Oslo, Norway, 28 February 2022 - Targovax ASA (OSE: TRVX) a clinical-stage
immuno-oncology company developing immune activators to target hard-to-treat
solid tumors, today announces that it has appointed Dr. Lubor Gaal as Chief
Financial Officer (CFO), effective as of 7 March 2022.

Dr. Lubor Gaal is a seasoned industry executive with 25 years of experience
working in large pharmaceutical and biotechnology companies in Europe and the
USA. Most recently, he served as Managing Director and Head of Europe at Locust
Walk, a global life science boutique investment bank. At Locust Walk, Dr. Gaal
was responsible for overseeing all European strategic transactions, including
financings, M&A and licensing. Before Locust Walk, he was Head of External
Innovation and Licensing and a member of the R&D Management Committee at
Almirall and Head of Europe Search and Evaluation for oncology at Bristol-Myers
Squibb. Prior to that, Dr. Gaal held executive management positions at Neuro3d
and Vectron Therapeutics, and global business development roles in Bayer. Dr.
Gaal has a Ph.D. in molecular and cell biology from the University of California
at Berkeley, USA.

In Targovax, Dr. GaalŽs core responsibilities will be to oversee all financial,
investor relations and business development activities, as well as playing an
integral role in defining and executing the corporate strategy.

Dr. Erik Digman Wiklund, CEO, commented:  "We are extremely pleased to have
attracted an individual of LuborŽs caliber to Targovax. Lubor has deep
experience in business development, commercial and advisory roles in both big
pharma and development-stage biotech companies, and, importantly, brings access
to his broad, international industry network into Targovax. With the addition of
Lubor, we have now established a world-class management team ready to execute on
our clinical program, pipeline development and corporate strategy."

Dr. Lubor Gaal added: "Targovax has built a strong clinical portfolio, and I am
very excited to join the team to help bring their innovative cancer
immunotherapy pipeline to fruition. In my opinion, the class-leading clinical
stage ONCOS-102 asset combined with the emerging circular RNA program puts
Targovax in a unique position for success. I have previously had the pleasure to
work with Targovax in an advisory role and experienced the quality and strength
of both the science and the people, and now I really look forward to become a
member of the organization."

Dr. Gaal will join Targovax as CFO on 7 March 2022.

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.