TRVX: Targovax ASA: Completion of subsequent offering, registration of share capital increase

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SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT

Oslo, 24 July 2017: Reference is made to the stock exchange 
announcements dated 17 July 2017 regarding the result of the 
subsequent offering of up to 2,000,000 new shares 
(the "Offer Shares") in Targovax ASA ("Targovax" or 
the "Company") at a subscription price of NOK 20 per share 
(the "Subsequent Offering").

The share capital increase pertaining to the Subsequent 
Offering has now been registered in the Norwegian Register 
of Business Enterprises. The new share capital of the 
Company is NOK 5,256,438.10 divided into 52,564,381 Shares, 
with each Share having a nominal value of NOK 0.10.

The new shares issued in the Subsequent Offering are listed 
on Oslo Børs.

This information is subject of the disclosure requirements 
pursuant to section 5-12 of the Norwegian Securities Trading 
Act.

For further information, please contact:
Erik Digman Wiklund, CFO
Phone: +47 413 33 563
Email: erik.wiklund@targovax.com

ABOUT TARGOVAX:
Arming the patient's immune system to fight cancer.
Targovax is a clinical stage company focused on developing 
and commercializing novel immuno-oncology therapies to 
target, primarily, treatment-resistant solid tumors. Immuno-
oncology is currently one of the fastest growing therapeutic 
fields in medicine.
The Company's development pipeline is based on two novel 
proprietary platforms:
The first platform, ONCOS, uses oncolytic viruses, an 
emerging class of biological therapy. ONCOS exclusively uses 
an adenovirus that has been engineered to be an immune 
activator that selectively target cancer cells. In phase I 
it has shown to immune activate at lesional level which was 
associated with clinical benefit. We expect proof of concept 
data for this platform in 2017 from a clinical trial of lead 
product ONCOS-102 in patients with refractory malignant 
melanoma.
The second platform, TG peptides (TG), solely targets tumors 
that express mutated forms of the RAS protein. Mutations to 
this protein are common in many cancers and are known to 
drive aggressive disease progression and treatment 
resistance. There is a high unmet medical need for therapies 
that are effective against tumors that express these 
mutations. The TG platform's therapeutic potential stems 
from its ability to enable a patient's immune system to 
identify and then destroy tumors bearing any RAS mutations. 
In early 2017, key proof of concept data for the TG platform 
from a clinical trial of TG01 in resected pancreatic cancer 
patients showed encouraging overall survival and will give 
guidance for the future clinical development of this 
platform.
Targovax' development pipeline has three novel therapeutic 
candidates in clinical development covering six indications.
Both platforms are protected by an extensive portfolio of IP 
and know-how and have the potential to yield multiple 
product candidates in a cost-effective manner. Additionally, 
we have other products in early stages of development.
In July 2016, the Company listed its shares on Oslo Axess. 
In March 2017, the shares were upgraded to Oslo Børs, the 
main Oslo Stock Exchange.
This information is subject to the disclosure requirements 
pursuant to section 5-12 of the Norwegian Securities Trading 
Act.