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PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE

The board of directors of Targovax ASA ("Targovax" or the "Company") has
resolved 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").  The proceeds from the Rights Issue plus current
cash is expected to provide runway into 3Q23 including the start of the next
melanoma trial in second half of 2022, and will cover:

ONCOS (~MNOK55)

  · Colorectal cancer: Read out of collaboration trial in colorectal cancer with
peritoneal disease, ~30 patients 1H22