Oslo, 18 May 2021: The board of directors of Targovax ASA (OSE:TRVX) ("Targovax"
or the "Company") has resolved to increase the share capital of the Company
following the completion of an settlement period for vested Restricted Stock
Units ("RSUs"). The settlement period lasted from 7 May 2021 at 10:00 hours
(CEST) to 18 May 2021 at 10:00 hours (CEST).

1. Settlement of RSUs

In total were 21,299 RSUs settled by one current and one former board member,
giving the RSU holders the right to subscribe for 21,299 shares in total, each
with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.

The RSU holders received the RSUs as part of their remuneration for their
directorship at the board. The number of RSUs granted was calculated as the NOK
amount of the RSU selected portion of the total remuneration to the respective
board member, divided by the market price for the shares, calculated as the
volume weighted average share price for the 10 trading days prior to the
relevant AGM, being NOK 12.20 per share in 2016, NOK 14.33 per share in 2018 and
NOK 6.34 per share in 2019.

2. Resolution to increase the share capital in Targovax ASA

The Company's board of directors has on 18 May 2021, in accordance with the
authorisation granted by the general meeting on 17 March 2021, resolved to
increase the share capital with NOK 2,129.90 by the issuance of 21,299 new
shares, each with a par value of NOK 0.10 in order to facilitate the settlement
of RSUs.

Accordingly, the new share capital of the Company is NOK 8,658,240.50 divided
between 86,582,405 shares, each with a par value of NOK 0.10. The share capital
increase will be registered with the Norwegian Register of Business Enterprises
(Nw. Foretaksregisteret) as soon as practically possible after the share
contribution has been fully paid.

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.