Oslo, Norway, 28 October 2020 - Targovax ASA (OSE: TRVX), a clinical stage
immuno-oncology company developing oncolytic viruses to target hard-to-treat
solid tumors, today announces the formation of a new Scientific Advisory Board
(SAB). The SAB consists of a group of world-renowned experts in immuno-oncology
research and drug development carefully selected to act as advisors to guide the
Targovax R&D strategy.

Victor Levitsky, Chief Scientific Officer of Targovax said: We are very pleased
to have attracted such high caliber individuals with deep expertise in immuno
-oncology to serve on the newly formed Targovax Scientific Advisory Board. In
their capacity as world-leading experts in immuno-oncology drug development,
oncolytic viruses and mesothelioma, Dr. Clynes, Dr. Zamarin and Prof. Fennel
cover the key scientific focus areas of Targovax. We are confident that the
discussions with the advisory board will be very insightful and instrumental as
we develop and implement the next phase of the Targovax R&D strategy".

The SAB will be comprised of the following members:

  · Raphael Clynes, MD, PhD: Dr. Clynes is an MIT graduate, MD/PhD immunologist,
and MSKCC-trained hematologist/oncologist. As a well-recognized expert in
clinical immunology, he has extensive prior experience as a contributing member
of multiple SABs in biopharma and review boards at the NIH and national research
foundations. In his academic career, Dr. Clynes established the critical role of
Fc receptor engagement underlying the efficacy of antitumor antibodies,
providing the road map for the development of a new class of potency enhanced Fc
engineered antibodies in cancer, including anti-CD20, anti-CD19 and anti-HER2
antibodies (obinutuzumab, tafacitamab, margetuximab).  At Columbia, Dr. Clynes
developed several novel therapeutic approaches in cancer and autoimmunity,
including DC targeting for cancer vaccines and Syk and JAK mediated inhibition
of DCs and T cells in autoimmunity therapy. Since 2014, Dr. Clynes has led
clinical development of checkpoint, CD3 bi-specifics and cytokine programs in
immunotherapy at Bristol Myers Squibb and at Xencor, where he is currently VP
Translational Biology and oversees seven immunotherapeutic assets currently in
clinical development for cancer and autoimmunity.

  · Dmitriy Zamarin, MD, PhD: Dr. Zamarin is an Assistant Attending Physician
and Translational Research Director in the Gynecologic Medical Oncology Service
at the Memorial Sloan Kettering Cancer Center. He is also a principal
investigator and a translational chair on several institutional and cooperative
group clinical trials exploring novel immunotherapy combinations in gynecologic
cancers and other solid tumors. Dr. Zamarin's clinical and laboratory research
are focused on characterization of biomarkers in patients undergoing
immunotherapy and on development of novel immunotherapeutic strategies using
immunomodulatory antibodies and genetically-engineered oncolytic viruses.
Specifically, by manipulating the oncolytic viruses and the immune system, he is
exploring different ways to enhance the immune recognition of tumors and to
develop novel treatment strategies that could overcome resistance to immune
checkpoint blockade.

  · Dean A. Fennell, FRCP, PhD: Professor Fennell is Professor & consultant in
Thoracic Medical Oncology, and Director of the Leicester Mesothelioma Program
based at the University of Leicester/University Hospitals of Leicester NHS
Trust. He is an internationally recognized key opinion leader, clinical
investigator and translational research in mesothelioma. He has led several
investigator-initiated trials from phase 1 through phase III. Prof. Fennell is
member of the IASLC mesothelioma taskforce, steering committee for the British
Lung Foundation mesothelioma research network, past president of the
International mesothelioma interest group, co-author of the UK BTS, and European
(ESMO, ERS) mesothelioma treatment guidelines and served two terms on the EORTC
board. He is currently the Leicester lead for the groundbreaking Cancer Research
UK TraceRx/Darwin/PEACE and BLF supported MEDUSA phylogenetic studies. Prof.
Fennell has published over 100 peer reviewed articles in journals including The
Lancet, Lancet Oncology, New England Journal of Medicine, Nature, Nature Reviews
Cancer, and Proceedings of the National Academy of Sciences.

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

About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing
oncolytic viruses to target hard-to-treat solid tumors. 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 peritoneal
malignancies and has already shown promising clinical results both as
monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.