Oslo, Norway, 3 November 2022 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its third quarter 2022 results.

Members of Targovax's executive management team will give an online presentation
to investors, analysts and the press at 10:00 CET today (details below).

THIRD QUARTER 2022 HIGHLIGHTS

ONCOS-102

  · The study protocol for the planned multi-cohort phase 2 in melanoma was
approved by the US FDA
  · The phase 1b melanoma study results were selected for oral presentation at
the prestigious Society for Immunotherapy in Cancer (SITC) annual meeting
  · The phase 1b melanoma study results were published in the high-impact
oncology journal "Clinical Cancer Research"

CircRNA pipeline program

  · Key technical proof-of-concept data were established for the circRNA program

Mutant KRAS platform

  · Preparations progressed for the TG01 mutant KRAS trials - one in Norway and
one in the USA

Erik Digman Wiklund, CEO commented: "It is a very exciting time to lead
Targovax.  We are building a great pipeline and have established a robust
development strategy for our clinical stage products. During the third quarter
we made important progress on all three of our strategic pillars, and Targovax
is in a strong position to build success for both the clinical and pre-clinical
parts of our portfolio."

Key figures

Amounts in NOK        3Q 2022  3Q 2021  9M 2022  9M 2021  FY 2021
thousands

Total operating             -        -        -        -        -
revenues
Total operating       -20 282  -22 539  -80 069  -70 078  -95 601
expenses
Operating             -20 282  -22 539  -80 069  -70 078  -95 601
profit/loss
Net financial items      -460     -781     -296   -1 294   -2 422
Income tax                 10       11       31       42       52
Net profit/loss       -20 732  -23 309  -80 333  -71 330  -97 971

Basic and diluted       -0.11    -0.27    -0.43    -0.82    -1.10
EPS (NOK/share)

Net change in cash    -29 612  -17 127  -85 496  -68 257   59 360
Cash and cash         125 798   71 192  181 682  122 321  122 321
equivalents start of
period
Cash and cash          96 186   54 064   96 186   54 064  181 682
equivalents end of
period

  The interim financial information has not been subject to audit

Presentation

We invite to a live webcast today at 10.00 CET. You can join the webcast
here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221103_8). It
will be possible to submit questions during the presentation.

Reporting material

221103 TRVX 3Q
report.pdf (https://mb.cision.com/Public/17093/3660342/b691e5b95c6dfe8c.pdf)

221103 TRVX 3Q
presentation.pdf (https://mb.cision.com/Public/17093/3660342/9767c15424e1c764.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's focus is to
activate the patient's immune system to fight cancer, and to bring benefit to
cancer patients with few available treatment alternatives. Targovax is
developing its product candidates in different cancer indications, including
melanoma, mesothelioma, and multiple myeloma, and has demonstrated 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 against the tumor. Following very
encouraging clinical data in several indications, both as monotherapy and in
combinations, ONCOS-102 is progressing into a randomized phase 2 trial in
melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Building on successful clinical studies which have provided deep mechanistic
insights into the tumor biology and the human immune systems, Targovax is
researching circular RNA (circRNA) as novel cancer medicines. In addition,
Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate,
TG01, expected to enter the clinic in an enhanced format in the second half of
2022.  Together this provides Targovax with a rich pipeline of innovative future
immunotherapy product candidates to follow ONCOS-102.