Oslo, 7 June 2022: Reference is made to the stock exchange announcement by
Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") on 31 May 2022, regarding
the board of directors' resolution to increase the share capital of the Company
in connection with the exercise of employee options and the settlement of
restricted stock units.

The share capital increase has now been registered with the Norwegian Register
of Business Enterprises (Nw. Foretaksregisteret). The Company's new share
capital is NOK 18,847,378.30, divided into 188,473,783 shares, each with a par
value of NOK 0,10.

For further information, please contact:

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, multiple myeloma 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
combinations, ONCOS-102 will progress into a phase 2 trial in multiple
combinations in melanoma patients resistant to PD1 checkpoint blockade.

Building on successful studies demonstrating clinical efficacy and providing
deep mechanistic insights, the ONCOS platform is being expanded into delivery of
circular RNA (circRNA). In addition, Targovax has a KRAS immunotherapy program,
with lead cancer vaccine candidate, TG01, due to enter the clinic in the second
half of 2022. This provides Targovax with a rich pipeline of innovative future
immunotherapy product candidates to follow ONCOS-102.