Oslo, 2 July 2021: Reference is made to the announcement made by Targovax ASA
("Targovax" or the "Company") 1 July 2021 regarding the appointment of Lone
Ottesen as the new CDO of the Company.

The Board of Directors has resolved to grant 350,000 share options in the
Company under the Company's long term incentive program, each with a strike
price of NOK 8.51, to Lone Ottesen.

Following the grant Lone Ottesen holds no shares and 350,000 options in the
Company.

The options are granted without consideration. Pursuant to the vesting schedule,
25% of the options will vest 12 months after the day of grant (as long as the
option holder is entitled to be part of the option program). Thereafter, 1/36 of
the remaining options will vest each month as long as the option holder is
entitled to be part of the option program, with the first 1/36 vesting 13 months
after the day of grant. The exercise price is equal to the volume weighted
average trading price of the shares of the Company on Oslo Børs on the date of
the grant. Options that have not been exercised will lapse 7 years after the
date of grant.

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.