Oslo, 2 March 2023: Reference is made to Targovax ASA's ("Targovax" or the
"Company") stock exchange announcement published on 2 March 2023, regarding the
board of directors' resolution to increase the Company's share capital with NOK
10,378.90 by the issuance of 103,789 new shares, each with a nominal value of
NOK 0.10, in order to facilitate an exercise of 103,789 RSUs pursuant to the
Company's RSU program for Board members.

  · Primary insider, Diane Mellett, member of the board of directors, has
exercised 20,870 restrictive stock units ("RSUs") under her RSU agreement and
subscribed for 20,870 new shares in the Company following the exercise of RSUs.
The exercise price for the options was NOK 0.10 per new share.
  · Primary insider, Robert Burns, member of the board of directors, has
exercised 23,307 restrictive stock units ("RSUs") under his RSU agreement and
subscribed for 23,307 new shares in the Company following the exercise of RSUs.
The exercise price for the options was NOK 0.10 per new share.
  · Primary insider, Damian Marron, member of the board of directors, has
exercised 55,588 restrictive stock units ("RSUs") under his RSU agreement and
subscribed for 55,588 new shares in the Company following the exercise of RSUs.
The exercise price for the options was NOK 0.10 per new share.
  · Primary insider, Eva-Lotta Allan, member of the board of directors, has
exercised 4,024 restrictive stock units ("RSUs") under her RSU agreement and
subscribed for 4,024 new shares in the Company following the exercise of RSUs.
The exercise price for the options was NOK 0.10 per new share.

Following the RSU exercise and subscription of new shares and the registration
of the share capital increase pertaining to the new shares with the Norwegian
Register of Business Enterprises (Nw. Foretaksregisteret), the above mentioned
primary insiders holds the following:

  · Diane Mellett holds 122,948 shares, 104,388 RSUs and nil options in
Targovax.
  · Robert Burns holds 298,761 shares, 43,071 RSUs and nil options in Targovax.
  · Damian Marron holds 55,588 shares, 97,765 RSUs and nil options in Targovax.
  · Eva-Lotta Allan holds 98,883 shares, 64,469 RSUs and nil options in
Targovax.

Please refer to the attached notification of trading for further details.

Notification by Primary Insiders
02.03.23.docx.pdf (https://mb.cision.com/Public/17093/3726627/8ed179f09261c940.p
d
f)

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 to bring benefit to
cancer patients with few available treatment alternatives. Targovax is
developing its product candidates in different cancer indications, including
melanoma, mesothelioma, multiple myeloma and pancreatic cancer.

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 against the tumor. ONCOS-102 has
demonstrated a favorable efficacy, immunological and safety profile in several
indications, both as monotherapy and in combinations, and ONCOS-102 is
progressing into a randomized phase 2 trial in melanoma patients resistant to PD
-1 checkpoint inhibitor treatment.

Targovax has also established a cutting-edge circular RNA (circRNA) program with
the intent to develop next generation RNA therapeutics for various applications,
building on clinical experience and deep mechanistic insights from its first
generation products.  In addition, Targovax has a KRAS immunotherapy program,
with lead candidate TG01 due to enter clinical trials in an enhanced format in
pancreatic cancer and multiple myeloma during early 2023. This provides Targovax
with a rich pipeline of innovative future therapeutic candidates to follow ONCOS
-102.