Targovax ASA: GRANT OF SHARE OPTIONS

Oslo, 21 October 2021: Reference is made to the announcement made by Targovax ASA ("Targovax" or the "Company") 20 October 2021 regarding the appointment of Erik Digman Wiklund as the new CEO of the Company. The Board of Directors has resolved to grant 250,000 share options in the Company under the Company's long term incentive program, each with a strike price of NOK 6.59, to Erik Digman Wiklund. Following the grant of the 250,000 share options referred to above, Erik Digman Wiklund holds no shares and hold 1,000,000 options 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 entitled to be part of the option program). Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is entitled to be part of the option program, with the first 1/36 vesting 13 months after the day of grant. 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. Reference is made to the attached notification of trading for further details. Notification by Primary Insiders_EDW.pdf (https://mb.cision.com/Public/17093/3437524/bac63c2c8e36d5e2.pdf ) For further information, please contact: Erik Digman Wiklund, CEO Phone: +47 413 33 536 Email: erik.wiklund@targovax.com (http://javascript:DeCryptX('2g3u3l0k201x3l3n1m3x3q0d2B 1u0a0r3j1p1w3d3{0.2e2q0m')) Renate Birkeli, Investor Relations Phone: +47 922 61 624 Email: renate.birkeli@targovax.com 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 its 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 company's product candidates 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 clinical data in several indications, both in monotherapy and in multiple combinations, the next development steps for ONCOS-102 will be to further improve responses in melanoma patients resistant to or poorly responsive to current standard of care.