·  Combination of ONCOS-102 and Keytruda reduces size of non-injected tumors
  ·  In vivo proof-of-concept of ONCOS-102 ability to generate systemic anti
-tumor responses

Oslo, Norway, 3 June 2019 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces that a study showing abscopal effect of ONCOS-102 and
Keytruda combination treatment in a humanized mouse melanoma model has been
accepted for publication in the Journal of Medical Virology.

Targovax has previously published anti-tumor efficacy of ONCOS-102 as
monotherapy as well as synergy with both chemotherapy and checkpoint inhibitors
in mouse models. It has also been demonstrated in several different animal
models how ONCOS-102 induces robust immune responses and can generate de novo
tumor specific T-cells recognizing relevant cancer antigens.

In this latest publication, Targovax has been able to build on the previous
immune activation and anti-tumor findings by showing that the combination of
ONOCS-102 and Keytruda can generate systemic responses that reduce the size of
non-injected lesions. The work was performed in a humanized melanoma mouse model
with tumors inoculated dorsally on both sides of the animals. After the tumors
were established, ONCOS-102 was injected directly into the tumor on one side
only, followed by systemic treatment with Keytruda. By Day 40, tumors on the non
-injected side of the animals had shrunk by an average of 70%. This confirms the
hypothesis that ONCOS-102 is able to generate systemic immune responses, which
can lead to abscopal anti-tumor effect of distal lesions that have not been
injected with the virus.

Magnus Jäderberg, Chief Medical Officer of Targovax, said: "This in vivo
demonstration of abscopal effect is an important validation of the proposed
mechanism of action of ONCOS-102. By injecting the virus intra-tumorally, we see
not only a local oncolytic effect at the injection site, but also a reduction of
tumors in other locations. As such, these findings provide an in vivo proof-of
-concept of ONCOS-102's ability to generate systemic anti-cancer immune
responses"

Publication title: Abscopal effect when combining oncolytic adenovirus and
checkpoint inhibitor in a humanized NOG mouse model of melanoma

Link: https://onlinelibrary.wiley.com/doi/abs/10.1002/jmv.25501
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.