Oslo, Norway, 20 August 2020 - Targovax ASA (OSE: TRVX), a clinical stage biotechnology company developing immune activators to target hard-to-treat solid tumors, today announces its second quarter and first half 2020 results.

An online presentation by Targovax's management to investors, analysts and the press will take place at 10:00 CET today (details below).

HIGHLIGHTS FOR THE SECOND QUARTER AND FIRST HALF 2020

• Announced encouraging clinical and immune data in mesothelioma combining ONCOS-102 and chemotherapy demonstrating that ONCOS-102 activates patients' immune system far more extensively than chemotherapy
• Presented interim data from safety lead-in cohort in the ovarian and colorectal (peritoneal metastasis) trial at ASCO
• Presented pre-clinical data from Next Generation ONCOS at AACR
• Completed enrollment in the melanoma trial

• Entered into a collaboration with Merck to test ONCOS-102 in combination with Keytruda and chemotherapy in mesothelioma
• Entered into a collaboration with Leidos to equip ONCOS viruses with genetic elements encoding for small peptides with checkpoint inhibitor functionality
• Entered into an option agreement with IOVaxis Therapeutics for a TG mutant RAS vaccine license agreement in Greater China and Singapore
• Entered into a collaboration to develop mutant RAS neoantigen coating of ONCOS viruses using Valo Therapeutic's PeptiCRAd technology
• Entered into a collaboration with Oblique Therapeutics to target mutant RAS cancers by combining both companies' technology platforms

• Completed a private placement, raising NOK 101 million (USD 11.2 million)
• Announced election of Damian Marron as Chairman of the Board
• Appointed Dr Victor Levitsky, MD, PhD as CSO

Øystein Soug, CEO commented: "Targovax had a highly productive second quarter this year. Most importantly, we reported 12-month immune and efficacy data for ONCOS-102 in mesothelioma, our lead indication, in combination with standard of care chemotherapy (SoC). Based on the promising findings so far, we have started preparations for a subsequent randomized phase II trial where we will add a checkpoint inhibitor to the ONCOS-102 and chemotherapy combination. We are very pleased to have secured a clinical collaboration agreement with Merck for this trial, who will provide Keytruda® and valuable scientific and clinical support for the trial. Additionally, three new innovative collaborations, of which two of them were RAS collaborations, were signed during the quarter, indicating a high interest in Targovax."

Presentation
As a consequence of the Corona situation, there will not be a physical presentation of the results. Instead, we invite to a live webcast today at 10.00 CET. You can join the webcast here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200820_6). It will be possible to ask questions during the presentation.
Reporting material
Targovax 2Q 2020 - report (https://mb.cision.com/Public/17093/3176462/9f1787042612366f.pdf)
Targovax 2Q 2020 - presentation (https://mb.cision.com/Public/17093/3176462/acc96ffab3688287.pdf)
The quarterly report and presentation are also available at the website  www.targovax.com (https://www.targovax.com/en/financial-reports/).