Oslo, 11 February 2021 - Targovax ASA, a clinical stage immuno-oncology company
developing immune activators to target hard-to-treat solid tumors, will host a
virtual Capital Markets Day for investors, analysts and journalists on 18
February 2021 at 2:30 PM CET. The Capital Markets Day will feature presentations
from executive management and Alexander Shousthari, Medical Oncologist at
Memorial Sloan Kettering Cancer Center, and will be webcast live and accessible
at https://www.targovax.com/en/capital-markets-day-2021/

Based on the strong clinical data that are now generated on ONCOS-102, Targovax
has a solid fundament to move into late stage clinical development. We also have
a broader pipeline of preclinical assets that could create a broader horizon of
opportunities in the future. The Capital Markets day will feature presentations
updating the market on these aspects.

The agenda will be as follows:

                              Agenda & speakers
2:30-2:40 PM  Welcome                        Øystein Soug, CEO, Targovax
2:40-3:25 PM  Anti-PD1 refractory melanoma   Alexander N. Shoushtari, MD
3:25-3:45 PM  ONCOS-102 development program  Magnus Jäderberg, CMO, Targovax
                               5 minutes break
3:50-4:05 PM  Immune activation              Victor Levitsky, CSO, Targovax
4:05-4:15 PM  Preclinical pipeline update    Victor Levitsky, CSO, Targovax
4:15-4:25 PM  4Q update                      Torbjørn Furuseth, CFO, Targovax
4:25 PM       Closing remarks                Øystein Soug, CEO, Targovax

The presentations will be made available on the companyŽs website after the end
of the meeting. Questions can be submitted through the webcast throughout the
event.

Biography:

Dr. Alexander Shoushtari is renowned expert in melanoma, with a research focus
on uveal and mucosal melanomas. He is part of several immunotherapy trials at
MSKCC and Dr. Alexander Shoushtari is the Principal Investigator on the ONCOS
-102 phase I trial in CPI refractory advanced melanoma. He is a member of the
research team of Dr. Jedd Wolchok, MD, PhD, Chief, Melanoma and
Immunotherapeutics Service at the Memorial Sloan Kettering Cancer Center.

***

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.