Targovax ASA: Resolutions to increase the share capital in Targovax ASA in relation to exercise of employee options and settlement of restricted stock units

The board of directors of Targovax ASA (the "Company"), has on 18 August 2017, in accordance with the authorizations granted by the general meeting 5 April 2017, resolved:

• to increase the share capital of up to NOK 113,514.20 by issuance of up to 1,135,142 new shares, each with a nominal value of NOK 0.10 in order to facilitate the exercise of vested employee options; and
   
• to increase the share capital of up to NOK 10,918 by issuance of up to 109,180 new shares, each with a nominal value of NOK 0.10 in order to facilitate the settlement of vested restricted stock units ("RSUs") granted to the board of directors in the Company.

Depending on the number of vested options exercised and vested RSUs settled, the share capital may
be increased from NOK 5,256,438.10 to up to NOK 5,380,870.30 in total. The share capital increases will be registered in the Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible after the exact amount of the capital increases has been determined and the share capital has been fully paid up.

For further information, please contact:

Erik Digman Wiklund, CFO
Phone: + 47 413 33 536
Email: erik.wiklund@targovax.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 targets cancer cells. In phase I it has shown to immune activate at lesional level which was associated with clinical benefit. In an ongoing phase I trial in advanced melanoma we expect important proof of concept data for checkpoint inhibitor refractory patients.  

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, Targovax has 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.

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