Reference is made to the Investment Agreement entered into between Atlas Special
Opportunities, LLC ("Atlas") and Targovax ASA (the "Company") in connection with
the issue by the Company of convertible bonds (the "Agreement") and the
convertible bond issue approved by an extraordinary general meeting of the
Company on 9 March 2023.

The Company has today by a notice of exercise under the Agreement requested
Atlas to subscribe and pay for the first tranche of convertible bonds,
consisting of 15 convertible bonds with an aggregate principal amount equal to
NOK 37,500,000. Atlas will subscribe for and be allocated these bonds on the
terms and conditions of the Agreement.

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