Targovax ASA: Registration of share capital increase following settlement of restricted stock units

06 Mar 2023 15:33 CET

Oslo, 6 March 2023: Reference is made to the stock exchange announcement by
Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") on 2 March 2023, regarding
the board of directors' resolution to increase the share capital of the Company
in connection with the settlement of restricted stock units.

The share capital increase has now been registered with the Norwegian Register
of Business Enterprises (Nw. Foretaksregisteret). The Company's new share
capital is NOK 18,857,757.20, divided into 188,577,572 shares, each with a par
value of NOK 0,10.

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, multiple myeloma and pancreatic cancer.

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. ONCOS-102 has
demonstrated a favorable efficacy, immunological and safety profile in several
indications, both as monotherapy and in combinations, and ONCOS-102 is
progressing into a randomized phase 2 trial in melanoma patients resistant to PD
-1 checkpoint inhibitor treatment.

Targovax has also established a cutting-edge circular RNA (circRNA) program with
the intent to develop next generation RNA therapeutics for various applications,
building on clinical experience and deep mechanistic insights from its first
generation products.  In addition, Targovax has a KRAS immunotherapy program,
with lead candidate TG01 due to enter clinical trials in an enhanced format in
pancreatic cancer and multiple myeloma during early 2023. This provides Targovax
with a rich pipeline of innovative future therapeutic candidates to follow ONCOS
-102.

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