Reference is made to the annual general meeting of Targovax ASA (the "Company")
on 20 April 2022 (the "AGM") where election of members to the board of directors
was according to the nomination committee's proposal. At the same AGM of the
Company the board of directors was authorized to extend the Company's restricted
stock unit ("RSU") program and to issue RSUs to the board members. The RSUs are
non-transferable and each RSU gives the right and obligation to acquire one
share in the Company at a price of NOK 0.10 per share (corresponding to the
nominal value of the shares) subject to satisfaction of the applicable vesting
conditions.

If the board members choose to receive the board remuneration in RSUs they must
elect to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3
of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the
compensation in cash and 1/3 in RSUs. The number of RSUs is calculated on the
basis of a board remuneration of NOK 525 000 to the chairperson of the board and
NOK 310,000 to the other board members, divided by the market price of the
Company's shares calculated as the volume weighted average share price for the
10 trading days prior to the AGM being NOK 1.79 per share.

Damian Marron has resolved to receive 1/3 of the board remuneration, as
determined by the Company's annual general meeting in 2022, in the form of RSUs
and the board of directors has resolved to issue 97,765 RSUs to Damian Marron.
Damian Marron holds 141,753 RSUs, no options and no shares in the Company.

Eva-Lotta Allan has resolved to receive 1/3 of the board remuneration, as
determined by the Company's annual general meeting in 2022, in the form of RSUs
and the board of directors has resolved to issue 57,728 RSUs to Eva-Lotta Allan.
Eva-Lotta Allan holds 98,539 RSUs, no options and 71,368 shares in the Company.

Diane Mellett has resolved to receive 1/3 of the board remuneration, as
determined by the Company's annual general meeting in 2022, in the form of RSUs
and the board of directors has resolved to issue 57,728 RSUs to Diane Mellett.
Diane Mellett holds 115,949 RSUs, no options and 96,029 shares in the Company.

Sonia Quaratino has resolved to receive 2/3 of the board remuneration, as
determined by the Company's annual general meeting in 2022, in the form of RSUs
and the board of directors has resolved to issue 115,456 RSUs to Sonia
Quaratino. Sonia Quaratino holds 138,178 RSUs, no options and no shares in the
Company.

Thomas Falck has resolved to receive 2/3 of the board remuneration, as
determined by the Company's annual general meeting in 2022, in the form of RSUs
and the board of directors has resolved to issue 115,456 RSUs to Thomas Falck.
Thomas Falck holds 115,456 RSUs, no options and no shares in the Company.

Raphael Clynes has resolved to receive 2/3 of the board remuneration, as
determined by the Company's annual general meeting in 2022, in the form of RSUs
and the board of directors has resolved to issue 115,456 RSUs to Raphael Clynes.
Raphael Clynes holds 115,456 RSUs, no options and no shares in the Company.

Notification by Primary Insiders_Marron AGM RSU
(20.04.22).pdf (https://mb.cision.com/Public/17093/3549740/bac1d8a7e99b746c.pdf)

Notification by Primary Insiders_Falck AGM RSU
(20.04.22).pdf (https://mb.cision.com/Public/17093/3549740/b03e31814e690d85.pdf)

Notification by Primary Insiders_Allan AGM RSU
(20.04.22).pdf (https://mb.cision.com/Public/17093/3549740/a4078141496ec9f6.pdf)

Notification by Primary Insiders_Quaratino AGM RSU
(20.04.22).pdf (https://mb.cision.com/Public/17093/3549740/900038e2353c883f.pdf)

Notification by Primary Insiders_Mellett AGM RSU
(20.04.22).pdf (https://mb.cision.com/Public/17093/3549740/97693b9b7dcb19b1.pdf)

Notification by Primary Insiders_Clynes AGM RSU
(20.04.22).pdf (https://mb.cision.com/Public/17093/3549740/9096bb0e6944b320.pdf)

###

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, 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
immunotherapy and chemotherapy combinations, the next development step for ONCOS
-102 will be to further improve immune activation and clinical response in
melanoma patients resistant to PD1 checkpoint blockade.

Building on successful phase 1/2 studies demonstrating clinical benefit and
providing deep mechanistic insights, Targovax is expanding its ONCOS program
into delivery of circular RNA and targeting KRAS mutant cancers with the aim of
establishing a platform for development of a rich pipeline of innovative future
immunotherapy product candidates.