Targovax ASA: second quarter and first half 2020 results

Oslo, Norway, 20 August 2020 - Targovax ASA (OSE: TRVX), a clinical stage
biotechnology company developing immune activators to target hard-to-treat solid
tumors, today announces its second quarter and first half 2020 results.

An online presentation by Targovax's management to investors, analysts and the
press will take place at 10:00 CET today (details below).

HIGHLIGHTS FOR THE SECOND QUARTER AND FIRST HALF 2020

Data

  · Announced encouraging clinical and immune data in mesothelioma combining
ONCOS-102 and chemotherapy demonstrating that ONCOS-102 activates patients'
immune system far more extensively than chemotherapy
  · Presented interim data from safety lead-in cohort in the ovarian and
colorectal (peritoneal metastasis) trial at ASCO
  · Presented pre-clinical data from Next Generation ONCOS at AACR
  · Completed enrollment in the melanoma trial

Collaborations

  · Entered into a collaboration with Merck to test ONCOS-102 in combination
with Keytruda and chemotherapy in mesothelioma
  · Entered into a collaboration with Leidos to equip ONCOS viruses with genetic
elements encoding for small peptides with checkpoint inhibitor functionality
  · Entered into an option agreement with IOVaxis Therapeutics for a TG mutant
RAS vaccine license agreement in Greater China and Singapore
  · Entered into a collaboration to develop mutant RAS neoantigen coating of
ONCOS viruses using Valo Therapeutic's PeptiCRAd technology
  · Entered into a collaboration with Oblique Therapeutics to target mutant RAS
cancers by combining both companies' technology platforms

Corporate

  · Completed a private placement, raising NOK 101 million (USD 11.2 million)
  · Announced election of Damian Marron as Chairman of the Board
  · Appointed Dr Victor Levitsky, MD, PhD as CSO


Øystein Soug, CEO commented: "Targovax had a highly productive second quarter
this year. Most importantly, we reported 12-month immune and efficacy data for
ONCOS-102 in mesothelioma, our lead indication, in combination with standard of
care chemotherapy (SoC). Based on the promising findings so far, we have started
preparations for a subsequent randomized phase II trial where we will add a
checkpoint inhibitor to the ONCOS-102 and chemotherapy combination. We are very
pleased to have secured a clinical collaboration agreement with Merck for this
trial, who will provide Keytruda® and valuable scientific and clinical support
for the trial. Additionally, three new innovative collaborations, of which two
of them were RAS collaborations, were signed during the quarter, indicating a
high interest in Targovax."

Presentation
As a consequence of the Corona situation, there will not be a physical
presentation of the results. Instead, we invite to a live webcast today at 10.00
CET. You can join the webcast
here (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200820_6). It
will be possible to ask questions during the presentation.
Reporting material
Targovax 2Q 2020 -
report (https://mb.cision.com/Public/17093/3176462/9f1787042612366f.pdf)
Targovax 2Q 2020 -
presentation (https://mb.cision.com/Public/17093/3176462/acc96ffab3688287.pdf)
The quarterly report and presentation are also available at the website
www.targovax.com (https://www.targovax.com/en/financial-reports/).

For further information, please contact:
Renate Birkeli, Investor Relations
Phone: [phone]
Email: [e-mail]
Media and IR enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: [phone]
Email: [e-mail]

About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing
oncolytic viruses to target hard-to-treat solid tumors. Targovax's lead product
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.

ONCOS-102 is currently being tested in mesothelioma, melanoma and peritoneal
malignancies and has already shown promising clinical results both as
monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.

Click here for more information

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