Targovax ASA: Mandatory notification of trade by primary insiders in connection with settlement of RSUs

Oslo, 19 May 2021: Reference is made to Targovax ASA's ("Targovax" or the "Company") stock exchange announcement published on 18 May 2021, regarding the board of directors' resolution to increase the Company's share capital with NOK 2,129.90 by the issuance of 21,299 new shares, each with a nominal value of NOK 0.10, in order to facilitate an exercise of 21,299 RSUs pursuant to the Company's RSU program for Board members. Primary insider, Bente-Lill Romøren, member of the board of directors, has exercised 15,250 restrictive stock units ("RSUs") under her RSU agreement and subscribed for 15,250 new shares in the Company following the exercise of RSUs. The exercise price for the options was NOK 0.10 per new share. Following the RSU exercise and subscription of new shares and the registration of the share capital increase pertaining to the new shares with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret), Bente-Lilll Romøren holds 35,577 shares, 11,361 RSUs and nil options in Targovax. Please refer to the attached notification of trading for further details. Mandatory notification of trade 190521.pdf (https://mb.cision.com/Public/17093/3349459/8f8adcda2c27566c.pdf) For further information, please contact: Øystein Soug, CEO Phone: +47 906 56 525 Email: oystein.soug@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 IR enquires: Kim Sutton Golodetz - LHA Investor Relations (US) Email: kgolodetz@lhai.com Phone: +1 212-838-3777 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 aims to unlock greater clinical benefits in cancer patients by deploying multifunctional platforms to target key immune regulators and oncogenic drivers. Targovax's focus is to "activate the patient's immune system to fight cancer", thus extending and transforming the lives of cancer patients. Targovax's pipeline aims at different cancer indications, including melanoma, mesothelioma and colorectal cancer. The products are designed to harness the patient's own immune system to fight the cancer, whilst also delivering 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 to fight the cancer. On the back of very encouraging data in several indications, in monotherapy and in multiple combination, the next development steps for ONCOS-102 will involve a clinical trial with registration intent in checkpoint inhibitor refractory melanoma.