Reference is made to the stock exchange announcement published by Targovax ASA
(the "Company") earlier today, on 4 November 2021, regarding the resolution by
the Company's board of directors to propose that the Company carries out a share
capital increase, by way of a fully underwritten rights issue, to raise gross
proceeds of NOK 175 million (the "Rights Issue").

Date on which the terms and conditions of the preferential rights issue were
announced: 4 November 2021

Last day including right: 25 November 2021

Ex-date: 26 November 2021

Record Date: 29 November 2021

Date of approval: 25 November 2021

Maximum number of new shares: 350,000,000

Subscription price: Minimum NOK 0.50 and maximum NOK 10.00

Ratio preferential rights: To be announced when final number of new shares is
determined

Subscription ratio: To be announced when final number of new shares is
determined

Managers: Carnegie AS and DNB Markets, a part of DNB Bank ASA

Will the rights be listed: The Company will apply for listing of the
preferential rights on the Oslo Stock Exchange

ISIN for the preferential rights: To be announced when clarified

Other information: The subscription price for the new shares to be issued in the
Rights Issue, and thus the final number of new shares and the exact amount of
the share capital increase will be proposed by the board of directors, based on
a recommendation from the Managers, the day prior to the extraordinary general
meeting to be held on 25 November 2021 (the "EGM"). See the stock exchange
announcement containing the notice to the EGM published earlier today, on 4
November 2021, for further information regarding the Rights Issue. The rights
issue is subject to approval by the EGM.

This information is published in accordance with the requirements of the
Continuing Obligations.

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.