NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE.

Reference is made to Targovax ASA's (the "Company") stock exchange announcement
published on 30 November 2021 regarding the commencement of the subscription
period in 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 subscription period for the Rights Issue will expire today, on 14 December
2021, at 16:30 hours (CET). Correctly completed subscription forms must be
received by the managers in the Rights Issue, Carnegie AS and DNB Markets, a
part of DNB Bank ASA, (the "Managers"), or, in the case of online subscriptions,
be registered, within this deadline. Subscription rights that are not used to
subscribe for Offer Shares within this deadline will have no value and will
lapse without compensation to the holder.

For more information, please refer to the prospectus for the Rights Issue
prepared by the Company dated 29 November 2021, comprising a registration
document and a securities note (jointly, the "Prospectus"). The Prospectus,
including the subscription form, is available at the websites of the Company
(https://www.targovax.com/en/section/investors-media/prospectus/), Carnegie AS
(www.carnegie.no/ongoing-prospectuses-and-offerings/) and DNB Markets, a part of
DNB Bank ASA (www.dnb.no/emisjoner).

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.

IMPORTANT INFORMATION

This announcement does not constitute an offer for sale of, or a solicitation of
an offer to purchase or subscribe for, any securities in the United States.
Securities may not be offered or sold in the United States unless they are
registered or are exempt from registration under the U.S. Securities Act of
1933, as amended. The information contained in this announcement is for
informational purposes only and does not purport to be full or completed. The
Company does not intend to register any portion of this offering in the United
States or to conduct a public offering in the United States. Copies of this
announcement are not being, and should not be, distributed in or sent into the
United States.

In the United Kingdom, this announcement is for distribution only to and is
directed only at persons who (i) have professional experience in matters
relating to investments which fall within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a)
to (d) ("high net worth companies, unincorporated associations etc") of the
Financial Promotion Order, or (iii) are persons to whom an invitation or
inducement to engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000) in connection with the issue or
sale of any securities may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as "relevant
persons"). This announcement is directed only at relevant persons and must not
be acted on or relied on by persons who are not relevant persons. Any investment
or investment activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant persons.

This announcement has been prepared on the basis that any offer of securities in
any Member State of the European Economic Area, other than Norway, which has
implemented the Prospectus Regulation (EU) (2017/1129, as amended, the
"Prospectus Regulation") (each, a "Relevant Member State") will be made pursuant
to an exemption under the Prospectus Regulation, as implemented in that Relevant
Member State, from the requirement to publish a prospectus for offers of
securities. Accordingly any person making or intending to make any offer in that
Relevant Member State of securities which are the subject of the offering
contemplated in this announcement, may only do so in circumstances in which no
obligation arises for the Company or any of the Managers to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus
pursuant to Article 16 of the Prospectus Regulation, in each case, in relation
to such offer. Neither the Company nor any of the Managers have authorised, nor
do they authorise, the making of any offer of the securities through any
financial intermediary, other than offers made by the Managers which constitute
the final placement of the securities contemplated in this announcement. Neither
the Company nor any of the Managers have authorised, nor do they authorise, the
making of any offer of securities in circumstances in which an obligation arises
for the Company or any Managers to publish or supplement a prospectus for such
offer.