Oslo, Norway, 21 April 2022 - Targovax ASA (OSE: TRVX) announces that the
General Meeting has elected Dr Raphael Clynes and Mr Thomas Falck as new members
of its Board of Directors.

Dr Clynes
Dr Clynes is an internationally recognized cellular immunologist and medical
oncologist. Dr Clynes was on the faculty at the Columbia University where he
developed several novel therapeutic approaches in cancer and autoimmunity. Since
joining industry in 2014, Dr Clynes has led clinical immunotherapy development,
including checkpoint inhibtors and novel CD3 bispecifics, at Bristol Myers
Squibb (BMS) and at Xencor, where he is currently VP Translational Biology.

Dr Clynes is an MIT graduate and MSKCC-trained medical oncologist. As a well
-recognized expert in clinical immunology, Dr Clynes has extensive prior
experience as a contributing member of multiple scientific advisory boards in
biopharma and review boards at international research foundations.

Mr Falck
Mr Falck is an experienced CEO, CFO, Board Chair and Non-Executive Director,
Venture Capitalist & Growth Investor with demonstrated success in defining and
delivering profitable growth while undertaking strategic and organizational
change. He has broad experience with Private Equity, Venture Capital, Stock
Listed, Family and Government owned entities.

Mr Falck holds an MBA from The Darden School at the University of Virginia and
is a graduate of the Norwegian Naval Academy and the Norwegian Defence
University College. In addition, Mr Falck has attended Executive Programs at
Singularity University and Harvard Business School.

The Chairman of Board of Directors, Mr Damian Marron says: "We are very pleased
to have attracted both Dr Clynes and Mr Falck as new members of the Board. Dr
Clynes is a world-leading expert in immuno-oncology and his deep expertise in
translational medicine will be instrumental as we push ONCOS-102 forward in the
clinic and build our portfolio of next generation circular RNA pipeline
candidates. Mr Falck is an experienced NED & Board Member, Investor, Advisor &
Tech Executive, and whose strategic insight will be of great value for the
Board."

Raphael Clynes and Thomas Falck are replacing Per Samuelsson and Johan
Christenson. Targovax expresses the company's gratitude for the excellent work
both has done as members of the Board over many years.

***

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@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's focus is to
activate the patient's immune system to fight cancer, and thereby bring benefit
to cancer patients with few available treatment alternatives. Targovax is
assessing its product candidates in different cancer indications, including
melanoma, mesothelioma, and colorectal cancer, and has demonstrated 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 clinical data in several indications, both as monotherapy and in
immunotherapy and chemotherapy combinations, the next development step for ONCOS
-102 will be to further improve immune activation and clinical response in
melanoma patients resistant to PD1 checkpoint blockade.

Building on successful phase 1/2 studies demonstrating clinical benefit and
providing deep mechanistic insights, Targovax is expanding its ONCOS program
into delivery of circular RNA and targeting KRAS mutant cancers with the aim of
establishing a platform for development of a rich pipeline of innovative future
immunotherapy product candidates.