· The parties will explore the feasibility and effect of combining their
respective oncolytic virus and receptor tyrosine kinase (RTK) inhibitor
technologies
  · Targovax retains the right to develop and commercialize novel drug
candidates emerging from the pre-clinical collaboration

Oslo, Norway 10 February 2021 - Targovax ASA (OSE: TRVX), a clinical stage
immuno-oncology company developing immune activators to target hard-to-treat
solid tumors, today announces that it has entered into a research collaboration
agreement with Papyrus Therapeutics to assess the potential of combining their
respective proprietary technology platforms to develop a first-in-class
oncolytic virus concept with RTK inhibitor functionality.

Papyrus Therapeutics, Inc. (West Chester, PA, USA) is an emerging biopharma
company developing novel tumor suppressor therapies. PapyrusŽs lead therapeutic
is a modified, recombinant version of Opioid Binding Protein/Cell Adhesion
Molecule-like (OPCML), which is an extra-cellular, upstream regulator of RTK
activity. OPCML is a broadly acting tumor suppressor that is epigenetically
silenced in many cancers, leading to tumor invasion and metastasis through
deregulation of apoptosis, epithelial-to-mesenchymal transition (EMT) and
cellular migration. Classic RTK inhibition using small molecules has proven
highly effective in many cancers, but treatment resistance remains a significant
challenge. Delivery of OPCML can overcome this challenge by reconstituting
normal RTK signaling in the tumor.

Under the agreement, Targovax and Papyrus will run a joint pre-clinical research
project to evaluate the technical feasibility and anti-cancer activity of
combining the ONCOS oncolytic virus platform and recombinant OPCML technology.
Targovax retains an exclusive option to develop and commercialize novel ONCOS
-OPCML drug candidates emerging from the pre-clinical research collaboration.

Dr. Paul Blake, Co-Founder and Chief Executive Officer of Papyrus Therapeutics
said: "We are excited by the potential of including our modified, recombinant
OPCML with the clinically validated ONCOS platform, thereby extending the scope
of our tumor suppression strategy to adenoviral gene therapy. Targovax has
demonstrated the broad immunomodulatory power of their oncolytic immunotherapy
in a variety of solid tumors, and we believe this serves as an ideal environment
to reconstitute the extra-cellular tumor suppressor capabilities of OPCML".

Dr. Victor Levitsky, Chief Scientific Officer of Targovax added: "The tumor
deploys two core strategies to avoid detection by the immune system and to
enable it to grow and spread