Oslo, Norway, 22 August 2019 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its second quarter and first half 2019 results.

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

• The last patient entered into the ONCOS-102 trial in mesothelioma. Recruitment was completed with 31 patients. Six-month randomized overall response rate (ORR) and immune data are expected around New Year 2019-20
• The first patients entered into part 2 of the ONCOS-102 trial in checkpoint inhibitor refractory advanced melanoma, where the dosing is increased from three to twelve injections
• The Journal of Medical Virology published a Targovax paper named "Abscopal effect when combining oncolytic adenovirus and checkpoint inhibitor in a humanized NOG mouse model of melanoma"
• Targovax filed patents on three next generation ONCOS oncolytic viruses
• Targovax announced its decision to fully focus the company's resources and efforts on the ONCOS platform
• Targovax successfully completed a Private Placement (PP) in March, raising gross proceeds of NOK 74m, with a subsequent repair share issue raising gross proceeds of NOK 1m

• In July, Targovax announced data from part 1 of the ONCOS-102 trial in checkpoint inhibitor refractory advanced melanoma, showing validated clinical responses in three out of nine patients (33% ORR) and immune activation in all nine patients
• In July, the dose escalation part of the phase I/II trial of ONCOS-102 in combination with the checkpoint inhibitor Imfinzi in patients with advanced peritoneal malignancies was completed, and the expansion part of the trial opened for patient enrollment

Øystein Soug, CEO commented: "In May, we made the important decision to fully focus our resources on advancing the ONCOS oncolytic virus platform. Oncolytic viruses are increasingly recognized as an important future class of immune activators, and Targovax is well positioned as one of the leaders in this rapidly evolving field. Maintaining that position require speed and agility. We have four ongoing combination trials with ONCOS-102, and the key studies will generate data in the next six to twelve months. Our main focus going forward will be to deliver these data points and solidify Targovax position as a leader in the oncolytic virus space."

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 (https://webtv.hegnar.no/presentation.php?webcastId=98042764).

Reporting material

Targovax 2Q report (https://mb.cision.com/Public/17093/2886022/b0735d4613f9bc8a.pdf)
 (https://mb.cision.com/Public/17093/2886022/86c035981d67b09b.pdf)

Targovax 2Q presentation (https://mb.cision.com/Public/17093/2886022/a3a516835220dcc9.pdf)

 (https://mb.cision.com/Public/17093/2886022/931d4a05e027bfa0.pdf)The quarterly report and presentation are also available at the website  www.targovax.com (https://www.targovax.com/en/financial-reports/?rep_year=2019).