Oslo, 7 March 2022: Reference is made to the announcement made by Targovax ASA
("Targovax" or the "Company") 28 February 2022 regarding the appointment of
Lubor Gaal as the new CFO of the Company.

The Board of Directors has resolved to grant 300,000 share options in the
Company under the Company's long term incentive program, each with a strike
price of NOK 1.53, to Lubor Gaal.

Following the grant of the 300,000 share options referred to above, Lubor Gaal
holds nil shares and 300,000 options in the Company.

The options are granted without consideration. Pursuant to the vesting schedule,
25% of the options will vest 12 months after the day of grant (as long as the
option holder is entitled to be part of the option program). Thereafter, 1/36 of
the remaining options will vest each month as long as the option holder is
entitled to be part of the option program, with the first 1/36 vesting 13 months
after the day of grant. The exercise price is equal to the volume weighted
average trading price of the shares of the Company on Oslo Børs on the date of
the grant. Options that have not been exercised will lapse 7 years after the
date of grant.

Please see the attached the notification of trading pertaining to the
abovementioned mandatory notification of trade by primary insider.

Notification by Primary
Insiders_Gaal_Mar21.pdf (https://mb.cision.com/Public/17093/3520223/ad13d8567bce
2
376.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's focus is to
activate the patient's immune system to fight cancer, and thereby bring benefit
to cancer patients with few available treatment alternatives. Targovax is
assessing its product candidates in different cancer indications, including
melanoma, mesothelioma and colorectal cancer, and has demonstrated 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 as monotherapy and in
immunotherapy and chemotherapy combinations, the next development step for ONCOS
-102 will be to further improve immune activation and clinical response in
melanoma patients resistant to PD1 checkpoint blockade.