Extends patent protection of ONCOS-102 in combination with checkpoint inhibitors
into the US

Oslo, 9 March 2021: Targovax ASA (OSE: TRVX), a clinical stage immuno-oncology
company developing oncolytic viruses to target hard-to-treat solid tumors, today
announce that the US Patent Office has granted US Patent no 10,940,203. The
patent covers the use of ONCOS-102 in combination with checkpoint inhibitors
(CPI).

Torbjørn Furuseth, Chief Financial Officer of Targovax, said: "We are delighted
that this US patent has been granted, further strengthening Targovax's
intellectual property portfolio covering the very important combination of ONCOS
-102 and anti-PD1 checkpoint inhibitors. The results from our melanoma trial
presented in December 2020, confirmed ONCOS-102's ability to turn refractory
tumors into response. Securing this patent protects our innovative oncolytic
immunotherapy platform and strengthens our market position."

In December 2020 Targovax announced that the combination of ONCOS-102 and
checkpoint inhibitor pembrolizumab (Keytruda) demonstrated 35% best objective
response rate (ORR) in anti-PD1 refractory malignant melanoma patients. Systemic
effects were also observed in multiple patients, including two examples where a
non-injected lesion completely regressed. In this open label phase 1 trial the
combination of ONCOS-102 and the anti-PD1 checkpoint inhibitor pembrolizumab has
been tested in patients with advanced, unresectable melanoma who have had
disease progression despite treatment with anti-PD1 checkpoint inhibitor. This
is a particularly challenging patient population, which is refractory to
approved immunotherapies and has few treatment alternatives available.

Targovax's lead product candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect cancer
cells and activate the immune system. On the back of very encouraging data in
several indications, in monotherapy and in multiple combination, the planned
development steps for ONCOS-102 is a registrational-directed trial in checkpoint
inhibitor refractory melanoma.

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For further information, please contact:
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

IR enquires:
Kim Sutton Golodetz - LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777

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 with targeted
therapeutic cancer immunotherapies. 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 product 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.