10 December 2021: Reference is made to the announcements made by Targovax ASA
(the "Company") on 1 December 2021, regarding the commencement of the
subscription period for the rights issue (the "Rights Issue") and the receipt of
subscription rights in the Rights Issue by certain primary insiders and close
associates of primary insiders of the Company.

Diane Mellett, Board member and primary insider in Targovax, has on 9 December
2021, exercised 51,880 subscription rights in the Rights Issue, entitling Diane
Mellett to be allocated 51,880 offer shares in the Rights Issue at a price per
offer share of NOK 1.72, subject to the Rights Issue being completed.

Please see the attached notification of trade for further information.

Notification by Primary Insider_Mellett 091221
exercise.pdf (https://mb.cision.com/Public/17093/3469498/ba7707565a4bcdf5.pdf)

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

About Targovax

Activating the patient's immune system to fight cancer
Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing
immune activators to target hard-to-treat solid tumors. Targovax aims to unlock
greater clinical benefits in cancer patients by deploying its multifunctional
platforms to target key immune regulators and oncogenic drivers. Targovax's
focus is to "activate the patient's immune system to fight cancer", thus
extending and transforming the lives of cancer patients. Targovax's pipeline
aims at different cancer indications, including melanoma, mesothelioma and
colorectal cancer. The company's product candidates are designed to harness the
patient's own immune system to fight the cancer, whilst also delivering a
favorable safety and tolerability profile.

Targovax's lead clinical candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect cancer
cells and activate the immune system to fight the cancer. On the back of very
encouraging clinical data in several indications, both in monotherapy and in
multiple combinations, the next development steps for ONCOS-102 will be to
further improve responses in melanoma patients resistant to or poorly responsive
to current standard of care.