Targovax has entered into a research collaboration with Prof. Michael Uhlin at
Karolinska Institutet to develop and characterize novel ONCOS delivery vectors

Oslo, Norway, 1 February 2022 - Targovax ASA (OSE: TRVX), a clinical-stage
immuno-oncology company developing immune activators to target hard-to-treat
solid tumors, today announces that it has entered into a two-year research
collaboration with Prof. Michael Uhlin of the Department of Clinical Science,
Intervention and Technology at Karolinska Institutet in Stockholm, Sweden, to
develop and characterize novel ONCOS oncolytic viruses.

Dr. Uhlin is a professor of clinical immunology at Karolinska Institutet
specializing in onco-immunology, transplantation and lymphocyte biology. Under
the collaboration agreement with Targovax, Prof. Uhlin will establish and
coordinate a research team dedicated to pre-clinical in vitro and in vivo
evaluation of novel ONCOS oncolytic adenoviruses, including circular RNA
delivery vectors. The research collaboration has an initial term of two years,
which may be extended if successful.

Dr. Victor Levitsky, Chief Scientific Officer of Targovax, said: "Prof. Uhlin is
a highly accomplished scientist with deep experience in translational and
clinical immunology. His expertise and research capabilities will play a
critical role as we build our portfolio of next generation ONCOS constructs over
the coming years. To achieve our ambitious goals of expanding into novel
immunotherapy mechanisms, such as circular RNA delivery, access to high-caliber
scientists with the relevant skill-set and state-of-the-art infrastructure will
be essential. This is precisely what we get through this collaboration with the
Karolinska Institute."

Prof. Michael Uhlin, Group Leader at the Department of Clinical Science,
Intervention and Technology at Karolinska Institutet, added: "The team at
Targovax has generated a compelling set of clinical data for their lead
candidate ONCOS-102, which they are now applying to enhance their platform with
next generation armed viral immunotherapies. I find it highly scientifically
interesting to support Targovax in understanding the biology and immunological
activity of this innovative class of oncolytic delivery vectors. It will be
exciting to participate in the characterization and optimization of novel ONCOS
candidates as potential future treatment options for patients with challenging
solid tumors".

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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.