Oslo, 8 December 2020: The board of directors of Targovax ASA (OSE:TRVX)<br />
("Targovax" or the "Company") has today resolved to increase the share
capital<br />
of the Company following the completion of an exercise period for vested
share<br />
options under the Company's long-term incentive program for employees. The<br />
exercise period for the employee options commenced on 3 December 2020 at
11:00<br />
hours (CET) and ended on 8 December 2020 at 11:00 hours (CET).<br />
<br />
1. Exercise of options<br />
<br />
In total, 10,726 options were exercised, giving the option holders the right
to<br />
subscribe for 10,726 shares, each with a par value of NOK 0.10, at a<br />
subscription price of NOK 7.74 per share.<br />
<br />
2. Resolutions to increase the share capital in Targovax ASA<br />
<br />
The Company's board of directors has on 8 December 2020, in accordance with
the<br />
authorisation granted by the general meeting on 29 April 2020, resolved to<br />
increase the share capital with NOK 1,072.60 by the issuance of 10,726 new<br />
shares, each with a par value of NOK 0.10 in order to settle the exercise of<br
/>
options.<br />
<br />
Accordingly, the new share capital of the Company is NOK 8,653,131.80,
divided<br />
into 86,531,318 shares, each with a par value of NOK 0.10. The share capital<br
/>
increase will be registered with the Norwegian Register of Business
Enterprises<br />
(Nw. Foretaksregisteret) as soon as practically possible after the share<br />
contribution has been fully paid.<br />
<br />
For further information, please contact:<br />
Renate Birkeli, Investor Relations<br />
Phone: +47 922 61 624<br />
Email: renate.birkeli@targovax.com<br />
Media enquires:<br />
Andreas Tinglum - Corporate Communications (Norway)<br />
Phone: +47 9300 1773<br />
Email: andreas.tinglum@corpcom.no<br />
<br />
IR enquires:<br />
Kim Sutton Golodetz - LHA Investor Relations (US)<br />
Email: kgolodetz@lhai.com<br />
Phone: +1 212-838-3777<br />
<br />
About Targovax<br />
<br />
Activating the patient's immune system to fight cancer<br />
<br />
Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing<br />
immune activators to target hard-to-treat solid tumors. Targovax aims to
unlock<br />
greater clinical benefits in cancer patients by deploying multifunctional<br />
platforms to target key immune regulators and oncogenic drivers. Targovax's<br
/>
focus is to "activate the patient's immune system to fight cancer", thus<br />
extending and transforming the lives of cancer patients with targeted<br />
therapeutic cancer immunotherapies. The Group's pipeline aims at different<br />
cancer indications, including melanoma, mesothelioma and colorectal cancer.
The<br />
products are designed to harness the patient's own immune system to fight the<br
/>
cancer, whilst also delivering a favorable safety and tolerability profile.<br
/>
Further, the products are well positioned for combinations with other
treatment<br />
approaches, including other immunotherapies, surgery, radiation and<br />
chemotherapy.<br />
<br />
Targovax's lead product candidate, ONCOS-102, is a genetically modified<br />
oncolytic adenovirus, which has been engineered to selectively infect cancer<br
/>
cells and activate the immune system to fight the cancer. ONCOS-102 is
currently<br />
being tested in mesothelioma, melanoma and colorectal cancer and has already<br
/>
shown promising clinical results both as monotherapy and in combination with<br
/>
chemotherapy, and a checkpoint inhibitor.