Oslo, Norway, 12 May 2022 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its first quarter 2022 results. Members of Targovax's
executive management team will give an online presentation to investors,
analysts and the press at 10:00 CET today (details below).

1Q 2022 HIGHLIGHTS

Business Development

  · Announced two key collaboration agreements with Agenus:
    · Free drug supply of two checkpoint inhibitors for ONCOS-102 combination
therapy in the upcoming phase 2 melanoma trial
    · Inclusion of the adjuvant QS-21 STIMULON[TM] as an immune-stimulatory
component of the TG mutant KRAS cancer vaccine

R&D

  · Announced that Oslo University Hospital will sponsor a study to test the
TG01 cancer vaccine in RAS mutant multiple myeloma patients
  · Announced a research collaboration with Prof Michael Uhlin at Karolinska
Institutet in Stockholm for development and characterization of NextGen circular
RNA ONCOS viruses

Organization

  · Appointed circular RNA co-discoverer and pioneer Dr Thomas B Hansen as VP of
Research to lead the circular RNA pipeline program
  · Strengthened the management team with the appointment of industry veteran Dr
Lubor Gaal as Chief Financial Officer
  · Appointed Dr Raphael Clynes and Mr Thomas Falck as new members of the Board
of Directors

Erik Digman Wiklund, CEO commented: "Building on our strong existing data
package, we are now defining the next steps of our clinical development
strategy. We have extended the partnership with Agenus to include the upcoming
multi-cohort phase 2 trial in anti-PD1 refractory melanoma, providing access to
innovative novel checkpoint inhibitors for combination with ONCOS-102. In
addition, we are bringing our KRAS vaccine TG01 back into the clinic this year
in an enhanced format. The aim is to establish a portfolio of clinical trials on
both of our platforms in multiple cancers and combinations, thereby providing
several opportunities for future value creation."

Key figures

Amounts in NOK thousands                   1Q 2022  1Q 2021  FY 2021

Total operating revenues                         -        -        -
Total operating expenses                   -29 072  -23 010  -95 601
Operating profit/loss                      -29 072  -23 010  -95 601
Net financial items                         -1 375      513   -2 422
Income tax                                      10       16       52
Net profit/loss                            -30 437  -22 481  -97 971

Basic and diluted EPS (NOK/share)            -0.16    -0.26    -1.10

 Net change in cash                        -32 175  -26 854   59 360
Cash and cash equivalents start of period  181 682  122 321  122 321
Cash and cash equivalents end of period    149 506   95 468  181 682

The interim financial information has not been subject to audit

Presentation

We invite to a live webcast today at 10.00 CET. You can join the webcast
here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220512_8). It
will be possible to submit questions during the presentation.

Reporting material

2205 TRVX 1Q
report.pdf (https://mb.cision.com/Public/17093/3565538/98761c19737abacf.pdf)

2205 TRVX Q1
presentation.pdf (https://mb.cision.com/Public/17093/3565538/9b3714c9cd097534.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:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@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

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's focus is to
activate the patient's immune system to fight cancer, and thereby bring benefit
to cancer patients with few available treatment alternatives. Targovax is
assessing its product candidates in different cancer indications, including
melanoma, mesothelioma, multiple myeloma and colorectal cancer, and has
demonstrated 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 clinical data in several indications, both as monotherapy and in
combinations, ONCOS-102 will progress into a phase 2 trial in multiple
combinations in melanoma patients resistant to PD1 checkpoint blockade.

Building on successful studies demonstrating clinical efficacy and providing
deep mechanistic insights, the ONCOS platform is being expanded into delivery of
circular RNA (circRNA). In addition, Targovax has a KRAS immunotherapy program,
with lead cancer vaccine candidate, TG01, due to enter the clinic in the second
half of 2022. This provides Targovax with a rich pipeline of innovative future
immunotherapy product candidates to follow ONCOS-102.