Oslo, Norway 9 July 2021 - Targovax ASA (OSE: TRVX), a clinical stage immune
-oncology company developing immune activators to target hard-to-treat solid
tumors, today announces that Torbjørn Furuseth has notified the Company that he
is resigning from his position as Chief Financial Officer to take a CEO position
with a cancer diagnostics company.

Oystein Soug, CEO of Targovax, said: "I would like to thank Torbjørn for his
leadership, dedicated work and his valuable contributions to Targovax. He has
played an important role in developing and executing our company's strategy.
Torbjørn's belief in the technology and future of Targovax is strong but taking
a CEO role is a natural next step for him. On behalf of the Board and the
Company, I wish him success in his new endeavor."

Dr Furuseth will continue his work and responsibilities through September 30,
2021. The Company will find a replacement to continue the execution of
Targovax's financial strategies.

For further information, please contact:
Oystein 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

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.