On the basis of the approval by the Annual General Meeting on 29 April 2020 to
authorize the Board of Targovax ASA to issue new shares to employees under the
Company long-term incentive program, the Board has resolved to issue new options
to employees of the Company. A total of 1,350,000 options for shares of the
Company were distributed amongst the members of the executive management and a
total of 595,000 options for shares of the Company were distributed amongst
other employees. Each option, when exercised, will give the right to acquire one
share in the Company. The options are granted without consideration. Pursuant to
the vesting schedule, 25% of the options will vest 12 months after the day of
grant (as long as the option holder is still employed). Thereafter, 1/36 of the
remaining options will vest each month as long as the option holder is still
employed, with the first 1/36 vesting 13 months after the day of grant. The
exercise price of the options is NOK 10.19. The exercise price is equal to the
volume weighted average trading price of the shares of the Company on Oslo Børs
on the date of the grant. Options that have not been exercised will lapse 7
years after the date of grant.

Primary insiders in Targovax ASA have received the following options grants,
according to the terms described above:

Chief Executive Officer Øystein Soug has been granted 300,000 share options.
Following the grant, Øystein Soug and his close associates holds 200,000
shares[1] and 1,310,000[2] options in the Company.

Chief Medical Officer Magnus Jäderberg has been granted 150,000 share options.
Following the grant, he holds 20,000 shares and 1,080,000 options in the
Company.

Chief Business Officer Erik Digman Wiklund has been granted 190,000 share
options. Following the grant, he holds no shares and 750,000 options in the
Company.

Chief Financial Officer Torbjørn Furuseth has been granted 190,000 share
options. Following the grant, he holds 15,000 shares and 620,000 options in the
Company.

Chief Scientific Officer Victor Levitsky has been granted 250,000 share options.
Following the grant, he holds 10,000 shares and 500,000 options in the Company.

VP Regulatory Affairs Ingunn Munch Lindvig has been granted 150,000 share
options. Following the grant, she holds 10,000 shares and 267,000 options in the
Company.

Interim Head of CMC Kirsi Hellström has been granted 120,000 share options.
Following the grant, she holds no shares and 221,000 options in the Company.

###



[1]

The shares are held through Abakus Invest AS

[2] 300,000 of Øystein Soug's options expired in November 2020. The exercise
price for these options was NOK 25

For further information, please contact:
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 with targeted
therapeutic cancer immunotherapies. The Group'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.
Further, the products are well positioned for combinations with other treatment
approaches, including other immunotherapies, surgery, radiation and
chemotherapy.

Targovax's lead product 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. ONCOS-102 is currently
being tested in mesothelioma, melanoma and colorectal cancer and has already
shown promising clinical results both as monotherapy and in combination with
chemotherapy, and a checkpoint inhibitor.