Targovax to present clinical data on its phase I/I

Oslo, Norway, 6 April 2017: Targovax ASA ("Targovax" or "the Company"; OSE: TRVX), a clinical stage company focused on developing immuno-oncology therapies to target treatment-resistant solid tumors, today announces that clinical data from the phase I/II clinical trial evaluating TG01 in resected pancreatic cancer will be presented at the American Society of Clinical Oncology ('ASCO') Annual Meeting 2017 at McCormick Place in Chicago, Illinois, 2-6 June 2017.

The abstract title will be released on 20 April and the abstract will be released on 17 May on abstracts.asco.org .

Please see the press release dated 2 February 2017 for more information.

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For further information, please contact: Renate Birkeli, Investor Relations Phone: +47 922 61 624 Email: renate.birkeli@targovax.com

Media and IR enquires: Jan Petter Stiff - Crux Advisers (Norway) Phone: +47 995 13 891 Email: stiff@crux.no

Julia Phillips/Simon Conway - FTI Consulting (International) Phone: +44 20 3727 1000 Email: Targovax@fticonsulting.com

About Targovax Arming the patient's immune system to fight cancer

Targovax is a clinical stage company focused on developing and commercializing novel immuno-oncology therapies to target, primarily, treatment-resistant solid tumors. Immuno-oncology is currently one of the fastest growing therapeutic fields in medicine.

The Company's development pipeline is based on two novel proprietary platforms:

The first platform, ONCOS, uses oncolytic viruses, an emerging class of biological therapy. ONCOS exclusively uses an adenovirus that has been engineered to be a tumor-targeted immune activator. The platform has the potential to generate therapies with superior efficacy and safety compared to the first approved oncolytic virus therapy, Imlygic ^® , launched by Amgen. We continue to expect key proof of concept data for this platform in 2017 from a clinical study of lead program ONCOS-102 in patients with refractory malignant melanoma.

The second platform, TG peptides (TG), solely targets tumors that express mutated forms of the RAS protein. Mutations to this protein are common in many cancers and are known to drive aggressive disease progression and treatment resistance. There is a high unmet medical need for therapies that are effective against tumors that express these mutations.  The TG platform's therapeutic potential stems from its ability to enable a patient's immune system to identify and then destroy tumors bearing any RAS mutations. In early 2017, key proof of concept data for the TG platform from a clinical study of TG01 in resected pancreatic cancer patients showed encouraging overall survival and will guide the future plans for the clinical development of TG01.

Targovax's development pipeline has three novel therapeutic candidates in clinical development covering six indications. Already promising safety and tolerability data and early signs of clinical response have been demonstrated.

Both platforms are protected by an extensive portfolio of IP and know-how and have the potential to yield multiple product candidates in a cost-effective manner. We have a number in early stages of development in addition to the three outlined above.

About ASCO Annual Meeting 2017

The 2017 ASCO Annual Meeting is organized by American Society Of Clinical Oncology (ASCO) and will be held during Jun 2 - 6, 2017 at McCormick Place - Chicago, Illinois, United States of America.

The Annual Meeting brings together more than 30,000 oncology professionals from around the world to discuss state-of-the-art treatment modalities, new therapies, and ongoing controversies in the field. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.