Oslo, Norway, 9 May 2019 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its first quarter 2019 results.

A meeting for investors, analysts and press will take place in Oslo today at 10:00 CET (details below).

• The first patient was treated in the dose expansion cohort of the ONCOS-102 trial in checkpoint inhibitor refractory advanced melanoma
• Finalized the first development stage for new viruses, filed patents on three viruses
• The Parker Institute for Cancer Immunotherapy, Cancer Research Institute and Targovax signed a collaboration agreement to run a clinical trial with the TG vaccine in advanced pancreatic cancer in combination with other immunotherapies
• The European Patent Office granted a European patent which protects Targovax's TG01/02 mutant-RAS specific peptides and mutant RAS specific T-cells, for the treatment of cancer in combination with chemotherapies. This extends TG01/02 IP protection to 2034
• The US Patent and Trademark Office issued a Notice of Allowance in the US on a patent covering the TG mutant-RAS neoantigen vaccine platform. The allowed patent protects the composition of matter of Targovax's mutant-RAS specific neoantigen peptides and vaccines TG02 and TG03
• Targovax granted Zelluna Immunotherapy an FTO license to intellectual property relating to mutant RAS T-cell receptor technology
• Targovax successfully completed a Private Placement (PP), raising gross proceeds of NOK 74m

• In May, Targovax announced the completion of enrollment of ONCOS-102 trial in mesothelioma. Randomized data expected around New Year

Øystein Soug, CEO commented: "Throughout the first quarter of 2019 we have seen strong recruitment in several of our clinical trials. The first patient in the second cohort in the melanoma trial was dosed. The mesothelioma and peritoneal trials recruited very well. Based on recent RAS vaccine data, we entered into a research collaboration agreement with the Parker Institute for Cancer Immunotherapy and CRI. Within this collaboration, the intention is to conduct a clinical trial in combination with other anti-cancer treatments. This collaboration may be important, not only by testing TG vaccination in a new patient population - it also enables us to work with some of the world's leading experts in immunotherapy and pancreatic cancer. This may open up many new opportunities for the TG program in the future."

Presentation
The presentation will take place at 10:00 CET at:

Hotel Continental
Stortingsgaten 24/26
0117 Oslo

The presentation will also be webcast live and can be accessed here (http://webtv.hegnar.no/presentation.php?webcastId=97815727).

Reporting material

TRVX 1Q19 report (https://mb.cision.com/Public/17093/2807352/a99bff69dc929a4b.pdf)

TRVX 1Q19 presentation (https://mb.cision.com/Public/17093/2807352/8fb2b1a64897b7c5.pdf)

The quarterly report and presentation are also available at the website www.targovax.com (https://www.targovax.com/en/financial-reports/).