Oslo, 19 May 2021: Reference is made to Targovax ASA's ("Targovax" or the
"Company") stock exchange announcement published on 18 May 2021, regarding the
board of directors' resolution to increase the Company's share capital with NOK
2,129.90 by the issuance of 21,299 new shares, each with a nominal value of NOK
0.10, in order to facilitate an exercise of 21,299 RSUs pursuant to the
Company's RSU program for Board members.

Primary insider, Bente-Lill Romøren, member of the board of directors, has
exercised

15,250 restrictive stock units ("RSUs") under her RSU agreement and subscribed
for 15,250 new shares in the Company following the exercise of RSUs. The
exercise price for the options was NOK 0.10 per new share.

Following the RSU exercise and subscription of new shares and the registration
of the share capital increase pertaining to the new shares with the Norwegian
Register of Business Enterprises (Nw. Foretaksregisteret), Bente-Lilll Romøren
holds 35,577 shares, 11,361 RSUs and nil options in Targovax.

Please refer to the attached notification of trading for further details.

Mandatory notification of trade
190521.pdf (https://mb.cision.com/Public/17093/3349459/8f8adcda2c27566c.pdf)

For further information, please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@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

IR enquires:
Kim Sutton Golodetz - LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777

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 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 products 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 data in several indications, in monotherapy and in multiple
combination, the next development steps for ONCOS-102 will involve a clinical
trial with registration intent in checkpoint inhibitor refractory melanoma.