Targovax increases size of private placement to NOK 200 million after strong investor demand

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Press release no 9-2015

Reference is made to the notice 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 (the "Private Placement").

On basis of strong investor demand and feedback, the Company has decided to increase the capital raised in the Private Placement from NOK 125 - 150 million to approximately NOK 200 million. The subscription price remains unchanged at NOK 25.00 per share.

The application period for the Private Placement will close today, 15 June 2015, at 14:00 CET, but will however, remain open until 18 June 2015 at 10:00 CET for (i) certain investors, which have meetings or conference calls with the Company during 15 June 2015 - 17 June 2015, (ii) employees of the Company and Oncos and their respective subsidiaries, and companies controlled by any such employees and (iii) existing shareholders of the Company and Oncos as at the start of application period in the Private Placement.

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

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

Jónas Einarsson
Chairman of the Board
Mobile: +47 48 09 63 55
E-mail: je@radforsk.no

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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