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Completion of NOK 200 million private placement

Oslo, 9 July 2015: Targovax AS (NOTC: TRVX, “Targovax”) is pleased to announce that, further previous announcements made by Targovax, the NOK 200 million private placement (the “Private Placement”) has been completed. As a result 8 000 000 new shares have been issued to investors that were allocated shares in the Private Placement.

Targovax’ specific immunotherapy vaccines for patients with RAS-mutated cancers and engineered oncolytic viruses armed with potent immune-stimulating transgenes provides two unique platforms for the development of cutting-edge vaccines and immunotherapies targeting multiple cancer indications.

Targovax will use the net proceeds from the Private Placement to accelerate its clinical program. Notably the company will finalise the ongoing phase I/II study in resected pancreatic cancer where interim data will be available 2016. Targovax also intends to start a broad range of phase I/II studies in patients with malignant plural mesothelioma, malignant melanoma, prostate cancer, colorectal cancer and ovarian cancer during next year. Since both platforms are highly suitable for combination therapies, Targovax will continue to explore new opportunities for combination therapies to maximize efficacy with good tolerability.

Following completion of the Private Placement, the share capital of Targovax is NOK 2,685,880.80, divided into 26 858 808 shares, each with a nominal value of NOK 0.10.

Following the completion of the Private Placement, HealthCap holds 32% and the Norwegian Radium Hospital Research Foundation holds 13% of the outstanding shares in Targovax. HealthCap and the Norwegian Radium Hospital Research Foundation have entered into lock-up agreements for their shares for the period until the earlier of (i) completion of an initial public offering of the company or (ii) the day falling 12 months after the completion of the Private Placement.

Targovax intends to complete an initial public offering (“IPO”) within 12 months after completion of the Private Placement. Until the IPO, the company will remain listed on the NOTC list.

For further information, please contact:

Gunnar Gårdemyr, Chief Executive Officer
Mobile: +41 798 340 585

Øystein Soug Chief Financial Officer
Mobile: +47 906 56 525