Reference is made to the key information relating to the preferential rights
issue published by Targovax ASA (the "Company") on 4 November 2021. Please see
below for updated key information relating to the preferential rights issue to
be carried out by the Company:

Date on which the terms and conditions of the preferential rights issue were
announced: 4 November 2021

Last day including right: 25 November 2021

Ex-date: 26 November 2021

Record Date: 29 November 2021

Number of new shares: 101,744,186

Subscription price: NOK 1.72

Ratio preferential rights: Each existing shareholder as of 25 November 2021 (and
being registered as such in the Norwegian Central Securities Depository (the
VPS) as at the expiry of 29 November 2021 (the record date)) will be granted
1.175114 subscription rights for each share registered as held by the
shareholder. The number of subscription rights granted to each existing
shareholder will be rounded down to the nearest whole subscription right.

Subscription ratio: 1:1 (number of new shares per preferential right)

Managers: Carnegie AS and DNB Markets, a part of DNB Bank ASA

Will the rights be listed: Yes, under ticker "TRVXT"

ISIN for the preferential rights: NO0011147696

Date of approval: 25 November 2021

Other information: The preferential rights issue is subject to approval by the
extraordinary general meeting of Targovax ASA, which will be held on 25 November
2021.

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.