Targovax ASA issues options to employees

20 Dec 2022 22:14 CET

On the basis of the approval by the Annual General Meeting on 20 April 2022 to
authorize the Board of Targovax ASA to issue new shares to employees under the
Company long-term incentive program, the Board has resolved to issue new options
to employees of the Company. A total of 2,300,000 options for shares of the
Company were distributed amongst the members of the executive management and a
total of 1,780,000 options for shares of the Company were distributed amongst
other employees.

Each option, when exercised, will give the right to acquire one share in the
Company. The options are granted without consideration. Pursuant to the vesting
schedule, 25% of the options will vest 12 months after the day of grant (as long
as the option holder is still employed). Thereafter, 1/36 of the remaining
options will vest each month as long as the option holder is still employed,
with the first 1/36 vesting 13 months after the day of grant. The exercise price
of the options is NOK 1.15. The exercise price is equal to the volume weighted
average trading price of the shares of the Company on Oslo Børs on the date of
the grant. Options that have not been exercised will lapse 7 years after the
date of grant.

Primary insiders in Targovax ASA have received the following options grants,
according to the terms described above:

Chief Executive Officer Erik Digman Wiklund has been granted 600,000 share
options. Following the grant, he holds 100,000 shares and 1,800,000 options in
the Company.

Chief Financial Officer Lubor Gaal has been granted 400,000 share options.
Following the grant, he holds 0 shares and 700,000 options in the Company

Chief Development Officer Lone Ottesen has been granted 400,000 share options.
Following the grant, she holds 47,000 shares and 890,000 options in the Company.

VP and Head of Regulatory Affairs Ingunn Munch Lindvig has been granted 400,000
share options. Following the grant, she holds 10,000 shares and 792,000 options
in the Company.

VP and Head of Manufacturing Ola Melin has been granted 400,000 share options.
Following the grant, he holds 50,000 shares and 725,000 options in the Company.

Chief Scientific Officer Victor Levitsky has been granted 100,000 share options.
Following the grant, he holds 10,000 shares and 645,000 options in the Company.

PDMR notifications
20.12.22.pdf (https://mb.cision.com/Public/17093/3688092/ac8620144788b97a.pdf)

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media 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
immune activators to target hard-to-treat solid tumors. Targovax's focus is to
activate the patient's immune system to fight cancer, and to bring benefit to
cancer patients with few available treatment alternatives. Targovax is
developing its product candidates in different cancer indications, including
melanoma, mesothelioma, and multiple myeloma, and has demonstrated a favorable
safety and tolerability profile.

Targovax's lead clinical candidate, ONCOS-102, is a genetically modified
oncolytic adenovirus, which has been engineered to selectively infect cancer
cells and activate the immune system against the tumor. Following very
encouraging clinical data in several indications, both as monotherapy and in
combinations, ONCOS-102 is progressing into a randomized phase 2 trial in
melanoma patients resistant to PD-1 checkpoint inhibitor treatment.

Building on successful clinical studies which have provided deep mechanistic
insights into the tumor biology and the human immune systems, Targovax is
researching circular RNA (circRNA) as novel cancer medicines. In addition,
Targovax has a KRAS immunotherapy program, with lead cancer vaccine candidate,
TG01, expected to enter the clinic in an enhanced format in the second half of
2022.  Together this provides Targovax with a rich pipeline of innovative future
immunotherapy product candidates to follow ONCOS-102.

More information:
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578789_PDMR_notifications_20_12_22.pdf