Targovax announces successful NOK 200 million private placement

Reference is made to the announcement from Targovax AS ("Targovax" or the "Company") dated 11 June 2015 regarding the acquisition of Oncos Therapeutics Oy ("Oncos") and the contemplated private placement to raise NOK 125 - 150 million which, as announced on 15 June 2015, was upsized to NOK 200 million (the "Private Placement").

After strong investor demand and feedback from reputable institutional investors, Targovax is pleased to announce that it has allocated 8,000,000 shares at a price of NOK 25 per share raising total gross proceeds of NOK 200 million in the Private Placement. The order book was multiple times oversubscribed at this deal size.

Completion of the Private Placement is subject to (i) the corporate resolutions of the Company required to complete the acquisition of Oncos and issue of the new shares in the Private Placement, (ii) all the closing conditions in the share purchase agreement entered into between Targovax and the Oncos shareholders having been satisfied or waived, and (iii) registration of the increased share capital of the Company pursuant to the Private Placement in the Norwegian Register of Business Enterprises. Following the completion of the Private Placement, HealthCap will hold 32% and the Norwegian Radium Hospital Research Foundation will hold 13% of the outstanding shares in Targovax. Both shareholders have entered into lock-up agreement until the earlier of (i) completion of an initial public offering of the Company or (ii) the day falling 12 months after the completion of the Private Placement.

ABG Sundal Collier, Arctic Securities and DNB Markets acted as Joint Global Coordinators and Bookrunners for the Private Placement.

The Company intends to complete an initial public offering ("IPO") on Oslo Børs within 12 months after closing of the Private Placement. Until the IPO, the Company will remain listed on the NOTC list.

For further information, please contact:
Gunnar Gårdemyr
Chief Executive Officer
Mobile: +41 798 340 585
E-mail: ggardemyr@targovax.com

Øystein Soug
Chief Financial Officer
Mobile: +47 906 56 525
E-mail: oystein@targovax.com

About Targovax
Targovax is a Norwegian-based global biotechnology company, dedicated to the design and development of immunotherapy vaccines for patients with RAS-mutated cancers. Established in 2010 by the inventors of this RAS-targeted technology and the Norwegian Radium Hospital Research Foundation in Oslo, Targovax has over 25 years of direct experience and has seen more than 250 patients treated with this promising technology.

About Oncos
Oncos is a privately funded clinical-stage biotechnology company focused on the development and commercialization of targeted cancer immunotherapy. Oncos' product candidates induce a tailored response by the immune system directed at each patient's unique cancer cells. Oncos' lead product candidate, ONCOS-102, has successfully completed Phase I clinical studies. Additionally, a promising pipeline has been developed using Oncos' patented adenovirus-based cancer immunotherapy platform, for the treatment of several cancer types, including soft tissue sarcoma, ovarian cancer and mesothelioma. The novel immunotherapy platform is based on engineered oncolytic viruses armed with potent immune-stimulating transgenes.

This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Targovax does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.

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