· Hubro acquires the GM-CSF project from Targovax for a cash payment of NOK10m
  · Hubro will continue the development of GM-CSF as adjuvant for use with its
pipeline of novel cancer vaccines

Oslo, Norway, 10 November 2022 - Targovax ASA (OSE: TRVX) and Hubro Therapeutics
AS (Hubro) today announce that they have entered into an asset purchase
agreement whereby Hubro acquires Targovax's GM-CSF (Granulocyte macrophage
colony-stimulating factor) process development and production project.

Under the agreement, Hubro will make a cash payment to Targovax of 10MNOK for
the acquisition of the GM-CSF project. Targovax retains conditional buy-back and
supply options, and a share in gross proceeds in the event of a re-sale of the
asset within a time-limited period.

Dr. Lubor Gaal, Chief Financial Officer of Targovax, said: "With the switch to
QS-21 STIMULONT from our collaboration partner Agenus as the adjuvant of choice
for the next generation mutant RAS TG vaccines, Targovax is no longer
prioritizing further investments into GM-CSF development. We are delighted that
Hubro will now take over the GM-CSF adjuvant project and this deal shows that we
can create value from non-strategic assets."

Jon Amund Eriksen, Chief Executive Officer of Hubro, said: "For the commercial
development of our therapeutic and prophylactic cancer vaccines it is important
for us to have full control over production and supply of all pharmaceutical
active components, including GM-CSF. We are therefore delighted for having the
opportunity to take over the GM-CSF development project from Targovax, which
will provide significant savings of development costs and time towards obtaining
the high-quality product we need for pivotal clinical development and later
marketing of our cancer vaccines."

GM-CSF is an immuno-modulator used for protein and peptide-based vaccines and
was the adjuvant component of Targovax's first generation mutant RAS TG vaccine
products. Following a collaboration agreement with Agenus Inc. [NASDAQ: AGEN]
announced earlier in 2022, Targovax will develop its next generation mutant RAS
TG vaccines with AgenusŽ proprietary adjuvant QS-21 STIMULON. Two clinical
trials with TargovaxŽs lead mutant RAS candidate TG01 adjuvanted by QS-21
STIMULON are expected to open during 2022. The GM-CSF asset purchase agreement
with Hubro ensures the continued development of the GM-CSF adjuvant product,
which will serve as an integral part of Hubro's technology platform. Hubro aims
at introducing its own developed GM-CSF product in clinical testing as adjuvant
for its peptide cancer specific vaccines in 2024.

For further information, please contact:
Dr. Lubor Gaal, CFO
Phone: +34 683 343 811
Email: lubor.gaal@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, and multiple myeloma, 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 against the tumor. Following very
encouraging clinical data in several indications, both as monotherapy and in
combinations, ONCOS-102 is progressing into a randomized phase 2 trial in
melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Building on successful clinical studies which have provided deep mechanistic
insights into the tumor biology and the human immune systems, Targovax is
researching circular RNA (circRNA) as novel cancer medicines. In addition,
Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate,
TG01, expected to enter the clinic in an enhanced format in the second half of
2022.  Together this provides Targovax with a rich pipeline of innovative future
immunotherapy product candidates to follow ONCOS-102.

About Hubro Therapeutics

Specific immunotherapy for cancer treatment and prevention

Hubro Therapeutics is a clinical stage private Norwegian biotech company
developing cancer diagnostics and cancer specific vaccines for both treatment
and prevention of cancer. Hubro's vaccines activates T cells of the immune
system to attack cancer cells harboring frameshift mutations that are hall marks
of both sporadic and hereditary cancers of the micro satellite instability (MSI)
phenotype. By combining diagnostic tests and vaccines, Hubro aims at providing
effective immunotherapy for patients with MSI-colorectal cancer, MSI-Gastric
cancer and MSI-endometrial cancer, as well as effective prevention of
development of hereditary cancers progressing from Lynch Syndrome.