Oslo, Norway, 6 May 2021 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its first quarter 2021 results.

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

FIRST QUARTER HIGHLIGHTS

REASEARCH & DEVELOPMENT

  · Reported continued survival benefit in Targovax's ONCOS-102 trial in
mesothelioma at the 21-month follow-up
    · Median Overall Survival (mOS) has still not been met for randomized first
-line patients receiving ONCOS-102 plus chemotherapy
    · mOS will be at least 20.5 months for randomized first-line patients
receiving ONCOS-102 plus chemotherapy, compared to mOS of 13.5 months in the
chemotherapy-only control group

  · Received Fast-Track designation from the US FDA for ONCOS-102 in malignant
pleural mesothelioma. This opens the potential for expedited development path
and review

  · Entered a research collaboration with Papyrus Therapeutics to develop novel
ONCOS viruses with receptor tyrosine kinase (RTK) inhibitor functionality

CORPORATE

  · Announced Dr Sonia Quaratino as a new member of the Board of Directors

  · Obtained US Patent for ONCOS-102 in combination with checkpoint inhibitors

  · Maintained TG + chemo patent as granted after opposition in European Patent
Office

FINANCIALS

Amounts in NOK               1Q 2021         1Q 2020   FY 2020
thousands

Total operating                                  318       624
revenues
Total operating              -23 010         -29 594  -104 524
expenses
Operating                    -23 010         -29 277  -103 901
profit/loss
Net financial items              513           3 278    -4 503
Income tax                        16              76       277
Net profit/loss              -22 481         -25 923  -108 126

Basic and diluted              -0.26           -0.36     -1.40
EPS (NOK/share)

Net change in cash           -26 854          64 860    51 893
Cash and cash                122 321          70 429    70 429
equivalents start of
period
Cash and cash                 95 468         135 289   122 321
equivalents end of
period

The interim financial information has not been subject to audit

Øystein Soug, CEO commented: "Targovax is at the beginning of a new and exciting
development phase. Based on impressive ONCOS-102 clinical data, our main
priority going forward is to start a next trial in PD1 refractory melanoma. At
the same time, it is also important that we do it right and discuss our strategy
with the FDA, since the aim of this trial is to support an accelerated approval.
Moreover, based on the strength and breadth of the clinical and immune data, we
believe our technology warrants a broader application. Hence, we envision
several expansion possibilities beyond melanoma in other indications, with other
novel combinations, and for our next generation pipeline products."

Presentation
We invite to a live webcast today at 10.00 CET. You can join the webcast
here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210506_7). It
will be possible to ask questions during the presentation.

Reporting material
TRVX Q1
report.pdf (https://mb.cision.com/Public/17093/3341418/a2a381340b762811.pdf)
TRVX 1Q
presentation.pdf (https://mb.cision.com/Public/17093/3341418/bfeffc564c835b82.pd
f
)
The quarterly report and presentation are also available at the website
www.targovax.com (https://www.targovax.com/en/financial-reports/).

***

For further information, please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@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

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. 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 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 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.