NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Oslo, 27 March 2019: Reference is made to the stock exchange announcement by
Targovax ASA (OSE:TRVX) ("Targovax" or the "Company"), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, on 21 March 2019, regarding a successfully completed private placement
of new shares in the Company (the "Private Placement").

Approval and availability of the Prospectus:

The Financial Supervisory Authority of Norway has today approved a prospectus
prepared by the Company (the "Prospectus") in connection with the listing of the
10,521,973 Private Placement shares and the potential subsequent offering (the
"Subsequent Offering") and listing of up to 2,104,394 new shares in the Company,
each with a par value of NOK 0.10 (the "Offer Shares").

The Prospectus will be available from tomorrow, 28 March 2019, on the following
websites: www.targovax.com and www.dnb.no/emisjoner. Hard copies of the
Prospectus will be available at the offices of Targovax ASA, Lilleakerveien 2 C,
0283 Oslo, Norway or by contacting DNB Markets at +47 23 26 81 01.

The private placement shares:

The share capital increase pertaining to the Private Placement is expected to be
registered with the Norwegian Register of Business Enterprises on or about 28
March 2019, and the private placement shares are expected to be listed and
tradable on the Oslo Stock Exchange later on the same date.

The Subsequent Offering:

* Subject to the approval by the annual general meeting of the Company, to be
held on or about 30 April 2019, the Subsequent Offering will consist of an offer
by the Company to issue up to 2,104,394 Offer Shares, raising approximately NOK
14.7 million in gross proceeds if all Offer Shares are issued.

* Eligible Shareholders, being shareholders of the Company as of 21 March 2019
(and being registered as such in the VPS on 25 March 2019 pursuant to the two
days' settlement procedure in the VPS (the "Record Date")), (i) who were not
allocated shares in the Private Placement, (ii) who did not in their capacity as
larger shareholders enter into a lock-up agreement in connection with the
Private Placement and (iii) who are not resident in a jurisdiction where such
offering would be unlawful, or for jurisdictions other than Norway, would
require any filing, registration or similar action, will be granted non
-transferable subscription rights (the "Subscription Rights") that, subject to
applicable law, provide preferential rights to subscribe for and be allocated
Offer Shares at the Subscription Price (as defined below).

* The Eligible Shareholders will be granted 0.07312 Subscription Rights for each
existing share registered as held by such Eligible Shareholders as of the Record
Date, rounded down to the nearest whole Subscription Right. Each whole
Subscription Right provides a preferential right to subscribe for, and be
allocated, one Offer Share at the Subscription Price, subject to applicable
securities laws. Over-subscription will be permitted, but subscription without
Subscription Rights will not be permitted.

* The subscription period will commence at 09:00 hours (CEST) on 2 May 2019 and
expire at 16:30 hours (CEST) on 16 May 2019 (the "Subscription Period").

* The subscription price in the Subsequent Offering is NOK 7.00 per Offer Share,
being the same as the subscription price in the Private Placement completed on
21 March 2019 (the "Subscription Price").

* The Subscription Rights are expected to have an economic value if the
Company's shares trade above the Subscription Price during the Subscription
Period. Eligible Shareholders who do not use their Subscription Rights will
experience a dilution of their shareholding in the Company if other Eligible
Shareholders subscribe for Offer Shares.

* The Subscription Rights must be used to subscribe for Offer Shares in the
Subscription Period and before the expiry of the Subscription Period on 16 May
2019 at 16:30 hours (CEST). Subscription Rights that are not used to subscribe
for Offer Shares before 16:30 hours (CEST) on 16 May 2019 will have no value and
will lapse without compensation to the holder.

* The payment for the Offer Shares allocated to a subscriber falls due on 21 May
2019.

* The share capital increase pertaining to the Subsequent Offering is expected
to be registered with the Norwegian Register of Business Enterprises (Nw.
Foretaksregisteret) on or about 27 May 2019. The Offer Shares are expected to be
delivered to the subscribers and commence trading on the Oslo Stock Exchange on
the same day.

DNB Markets will be acting as manager in the Subsequent Offering.

For further information, please contact:

Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@targovax.com

About Targovax

Activating the patient's immune system to fight cancer Targovax (OSE:TRVX) is a
clinical stage biotechnology company developing immune activators to target hard
-to-treat solid tumors. Immuno-oncology is currently one of the fastest growing
therapeutic fields in medicine.

Targovax's lead product candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect and
replicate in cancer cells. It has been shown to activate the immune system to
generate tumor-specific immune responses. In phase I trials, ONCOS-102 induced
both local and systemic innate and adaptive immune activation, which has been
associated with clinical benefit. ONCOS-102's targeted path-to-market indication
is mesothelioma, where the virus is currently being tested in a randomized phase
II trial. Another trial, in checkpoint inhibitor refractory advanced melanoma,
is expected to produce important proof-of-concept immune activation data in
heavily pre-treated patients.

Targovax is also developing a neo-antigen cancer vaccine targeting tumors with
oncogenic RAS-mutations, which are known to drive cancer. The TG vaccine program
has shown strong RAS-specific immune activation and a signal of clinical
efficacy in a 32-patient trial with TG01 in resected pancreatic cancer. A next
generation product candidate, TG02 is currently tested in a phase I trial in
colorectal cancer, both as monotherapy and in combination with Keytruda (an anti
-PD1 check point inhibitor).

IMPORTANT INFORMATION

These materials do not constitute an offer of securities for sale or a
solicitation of an offer to purchase securities of the Company in the United
States or any other jurisdiction. The securities of the Company may not be
offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Directive, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Directive" means Directive 2003/71/EC as amended (together with any applicable
implementing measures in any Member State.

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.