Oslo, Norway, 4 November 2021 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its third quarter 2021 results. Targovax's CEO will give
an online presentation and update on the clinical program to investors, analysts
and the press at 10:00 CET today (details below).

THIRD QUARTER HIGHLIGHTS

  · Received acceptance of two posters to be presented at the Society for
Immunotherapy of Cancer (SITC) Annual Meeting in November

  · Presented poster at European Society for Medical Oncology (ESMO)

  · Received European Patent for ONCOS-102 in combination with chemotherapy

  · Announced Dr Lone Ottesen's appointment as Chief Development Officer and Ola
Melin as Head of Manufacturing

POST-PERIOD HIGHLIGHTS

  · In October, Dr. Erik Digman Wiklund was appointed as new Chief Executive
Officer. Dr. Wiklund has a strong scientific background in cancer research, and
intimate knowledge of the company and its technology having served as Chief
Business Officer and Chief Financial Officer of Targovax since 2017. Former CEO
Øystein Soug will remain with the company following the appointment of Dr.
Wiklund. Mr. Soug will act as a special advisor and also serve as interim CFO
providing important strategic and management continuum for the company.

KEY FIGURES

Amounts in NOK        3Q 2021  3Q 2020  9M 2021  9M 2020   FY 2020
thousands

Total operating             -       34        -      624       624
revenues
Total operating       -22 539  -22 073  -70 078  -81 652  -104 524
expenses
Operating             -22 539  -22 039  -70 078  -81 028  -103 901
profit/loss
Net financial items      -781     -718   -1 294   -1 089    -4 503
Income tax                 11       73       42      220       277
Net profit/loss       -23 309  -22 684  -71 330  -81 898  -108 126

Basic and diluted       -0.27    -0.30    -0.82    -1.10     -1.40
EPS (NOK/share)

Net change in cash    -17 127  -23 808  -68 257    7 228    51 893
Cash and cash          71 192  101 465  122 321   70 429    70 429
equivalents start of
period
Cash and cash          54 064   77 657   54 064   77 657   122 321
equivalents end of
period

Erik Digman Wiklund, CEO commented: "Taking over the leadership of Targovax at a
time when we have demonstrated a clear signal of efficacy accompanied by a deep
biomarker data package for our lead candidate ONCOS-102, is a truly exciting
opportunity. The insights we have gained allow us to select the optimal
combination strategy for the next development step, as well as to design
innovative and differentiated second generation ONCOS vectors to shape our
platform for the future."

Presentation

We invite to a live webcast today at 10.00 CET. You can join the webcast
here (https://channel.royalcast.com/landingpage/hegnarmedia/20211104_11/). It
will be possible to ask questions during the presentation.

Reporting material

TRVX Q3
report.pdf (https://mb.cision.com/Public/17093/3446803/afeb113e438d4cce.pdf)

TRVX Q3
presentation.pdf (https://mb.cision.com/Public/17093/3446803/a025da7d0e3836c3.pd
f
)

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:
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.