22 December 2021: Reference is made to Targovax ASA's (the "Company") stock
exchange announcement published on 15 December 2021, regarding the final result
of the rights issue of 101,744,186 new shares in the Company (the "Offer
Shares") at a subscription price of NOK 1.72 per Offer Share (the "Rights
Issue").

The share capital increase pertaining to the Rights Issue has now been
registered in the Norwegian Register of Business Enterprises (Nw.
Foretaksregisteret). The Company's new share capital is NOK 18,832,659.10
divided into 188,326,591 shares, each with a nominal value of NOK 0,10.

Delivery of the Offer Shares in the Norwegian Central Securities Depository (the
VPS) to the subscribers having been allocated Offer Shares in the Rights Issue
is expected to take place tomorrow, on 23 December 2021, however trading in the
Offer Shares on the Oslo Stock Exchange with ordinary T+2 settlement may
accordingly commence now.

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.