Oslo, Norway, 18 August 2021 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its second quarter and first half year 2021 results.

Targovax's management will give an online presentation and update on the
clinical program to investors, analysts and the press at 10:00 CET today
(details below).



FIRST HALF YEAR HIGHLIGHTS

  ·
Reported class-leading median overall survival in Targovax's ONCOS-102 trial in
mesothelioma at the 24-month follow-up

  ·
Received Fast-Track designation and scientific advice from the US FDA for ONCOS
-102 in PD-1-refractory advanced melanoma

  ·
Received Fast-Track designation from the US FDA for ONCOS-102 in malignant
pleural mesothelioma

  ·
Completed enrollment in the phase 1/2 trial with ONCOS-102 in combination with
durvalumab in patients with advanced colorectal cancer with peritoneal
metastases

  ·
Entered a research collaboration with Papyrus Therapeutics to develop novel
ONCOS viruses with receptor tyrosine kinase inhibitor functionality

  ·
Announced Dr Lone Ottesen's appointment as Chief Development Officer and Dr
Sonia Quaratino's election as a new member of the Board



FINANCIALS - KEY FIGURES

      Amounts in NOK  2Q 2021  2Q 2020  1H 2021  1H 2020   FY 2020
           thousands

Total operating                    272               590       624
revenues
Total operating       -24 529  -29 985  -47 539  -59 579  -104 524
expenses
Operating             -24 529  -29 713  -47 539  -58 989  -103 901
profit/loss
Net financial items    -1 026   -3 649     -513     -371    -4 503
Income tax                 15       71       31      147       277
Net profit/loss       -25 539  -33 291  -48 020  -59 214  -108 126

Basic and diluted       -0.30    -0.44    -0.55    -0.80     -1.40
EPS (NOK/share)

Net change in cash    -24 276  -33 824  -51 130   31 036    51 893
       Cash and cash   95 468  135 289  122 321   70 429    70 429
equivalents start of
              period
Cash and cash          71 192  101 465   71 192  101 465   122 321
equivalents end of
period

The interim financial information has not been subject to audit.



Øystein Soug, CEO commented: "Targovax has conducted a broad early-stage
clinical development program, documenting the clinical effects of ONCOS-102. We
have shown promising and important benefits in patients without raising safety
concerns. The main focus going forward is to take ONCOS-102 eagerly forward in
clinical development in PD1-refractory melanoma. The feedback and discussions
with the FDA have provided further guidance on what is the best next step, which
will be a platform trial in PD1 refractory melanoma. The trial is intended to
test ONCOS-102 in monotherapy and multiple combinations, including PD1
checkpoint inhibitor and potentially other novel immunotherapies to further
enhance the efficacy beyond the promising response rate we saw in our previous
melanoma trial. This will provide an opportunity to differentiate ONCOS-102 from
other approaches and potentially open up development avenues into the
commercially highly attractive front-line melanoma therapy indication."


Presentation

We invite to a live webcast today at 10.00 CET. You can join the webcast here.
It will be possible to ask questions during the presentation.
Reporting material
TRVX Q2 report (https://mb.cision.com/Public/17093/3397894/9aa98e1060a7fede.pdf)
TRVX Q2
presentation (https://mb.cision.com/Public/17093/3397894/a1f15ea8085fb74c.pdf)
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:
Oystein 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

About TargovaxActivating 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 its 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 company's product candidates 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 clinical data in several indications, both in monotherapy and in
multiple combinations, the next development steps for ONCOS-102 will be to
further improve responses in melanoma patients resistant to or poorly responsive
to current standard of care.