Oslo, Norway, 23 May 2019 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces median overall survival of 33.3 months and 38% three
-year survival rate in the 32-patient phase I/II clinical trial evaluating TG01
in resected pancreatic cancer in combination with standard of care chemotherapy
(gemcitabine).

Targovax has previously reported median overall survival (mOS) of 33.1 months
for the 19 patients in the first dosing cohort, as well as 72% two-year survival
rate and 94% mutant RAS-specific immune activation for the 32 patients enrolled
in the trial. All patients are now past the three-year time point, showing mOS
of 33.3 months and three-year survival rate of 38%. The mOS compares favorably
to the ESPAC4 historical control trial of gemcitabine monotherapy, which
reported mOS from surgery of 27.6 months.

Overall, the TG01 survival data are strengthened by the longer follow-up period
and indicate a six-month improvement in survival over gemcitabine monotherapy in
the ESPAC4 trial. In addition, the survival rates in the two patient cohorts are
similar, which suggests that the reduced dosing regimen in the second cohort is
as effective as for the first cohort where patients received more vaccinations.

Professor Daniel H. Palmer, University of Liverpool Cancer Research UK
Experimental Cancer Medicine Centre, Liverpool, United Kingdom and lead
investigator of the study, commented:

"Pancreatic cancer is a highly malignant, difficult to treat disease and there
is a significant need for innovative new treatment approaches. The survival data
from the TG01 trial in resected pancreatic cancer continue to look encouraging
and are now more robust with the increased patient numbers and more mature
follow-up."

Magnus Jäderberg, Chief Medical Officer of Targovax added: "We are pleased to
see strengthened signals of efficacy emerging for TG01. This three-year survival
sweep finalizes the data collection and the trial is now considered completed.
The complete data will be presented and published later this year."
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 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 targeted path-to-market indication
is mesothelioma, where the virus is currently being tested in a randomized phase
II trial. Another trial, in checkpoint inhibitor refractory advanced melanoma,
is expected to produce important proof-of-concept immune activation data in
heavily pre-treated patients.