Oslo, Norway, 22 August 2019 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its second quarter and first half 2019 results.

A meeting for investors, analysts and press will take place in Oslo today at
10:00 CET (details below).

HIGHLIGHTS FOR THE SECOND QUARTER AND FIRST HALF 2019

  · The last patient entered into the ONCOS-102 trial in mesothelioma.
Recruitment was completed with 31 patients. Six-month randomized overall
response rate (ORR) and immune data are expected around New Year 2019-20
  · The first patients entered into part 2 of the ONCOS-102 trial in checkpoint
inhibitor refractory advanced melanoma, where the dosing is increased from three
to twelve injections
  · The Journal of Medical Virology published a Targovax paper named "Abscopal
effect when combining oncolytic adenovirus and checkpoint inhibitor in a
humanized NOG mouse model of melanoma"
  · Targovax filed patents on three next generation ONCOS oncolytic viruses
  · Targovax announced its decision to fully focus the company's resources and
efforts on the ONCOS platform
  · Targovax successfully completed a Private Placement (PP) in March, raising
gross proceeds of NOK 74m, with a subsequent repair share issue raising gross
proceeds of NOK 1m

POST-PERIOD HIGHLIGHTS

  · In July, Targovax announced data from part 1 of the ONCOS-102 trial in
checkpoint inhibitor refractory advanced melanoma, showing validated clinical
responses in three out of nine patients (33% ORR) and immune activation in all
nine patients
  · In July, the dose escalation part of the phase I/II trial of ONCOS-102 in
combination with the checkpoint inhibitor Imfinzi in patients with advanced
peritoneal malignancies was completed, and the expansion part of the trial
opened for patient enrollment

Øystein Soug, CEO commented: "In May, we made the important decision to fully
focus our resources on advancing the ONCOS oncolytic virus platform. Oncolytic
viruses are increasingly recognized as an important future class of immune
activators, and Targovax is well positioned as one of the leaders in this
rapidly evolving field. Maintaining that position require speed and agility. We
have four ongoing combination trials with ONCOS-102, and the key studies will
generate data in the next six to twelve months. Our main focus going forward
will be to deliver these data points and solidify Targovax position as a leader
in the oncolytic virus space."

The presentation will take place at 10:00 CET at:

Hotel Continental
Stortingsgaten 24/26
0117 Oslo

The presentation will also be webcast live and can be accessed
here (https://webtv.hegnar.no/presentation.php?webcastId=98042764).

Reporting material

Targovax 2Q
report (https://mb.cision.com/Public/17093/2886022/b0735d4613f9bc8a.pdf)
 (https://mb.cision.com/Public/17093/2886022/86c035981d67b09b.pdf)

Targovax 2Q
presentation (https://mb.cision.com/Public/17093/2886022/a3a516835220dcc9.pdf)

 (https://mb.cision.com/Public/17093/2886022/931d4a05e027bfa0.pdf)The quarterly
report and presentation are also available at the website
www.targovax.com (https://www.targovax.com/en/financial-reports/?rep_year=2019).
For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com
Media and IR enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no
 (Targovax@fticonsulting.com)
About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing
oncolytic viruses to target hard-to-treat solid tumors. Immuno-oncology is
currently one of the fastest growing therapeutic fields in medicine.

Targovax's lead product candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect and
replicate in cancer cells. It activates the immune system to generate tumor
-specific immune responses. In a phase I monotherapy trial, ONCOS-102 induced
both local and systemic innate and adaptive immune activation, with associated
clinical benefit. In an ongoing phase I trial, patients who have progressed on
anti-PD1 checkpoint inhibitors and treated with ONCOS-102 in combination with
Keytruda, demonstrated responses in three of nine patients (33% ORR) including
one complete response. ONCOS-102's lead indication is mesothelioma, where the
virus is currently being tested in a randomized phase I/II trial expected to
report around new year 2019-20.