Targovax ASA - Receipt of subscription rights in the rights issue by primary insiders and their close associates

30 November 2021: Reference is made to the announcement made by Targovax ASA (the "Company") earlier today, on 30 November 2021, regarding the commencement of the subscription period for the rights issue (the "Rights Issue"). Please see the attached notifications of trade for information regarding the primary insiders and their close associates who have received subscription rights in the Rights Issue. Notification by Primary Insiders 301121.pdf (https://mb.cision.com/Public/17093/3463524/911b5cee11aa0382.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 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.