical Phase 0 study is to show, with a very low dose of labeled antibodies, that they target the tumor and thus validate Targinta's proprietary target molecule integrin α10β1 and the company's antibodies for targeted cancer therapy. Targinta is evaluating different financing options to progress the development plan through Phase 0 clinical studies and has decided to defer its plans for an IPO due to the exceptionally difficult market conditions.
Targinta is developing antibody therapies directed to the target molecule integrin α10β1 for the treatment of aggressive cancers such as glioblastoma and triple-negative breast cancer. Based on preclinical studies, Targinta has selected two drug candidates; TARG10, a function-blocking antibody that effectively inhibits metastasis of cancer cells, and TARG9, a so-called Antibody-Drug Conjugate (ADC) that is armed with a powerful toxin and effectively kills cancer cells.
“Through phase 0 studies, we can demonstrate in a relatively fast and cost-effective way that our treatment concept works, which reduces the risk of further clinical development and increases the value of the project, as well as increasing its attractiveness to possible partners and licensees. Our goal is to outlicense Targinta's drug candidates for further clinical development and commercialization after the completion of Phase 0, in about two years’ time”, says Targinta’s acting CEO Peter Ekolind.
Targinta’s parent company, Xintela AB, has previously communicated a plan for Targinta to be spun off and then listed on the stock exchange and has an authorization from the Annual General Meeting in May 2022 to carry out the transactions. With the current exceptionally difficult financial market and consequent near impossibility of financing early-stage development companies through an IPO, Targinta's Board of Directors and management are working on other financing options for Targintas development plan and phase 0 clinical studies.
"The IPO market is effectively dormant at the moment and it is no longer a good alternative for Targinta and its shareholders to continue working towards an IPO in these circumstances, although an IPO is still a possibility in the longer term. Targinta is today an operationally independent entity and we are well advanced in our plans and discussions for the further financing of Targinta’s important development program," says Targinta's Chairman Greg Batcheller."
For further information please contact:
Peter Ekolind, acting CEO
Tel: +46 46 275 65 00