Oslo, Norway, 5 November 2020 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its third quarter 2020 results.

An online presentation by Targovax's management to investors, analysts and the
press will take place at 10:00 CET today (details below).

RECENT HIGHLIGHTS

  · Announced that the ONCOS-102 and Imfinzi (durvalumab) trial successfully
completed part 1 in colorectal cancer. The pre-defined disease control efficacy
threshold in the colorectal cancer cohort was met and the part 2 has opened for
recruitment of 14 additional patients.

  · Announced that an abstract on the mesothelioma trial has been accepted and
will be presented at the Society for Immunotherapy of Cancer (SITC) 35th
Anniversary Annual Meeting, 9 -14 November 2020. The abstract presents the 12
-month analysis of biomarkers and clinical outcome from the phase I/II trial in
malignant pleural mesothelioma where ONCOS-102 is added to standard of care
chemotherapy (pemetrexed / cisplatin). This analysis supports the data
previously presented in June.

  · Completed a private placement, raising gross proceeds of approximately NOK
75 million (USD 8 million). The Private Placement attracted strong interest from
existing shareholders and new institutional investors, both in the Nordics and
internationally, and the transaction was oversubscribed multiple times.

  · Announced grant of European Patent no 3293201 by the European Patent Office.
The patent covers the use of ONCOS-102 in combination with checkpoint inhibitors
until 2036.

  · Formed a new Scientific Advisory Board (SAB), consisting of a group of world
-renowned experts in immuno-oncology research and drug development carefully
selected to act as advisors to guide the Targovax R&D strategy.

Øystein Soug, CEO commented: "As the end of 2020 is approaching, we are entering
a period of intensive data analysis and reporting from our ongoing ONCOS-102
clinical program. Important efficacy and immune marker readouts from our two
Targovax-sponsored ONCOS-102 trials in mesothelioma and melanoma are due late in
the year. In October we reported that the pre-defined threshold for clinical
benefit was met in the colorectal cancer cohort of the ONCOS-102 and Imfinzi
collaboration trial. The second part of this trial has now been opened for
recruitment, and results are expected in about a year's time. As we wrap up
these phase I/II clinical trials, we are in parallel planning the next steps for
ONCOS-102 development and expanding our pre-clinical pipeline to shape our
future R&D programs."

Presentation
As a consequence of the Corona situation, there will not be a physical
presentation of the results. Instead, we invite to a live webcast today at 10.00
CET. You can join the webcast
here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20201105_3). It
will be possible to ask questions during the presentation.

Reporting material
Targovax 3Q 2020 -
report (https://mb.cision.com/Public/17093/3231113/a9f6b846190af0f9.pdf)
Targovax 3Q 2020 -
presentation (https://mb.cision.com/Public/17093/3231113/bb18bc581d3ff8c5.pdf)
The quarterly report and presentation are also available at the website
www.targovax.com (https://www.targovax.com/en/financial-reports/).

***

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

IR enquires:
Kim Sutton Golodetz - LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777

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 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 with targeted
therapeutic cancer immunotherapies. The Group's pipeline aims at different
cancer indications, including melanoma, mesothelioma and colorectal cancer. The
products are designed to harness the patient's own immune system to fight the
cancer, whilst also delivering a favorable safety and tolerability profile.
Further, the products are well positioned for combinations with other treatment
approaches, including other immunotherapies, surgery, radiation and
chemotherapy.

Targovax's lead product 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. ONCOS-102 is currently
being tested in mesothelioma, melanoma and colorectal cancer and has already
shown promising clinical results both as monotherapy and in combination with
chemotherapy, and a checkpoint inhibitor.