Oslo, Norway, 23 May 2019 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces that going forward the company will strengthen the
commitment to oncolytic viruses and focus resources to advance the ONCOS program
with full force.

With the reporting of encouraging median overall survival and three-year
survival rate, the TG01 trial in resected pancreatic cancer has been
successfully completed (see press release
here (https://www.targovax.com/en/section/investors-media/press-releases/)). The
natural next step in this indication is to continue with a larger randomized
clinical trial within the current standard of care setting. The Company has
decided to not pursue this opportunity on a stand-alone basis and will instead
allocate all resources on the ONCOS oncolytic virus program.

Oncolytic viruses are increasingly recognized as an important future class of
immune activators, and Targovax is well positioned as one of the leaders in this
rapidly evolving field. Maintaining that position will require speed and
agility. Therefore, the decision has been made to focus the company's resources
on advancing the ONCOS program with full force and to deliver the important
ONCOS-102 data read-outs in the mesothelioma, melanoma and peritoneal trials
over the next 6-18 months, as well as advancing the pre-clinical development of
the next generation of double-transgene ONCOS viruses.

Although Targovax will not utilize future resources on the TG program in its
current form, we continue to believe in RAS as an important immunotherapeutic
target. Management will seek and implement strategic alternatives for TG and
assess opportunities for how our expertise and IP can be utilized to develop
novel mutant RAS targeting strategies that can complement the oncolytic virus
approach.

Øystein Soug, CEO of Targovax, said: "We are proud to have brought both the TG
and ONCOS programs to an advanced development stage. We have a leading role in
oncolytic viruses and to maintain our position we wish to prioritize our
resources. As a consequence, we will seek alternative ways to progress and
capture value from TG. I firmly believe that the Company will be strengthened by
a sharpened focus on ONCOS, and that this move significantly increases our
chance of success."
For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com
Media and IR enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no
 (Targovax@fticonsulting.com)
About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage biotechnology company developing immune
activators to target hard-to-treat solid tumors. Immuno-oncology is currently
one of the fastest growing therapeutic fields in medicine.

Targovax's lead product candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect and
replicate in cancer cells. It has been shown to activate the immune system to
generate tumor-specific immune responses. In phase I trials, ONCOS-102 induced
both local and systemic innate and adaptive immune activation, which has been
associated with clinical benefit. ONCOS-102's targeted path-to-market indication
is mesothelioma, where the virus is currently being tested in a randomized phase
II trial. Another trial, in checkpoint inhibitor refractory advanced melanoma,
is expected to produce important proof-of-concept immune activation data in
heavily pre-treated patients.