TARGOVAX ASA – KEY INFORMATION RELATED TO THE SUBSEQUENT OFFERING

Oslo, 14 October 2020: Reference is made to the stock exchange announcement by Targovax ASA (OSE:TRVX) ("Targovax" or the "Company"), earlier today regarding the successful completion of a private placement of 10,344,828 new shares in the Company (the "Private Placement") and a potential subsequent offering of up to 1,500,000 new shares (the "Subsequent Offering").

In  accordance with the continuing obligations for companies listed on the Oslo Stock Exchange, the  following  key  information is given with respect to the Subsequent Offering:

- Date on which the terms and conditions of the repair issue were announced: 14 October 2020

- Last day including right: 14 October 2020

- Ex-date: 15 October 2020

- Record date: 16 October 2020

- Date of approval: 14 October 2020*

- Maximum number of new shares: 1,500,000

- Subscription price: NOK 7.25

*Other information: The Subsequent Offering is subject to the publication of a prospectus approved by the Norwegian Financial Supervisory Authority. Notwithstanding the foregoing, the board of directors may, in its sole discretion, decide that the Company shall not carry out the Subsequent Offering.

This information is published in accordance with the requirements of the Continuing Obligations.

For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media and IR 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 oncolytic viruses to target hard-to-treat solid tumors. 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 peritoneal malignancies and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.