Targovax ASA: First quarter 2017 results

Oslo, Norway, 25 April 2017 - Targovax ASA ("Targovax" or "the Company"; OSE: TRVX), a clinical stage company focused on developing immuno-oncology therapies to target solid tumors, today announces its first quarter 2017 results.

A meeting for investors, analysts and press will take place in Oslo today at 10:00 CET and a conference call will take place at 14.00 CET (details below).

HIGHLIGHTS FOR THE FIRST QUARTER 2017

• Targovax announced encouraging top line two-year survival data from the phase I/II TG01 clinical trial in resected pancreatic cancer patients

            - 68%[1]of evaluated patients (13/19) were still alive after two years

• Erik Digman Wiklund was appointed CFO of Targovax, taking over from Øystein Soug, who was promoted last year to CEO. Erik took on the role post-period in April 2017
   
• Targovax upgraded its share listing from Oslo Axess to Oslo Børs, the main Oslo Stock Exchange

POST-PERIOD HIGHLIGHTS

• Targovax was accepted to present clinical data from its phase I/II TG01 clinical trial in resected pancreatic cancer patients at the 2017 ASCO Annual Meeting in Chicago, Illinois in June
   
• Targovax initiated an exploratory Phase Ib clinical trial of TG02 in patients with locally recurrent RAS-mutated rectal cancer scheduled to have surgery

Øystein Soug, CEO said: "2017 is looking to be a transformational year for Targovax. In the first quarter we reached a central value inflection point when we announced encouraging top-line survival data from our phase I/II TG01 trial in resected pancreatic cancer patients. We will be presenting survival, safety and immune activation data from this study in a poster presentation at the ASCO Annual Meeting in June. During the quarter we were pleased to appoint Erik Digman Wiklund as CFO, who joins us from Aker BioMarine Antarctic. This quarter our listing was upgraded to Oslo Børs, the main board at the Oslo Stock Exchange - another exciting milestone for the company."

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Presentation
The presentation will take place at 10:00 CET at:

Hotel Continental
Stortingsgaten 24/26
0117 Oslo

The presentation will also be webcast live and can be accessed through www.targovax.com.

Conference call
At 14:00 CET (08:00 EST) The company will host a telephone conference which will include a presentation of the results, following a Q&A session. CEO Øystein Soug and CFO Erik Digman Wiklund will present the company. Call in details can be found below.

Call-in numbers:
Norway Toll-Free Number: 800 19 747
Norway Toll Number: +472350 0559
UK Toll-Free Number: 08082370030
UK Toll Number: +442031394830
US Toll-Free Number: 1866 928 7517
US Toll Number: +1 718 873 9077

Access code: 10177309#

Please make sure to dial in at least 5-10 minutes ahead to complete your registration.

See attached list for more dial-in numbers.
http://events.arkadin.com/ev/docs/NE_FEL_Events_International_Access_List.pdf

Reporting material
The quarterly report and presentation are also available at the website  www.targovax.com.

For further information, please contact

Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@targovax.com

Media and IR enquires:
Jan Petter Stiff - Crux Advisers (Norway)
Phone: +47 995 13 891
Email: stiff@crux.no

Julia Phillips/Simon Conway - FTI Consulting (International)
Phone: +44 20 3727 1000
Email: Targovax@fticonsulting.com

About Targovax

Arming the patient's immune system to fight cancer

Targovax is a clinical stage company focused on developing and commercializing novel immuno-oncology therapies to target, primarily, treatment-resistant solid tumors. Immuno-oncology is currently one of the fastest growing therapeutic fields in medicine.

The Company's development pipeline is based on two novel proprietary platforms:

The first platform, ONCOS, uses oncolytic viruses, an emerging class of biological therapy. ONCOS exclusively uses an adenovirus that has been engineered to be an immune activator that selectively target cancer cells. In phase I it has shown to immune activate at lesional level which was associated with clinical benefit. We expect proof of concept data for this platform in 2017 from a clinical trial of lead product ONCOS-102 in patients with refractory malignant melanoma.

The second platform, TG peptides (TG), solely targets tumors that express mutated forms of the RAS protein. Mutations to this protein are common in many cancers and are known to drive aggressive disease progression and treatment resistance. There is a high unmet medical need for therapies that are effective against tumors that express these mutations. The TG platform's therapeutic potential stems from its ability to enable a patient's immune system to identify and then destroy tumors bearing any RAS mutations. In early 2017, key proof of concept data for the TG platform from a clinical trial of TG01 in resected pancreatic cancer patients showed encouraging overall survival and will give guidance for the future clinical development of this platform.

Targovax's development pipeline has three novel therapeutic candidates in clinical development covering six indications.

Both platforms are protected by an extensive portfolio of IP and know-how and have the potential to yield multiple product candidates in a cost-effective manner. Additionally, we have other products in early stages of development.

In July 2016, the Company listed its shares on Oslo Axess. In March 2017, the shares were upgraded to Oslo Børs, the main Oslo Stock Exchange.

[1]Survival is counted from time of resection which occurred on average  two months  prior to  first treatment

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.