· One complete response (CR) and two partial responses (PR) observed for the
nine patients in part 1 (33% ORR), who received only three ONCOS-102 injections
  · Innate and adaptive immune activation observed in nine out of nine patients

Oslo, Norway, 8 July, 2019 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing oncolytic viruses to target hard-to-treat solid
tumors, today announces that clinical responses were observed in 3 out of 9
patients in part 1 of the ONCOS-102 and Keytruda combination trial in anti-PD1
checkpoint inhibitor (CPI) refractory advanced melanoma, corresponding to an
overall response rate (ORR) of 33%.

In this trial, ONCOS-102 immune activation is being tested in patients with
advanced, unresectable melanoma who have had disease progression on treatment
with anti-PD1 CPI. This is a particularly challenging patient population, with
few treatment alternatives available. The nine patients in part 1 of the trial
were given three intra-tumoral ONCOS-102 injections during the first week,
followed by re-challenge with the anti-PD1 CPI Keytruda. The primary and
secondary endpoints of the trial are to assess safety, immune activation and
clinical responses of ONCOS-102 and Keytruda combination treatment. The main
scientific aim is to test the hypothesis that ONCOS-102 can immune activate anti
-PD1 resistant patients to respond to re-challenge with an anti-PD1 CPI.

Part 1 safety data shows that the sequential ONCOS-102 and Keytruda treatment
regimen is well tolerated. The efficacy is also very encouraging, with three of
nine patients demonstrating a clinical response (33% ORR); one patient had a
complete response (CR) and two patients had partial responses (PR) according to
RECIST1.1 and irRECIST assessment criteria. Although the patient number is
small, these results compare favorably to reports from other explorative
immunotherapy trials in this hard-to-treat population. Importantly, the data
also confirms the hypothesis that ONCOS-102 is able to immune activate treatment
resistant tumors to respond to re-challenge with an anti-PD-1 CPI.

ONCOS-102 was also seen to induce profound innate and adaptive immune
activation. By week three, prior to starting Keytruda treatment, systemic
increases in pro-inflammatory cytokines were observed in all nine patients (IL
-6, TNF? and/or IFN?), demonstrating potent systemic immune activation in
response to the intra-tumoral ONCOS-102 injections. At the tumor level,
increased infiltration of CD8+ T-cells were found in eight out of nine patients
and the relative level of activated CD8+ T-cells (GrzB+) increased in all nine
patients. Examples of increased T-cell infiltration into lesions not injected
with ONCOS-102 were also observed. In addition, T-cells recognizing specific
tumor antigens were found in circulation in four patients (MAGE-A1 and/or NY-ESO
-1). These data suggest that the initial innate immune activation is translated
into systemic anti-tumor immune responses.

Part 2 of the trial is currently enrolling patients, where safety and efficacy
of a more intensive treatment regimen of twelve ONCOS-102 injections will be
evaluated. The trial is running at Memorial Sloan Kettering Cancer Centre in New
York, Fox Chase Cancer Centre, Philadelphia, and the University of Maryland,
Baltimore.

Dr. Alexander Shoushtari, Principal Investigator, Memorial Sloan Kettering
Cancer Centre, New York said: "It is encouraging to see clinical responses in
this hard-to-treat population of advanced melanoma. Earlier this year, we
decided to expand the trial to test a more intensified schedule of ONCOS-102,
and it will be interesting to see whether this regimen can generate more and
deeper clinical responses."

Dr. Magnus Jäderberg, CMO of Targovax, said: "We are very pleased to confirm our
hypothesis that ONCOS-102 has the potential to immune activate checkpoint
inhibitor resistant patients to respond to PD-1 blockade with Keytruda. It is
promising to see this level of clinical responses after only three ONCOS-102
injections, including a complete response, which is rare in this heavily pre
-treated patient population. Based on our experience so far, we speculate that
patients will benefit from receiving more ONCOS-102 injections over a longer
period of time and we will follow with interest the effect of the intensified
dosing regimen in the second patient cohort of the trial."
For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com
Media and IR enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no
 (Targovax@fticonsulting.com)
About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage biotechnology company developing immune
activators to target hard to treat solid tumors. Immuno-oncology is currently
one of the fastest growing therapeutic fields in medicine.

Targovax's lead product candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect and
replicate in cancer cells. It is used as a therapeutic cancer vaccine and has
been shown to activate the immune system to generate tumor-specific immune
responses. In phase I trials, ONCOS-102 induced both local and systemic innate
and adaptive immune activation, which has been associated with clinical benefit.
ONCOS-102's lead indication is mesothelioma, where the virus is currently being
tested in a randomized phase I/II trial expected to report around end 2019 -
early 2020.