Lysaker, 14 March 2022: The Board of Directors of Targovax has today, on 14
March 2022, signed a joint demerger and merger plan, respectively, for the
transfer of the operational activities of the Company to its wholly-owned
subsidiary, Targovax Solution AS.

The transfer is proposed carried out as a "drop-down demerger" where the Company
demergers operations and assets to its subsidiary Athomstart Invest 586 AS.
Immediately after the demerger, Athomstart Invest 586 AS merges with the
Company's wholly owned subsidiary, Targovax Solution AS, whereby the merger
consideration is issued in the Company and corresponds to the share capital
decrease amount in the Company in connection with the Demerger.

The background for the proposed drop-down demerger is that the Board of
Directors finds it desirable to establish a pure group structure, with separate
operating companies rather than having operations in the listed parent company.

On this basis, the Board of Directors will propose that the Annual General
Meeting to be held on 20 April 2022 approves the demerger and merger plan, with
their respective appendices, both dated 14 March 2022, in addition to adopting
the other corporate resolutions that are required in order to implement the drop
-down demerger.

The demerger plan for the demerger and the merger plan for the merger with their
respective appendices, both dated 14 March 2022, will be available at the
Company's website www.targovax.com (https://www.targovax.com/en/annual-general
-meeting-2022/) later today pursuant to section 8 of the articles of
association.

The drop-down demerger is expected to be completed during June 2022, subject to
the approval by the Annual General Meeting.

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 thereby bring benefit
to cancer patients with few available treatment alternatives. Targovax is
assessing its product candidates in different cancer indications, including
melanoma, mesothelioma, and colorectal cancer, 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 to fight the cancer. On the back of very
encouraging clinical data in several indications, both as monotherapy and in
immunotherapy and chemotherapy combinations, the next development step for ONCOS
-102 will be to further improve immune activation and clinical response in
melanoma patients resistant to PD1 checkpoint blockade.

Building on successful phase 1/2 studies demonstrating clinical benefit and
providing deep mechanistic insights, Targovax is expanding its ONCOS program
into delivery of circular RNA and targeting KRAS mutant cancers with the aim of
establishing a platform for development of a rich pipeline of innovative future
immunotherapy product candidates.