30 November 2021: Reference is made to the announcements made by Targovax ASA
(the "Company") earlier today, on 30 November 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.

Abakus Invest AS, a closely associated person of primary insider Øystein Soug
(interim CFO), has today, on 30 November 2021, exercised 120,000 subscription
rights in the Rights Issue, entitling Akabus Invest AS to be allocated 120,000
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 Close associate_Abakus 301121
exercise.pdf (https://mb.cision.com/Public/17093/3463542/946bb606f9b65ab6.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.