Targovax AS: Closing of the acquisition of Oncos Therapeutics Oy

Reference is made to the announcement on 11 June 2015 regarding the entering into of an agreement to acquire the shares of Oncos Therapeutics Oy ("Oncos") and the extraordinary general meeting in Targovax AS ("Targovax") held on 22 June 2015 (the "EGM"). The acquisition of the shares of Oncos was closed today, 2 July 2015. As settlement for the acquisition, the shareholders of Oncos have received 9,429,404 new shares in Targovax pursuant to a share capital increase resolved by the EGM. Following the share capital increase, the share capital of Targovax is NOK 1,885,880.80, divided into 18,858,808 shares, each with a nominal value of NOK 0.10.

The EGM also resolved to appoint a new board of directors with the effect from the time of the closing. The board of directors will from today consist of the following members:

Jónas Einarsson (Chairman of the board)
Bente-Lill Romøren
Lars Lund-Roland
Per Samuelsson
Robert Burns
Johan Christenson

As announced by Targovax on 18 June 2015, Targovax was successful in raising NOK 200 million in a private placement (the "Private Placement"). The registration of the new shares allocated in the Private Placement is expected to take place on or about 10 July 2015.

For further information, please contact:

Gunnar Gårdemyr
Chief Executive Officer
Mobile: +41 798 340 585
E-mail: ggardemyr@targovax.com

Øystein Soug
Chief Financial Officer
Mobile: +47 906 56 525
E-mail: oystein@targovax.com

About Targovax

Targovax is a Norwegian-based global biotechnology company, dedicated to the design and development of immunotherapy vaccines for patients with RAS-mutated cancers. Established in 2010 by the inventors of this RAS-targeted technology and the Norwegian Radium Hospital Research Foundation in Oslo, Targovax has over 25 years of direct experience and has seen more than 250 patients treated with this promising technology.

About Oncos

Oncos is a privately funded clinical-stage biotechnology company focused on the development and commercialization of targeted cancer immunotherapy. Oncos' product candidates induce a tailored response by the immune system directed at each patient's unique cancer cells. Oncos' lead product candidate, ONCOS-102, has successfully completed Phase I clinical studies. Additionally, a promising pipeline has been developed using Oncos' patented adenovirus-based cancer immunotherapy platform, for the treatment of several cancer types, including soft tissue sarcoma, ovarian cancer and mesothelioma. The novel immunotherapy platform is based on engineered oncolytic viruses armed with potent immune-stimulating transgenes.