The median overall survival (mOS) was 25.0 months in the first-line group of
patients treated with ONCOS-102 plus chemotherapy, compared with 13.5 months mOS
for the chemotherapy-only control group

Oslo, Norway, 20 December 2021 - Targovax ASA (OSE: TRVX), a clinical-stage
immuno-oncology company developing immune activators to target hard-to-treat
solid tumors, today announces mOS of 25.0 months for treatment with ONCOS-102 in
combination with Standard of Care (SoC) chemotherapy in malignant pleural
mesothelioma (MPM) in the subgroup of patients receiving therapy in the first
-line setting.

The study is an open-label, exploratory phase 1/2 trial adding ONCOS-102 to SoC
chemotherapy (pemetrexed/cisplatin) in first and later line MPM to assess
safety, immune activation and clinical efficacy compared with SoC alone. A total
of 31 patients were enrolled in the trial, with 20 patients in the treatment
group receiving ONCOS-102 plus SoC chemotherapy, and 11 patients in the control
group receiving SoC only. The 30-month follow-up has now been completed.

At the 30-month follow-up, mOS was 25.0 months for the subgroup of randomized,
first-line ONCOS-102-treated patients (n=8). This is a clear improvement over
the mOS of 13.5 months observed in the first-line SoC-only control group (n=6).
Previous phase 3 clinical trials in MPM have reported mOS in the range of 12-16
months for patients receiving the same SoC chemotherapy treatment in the first
-line setting[1]. The combination of Opdivo/Yervoy double checkpoint inhibition
was recently approved as a first-line treatment option for MPM based on a phase
3 trial showing 18.1 months mOS[2].

Objective response rate (ORR), progression free survival (PFS) and mOS have been
previously reported, and remain unchanged. The 30-month follow-up analysis
completes the mOS data set for all subgroups in the trial.

Immune activation was assessed in tumor biopsies pre- and post-ONCOS-102
treatment (Day 0 and Day 36). The tumor tissue analyses revealed powerful and
consistent ONCOS-102-induced remodeling of the tumor microenvironment with
increased T-cell infiltration and a shift towards pro-inflammatory immune cells,
far beyond what was observed for the SoC-only control group. This immune
activation is associated with tumor responses and is most pronounced in patients
with better survival outcomes, indicating that the immune activating capacity of
ONCOS-102 is driving the clinical benefit for patients.

Dr. Magnus Jäderberg, Chief Medical Officer of Targovax, commented: "This
excellent survival outcome suggests a great promise for ONCOS-102 to benefit
mesothelioma patients. The results complement the class-leading ORR and immune
activation ONCOS-102 has demonstrated in anti-PD1 resistant melanoma by showing
that ONCOS-102 can be used in combination with both chemotherapy and anti-PD1
checkpoint inhibition. Importantly, we have confirmed that ONCOS-102 is active
and effective in highly different types of solid tumors in both early and late
lines of therapy. Based on the encouraging patient outcomes and deep mechanistic
analysis from the phase 1/2 program, we are currently designing and preparing
for the next phase in ONCOS-102 clinical development."

1 Vogelzang 2003, Ceresoli 2006, Zalcman 2015, Tsao 2019, Scagliotti 2019, Baas
2020 SITC 2020 poster

2 Baas et al. The Lancet, 2021

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.