Targovax ASA: Commencement of subscription period

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT

Oslo, 3 July 2017: Reference is made to the stock exchange announcements by Targovax ASA ("Targovax" or the "Company") published on 30 June 2017 regarding the subsequent offering (the "Subsequent Offering") and listing of up to 2,000,000 new shares in the Company each with a par value of NOK 0.10 (the "Offer Shares").

The Subscription Rights will be listed and tradable on the Oslo Stock Exchange under the ticker "TRVX T" from today, 3 July 2017 until 16:30 hours (CET) on 12 July 2017. The subscription period in the Subsequent Offering also commences today on 3 July 2017 and will expire on 14 July 2017 at 16:30 hours CET. Subscription Rights that are not sold before 16:30 (CET) on 12 July 2017 or used to subscribe for Offer Shares before 16:30 hours (CET) on 14 July 2017 will have no value and will lapse without compensation to the holder.

ABG Sundal Collier ASA and DNB Markets, a part of DNB Bank ASA, are acting as Managers for the private placement and the Subsequent Offering.

For more information, please refer to the prospectus of the Company dated 30 June 2017. The Prospectus including the subscription form is available at the following websites: www.targovax.com , www.dnb.no/emisjoner and www.abgsc.no .

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For further information, please contact:

Erik Digman Wiklund, CFO Phone: +47 413 33 563 Email: erik.wiklund@targovax.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 an immune activator that selectively target cancer cells. In phase I it has shown to immune activate at lesional level which was associated with clinical benefit. We expect proof of concept data for this platform in 2017 from a clinical trial of lead product 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 trial of TG01 in resected pancreatic cancer patients showed encouraging overall survival and will give guidance for the future clinical development of this platform.

Targovax's development pipeline has three novel therapeutic candidates in clinical development covering six indications.

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. Additionally, we have other products in early stages of development.

In July 2016, the Company listed its shares on Oslo Axess. In March 2017, the shares were upgraded to Oslo Børs, the main Oslo Stock Exchange. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.