Reference is made to Targovax ASA's (the "Company") stock exchange announcements
published on 4 November 2021 and 24 November respectively, regarding a proposed
fully underwritten rights issue in the Company (the "Rights Issue").

The extraordinary general meeting of the Company has today, on 25 November 2021,
approved the Rights Issue. The minutes from the extraordinary general meeting is
attached hereto.

The full terms and conditions for the Rights Issue will be included in a
prospectus, comprising a registration document and a securities note (jointly,
the "Prospectus"), which will be published prior to the commencement of the
subscription period for the Rights Issue. The subscription period is expected to
take place from 30 November 2021 to 14 December 2021 at 16:30 CET.

Carnegie AS and DNB Markets, a part of DNB Bank ASA, are acting as managers in
the Rights issue. Advokatfirmaet Thommessen AS is acting as legal advisor to the
Company in connection with the Rights issue.

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.