Targovax ASA: Grant of share options Oslo, Norw

Oslo, Norway, 9 December 2016: The Board of Directors of Targovax ASA (the "Company") has resolved to grant 420,000 options to subscribe for shares in the Company to employees under the Company's long term incentive program.

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 12,39. 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 Medical Officer Magnus Jäderberg has been granted 120,000 share options. Following the grant, he holds 20,000 shares and 510,000 options in the Company.

VP Clinical Development Anne-Kirsti Aksnes has been granted 100,000 share options. Following the grant, she holds 12,000 shares and 153,000 options in the Company.

Site Manager Helsinki Tiina Hakonen has been granted 20,000 share options. Following the grant, she holds no shares and 45,000 options in the Company.

Head of CMC Berit Iversen has been granted 20,000 share options. Following the grant, she holds 7,587 shares and 90,000 options in the Company.

###

For further information please contact: Øystein Soug, CEO Phone: +47 906 56 525 Email: oystein.soug@targovax.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.