Targovax, a Norway-based biotechnology company specializing in cancer treatments, secured a figure just short of 13 NOK ($2.2m) on 25th January from venture capital firm Birk Venture, RO Invest and the Norwegian Radium Hospital’s research foundation.
In addition to the $2.2m, Targovax has disclosed that a further $1m has been made available for the next funding round.
Founded in October 2010, Targovax is developing a cancer vaccine, known as TG-01, using research conducted in the late nineties at Radium Hospital and aluminum supplier Norsk Hydro’s Institute for Cancer Research. The vaccine is reported to have garnered positive results when tested on patients.
Hanne Mette D. Kristensen, chief executive officer of Targovax, said: "We have now secured both private and public funding for the project. This gives a good signal regarding the project’s quality. This financing will enable us to submit an application for clinical studies, and to produce the TG according to pharmaceutical standards. We will be ready to include the first patients in the last quarter of 2012. We have recently employed two persons to ensure further progress."