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On 12 June, Targovax announced a strategic decision to move away from developing TG01, a neoantigen cancer vaccine for resected pancreatic cancer after new data with FOLFIRINOX set the bar for overall survival too high. With median overall survival of resected pancreatic cancer patients approaching five years, such a long clinical trial is beyond the capabilities of a relatively small biotech company, according to Targovax. We have removed pancreatic cancer from our valuation, which is now NOK1.31bn or NOK24.9/share (vs NOK33.8/share previously).

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