Oslo, Norway, 9 February 2021 - Targovax ASA (OSE: TRVX), a clinical stage
immuno-oncology company developing immune activators to target hard-to-treat
solid tumors, today announces that collaboration partner SOTIO has stopped the
combination trial assessing the combination of ONCOS-102 and DCVAC/PCa in
prostate cancer. Only a very limited patient population fulfilled the strict
inclusion criteria. Therefore, the recruitment could not meet originally planned
numbers.

The phase I trial prostate cancer study was paid for and run by the Czech
biotech company SOTIO, investigating whether ONCOS-102 could enhance the
efficacy of SOTIOŽs dendritic cell vaccine DCVAC/PCa. Targovax has generated
promising data in melanoma and mesothelioma, and the decision will not impact
the further development of ONCOS-102.

Patient recruitment has been slow due to limited patient population
availability. In combination with additional COVID-19 related challenges, SOTIO
has decided to stop the trial after four patients enrolled. This was a phase I
safety trial, and an analysis of clinical outcomes will be submitted at a future
scientific conference.

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.