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2016-05-12

Targovax ASA: Interim report first quarter 2016

* Promising data for interim survival analysis of a first cohort of the
ongoing open label, phase I/II of TG01/GM-CSF and gemcitabine in patients
with resected pancreatic cancer
* Conducted an interim DTH immunological response of a second cohort of the
same trial, supporting results from the first cohort
* Progression in preparations of five new combination clinical trials,
according to plan. All studies are in process of being set up. Submissions
to competent authorities and ethical committees initiated
* First quarter 2016 operating expenditures of NOK 31 million
* Current cash holdings of NOK 141 million with secure funding throughout 2H
2016

During the first quarter of 2016, Targovax identified promising data from an
interim survival analysis of a first cohort and conducted an interim DTH
immunological response evaluation of a second cohort of a phase I/II
combination study of TB01/GM-CSF and gemcitabine(chemotherapy).

The interim analysis in March indicated promising 1-year overall survival data
when combining TG01 with gemcitabine as supplementary treatment of patients
with pancreatic cancer, while the response evaluation in April showed that
the modified and reduced vaccination schedule generates similar 8-week immune
responses in patients with pancreatic cancer, as seen in the initial cohort.

Preparation of new combination clinical trials progressed according to plan,
and by the end of first quarter, five new studies are in the process of being
set up.

"I am satisfied with development in the first quarter. We manage to keep a
lean operation while progressing our clinical program according to plan. Our
funding situation is satisfactory, as we have funding through 2016 and even
into 2017 by adjusting our current operating model", says CEO Gunnar
Gårdemyr.

Reporting material

The quarterly report and presentation are also available at
http://targovax.com/investors/quarterly-reports.

Conference call

Today, May 12, 2016 at 14:30 CET (08:30 EST) Targovax will host a telephone
conference which will include a presentation of the results, followed by a
Q&A session. CEO Gunnar Gårdemyr, CFO Øystein Soug and CMO Magnus Jäderberg
will be presenting on the call. Call in details can be found below.

Call-in numbers:
Norway Toll-Free Number: 800 19 747
Norway Toll Number: +472350 0559
UK Toll-Free Number: 08082370030
UK Toll Number: +442031394830
US Toll-Free Number: 1866 928 7517
US Toll Number: +1 718 873 9077

Access code:14438925#

Please make sure to dial - in at least 5-10 minutes ahead to complete your
registration.

See attached list for more dial-in numbers.
http://wpc.1726.planetstream.net/001726/FEL_Events_International_Access_...

For further information, please contact

Gunnar Gårdemyr, CEO
Phone: +41 798 340 585
Email:ggardemyr@targovax.com

Øystein Soug, CFO
Phone: +47 906 56 525
Email:oystein.soug@targovax.com

Arming the patient's immune system to fight cancer

Targovax is a clinical stage immuno-oncology company developing targeted
immunotherapy treatments for cancer patients. Targovax has a broad and
diversified immune therapy portfolio and aims to become a world leader in its
area. The company is currently developing two complementary and highly
targeted approaches in immuno-oncology.

ONCOS - 102 is a virus-based immunotherapy platform based on engineered
oncolytic viruses armed with potent immune-stimulating transgenes targeting
solid tumors. This treatment is designed to reactivate the immune system's
capacity to recognize and attack cancer cells.

TG01 and TG02 are part of a peptide-based immunotherapy platform targeting the
difficult to treat RAS mutations found in more than 85% of pancreatic
cancers, 50% of colorectal cancer and 20-30% of all cancers. Targovax is
working towards demonstrating that TG vaccines will prolong time to cancer
progression and increase survival.

These product candidates will be developed in combination with multiple
treatments, including checkpoint inhibitors in several cancer indications.
Targovax also has a number of other cancer immune therapy candidates in the
early stages of development.

Targovax Q1 report
http://hugin.info/171039/R/2011978/745087.pdf
Targovax Q1 presentation
http://hugin.info/171039/R/2011978/745086.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Targovax ASA via Globenewswire

HUG#2011978

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