· The trial is now fully recruited with a total of 33 patients enrolled with 30
patients in the full dose ONCOS-102 and durvalumab combination in the colorectal
cancer cohort

Oslo, Norway, 17 June 2021 - Targovax ASA (OSE: TRVX), a clinical stage immuno
-oncology company developing immune activators to target hard-to-treat solid
tumors, today announces that the ONCOS-102 and durvalumab trial in patients with
advanced peritoneal malignancies has completed enrollment in the colorectal
cancer cohort.

This phase 1/2 trial investigates the safety, biologic and anti-tumor activity
of ONCOS-102 in combination with Imfinzi (durvalumab, anti-PD-L1) in patients
with advanced peritoneal malignancies who have failed prior standard
chemotherapy and have histologically confirmed platinum-resistant or refractory
epithelial ovarian or colorectal cancer.

In October 2020, the pre-defined disease control efficacy threshold in part 1 in
the colorectal cancer cohort was met, and this expansion cohort was opened for
recruitment of the part 2 patients. The clinical and immune activation data are
expected to be available first half of 2022.

Dr. Magnus Jäderberg, Chief Medical Officer of Targovax, said: "We are very
pleased to see that recruitment is completed into this trial. This population of
metastatic CRC who have failed prior therapy with peritoneal metastases is a
large patient group with no effective available treatment. We look forward to
seeing the clinical and immune activation data from this novel combination of
immunotherapies and hope that it can deliver benefit to the patients."

The trial is a collaboration between Targovax, AstraZeneca (LSE/STO/Nasdaq:
AZN), Cancer Research Institute (CRI) and Ludwig Cancer Research.

***

For further information, please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@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

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. Targovax'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.

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 data in several indications, in monotherapy and in multiple
combination, the next development steps for ONCOS-102 will involve a clinical
trial with registration intent in checkpoint inhibitor refractory melanoma.