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2016-10-21

Targovax ASA: Targovax presents ONCOS-102 scientific rationale at the European Society of Gene and Cell Therapy

Studies to date have shown the ability of ONCOS-102 to immune activate
patients with treatment refractory malignant mesothelioma at lesional level
Oslo, 21thOctober, 2016: Targovax, a clinical stage company focused on
developing and commercializing novel immuno-oncology combination therapies,
has today presented the scientific rationale for the clinical development of
ONCOS-102 in the treatment of malignant mesothelioma at the European Society
of Gene and Cell Therapy 2016 in Florence, Italy.

Lukasz Kuryk, Senior Research Scientist with Targovax, will review in-vitro,
in-vivo and clinical data that support the clinical development of ONCOS-102
in malignant mesothelioma. This includes pre-clinical data demonstrating
synergism between ONCOS-102 and pemetrexed/cisplatin, the standard of care
for malignant mesothelioma.

Clinical data from a recently completed Phase I study show how ONCOS-102 was
able to immune activate patients with treatment refractory malignant
mesothelioma at a lesional level by performing both baseline and follow-up
biopsies. The immune monitoring results show an increase in tumor
infiltrating lymphocytes (TIL), pro-inflammatory cytokines and chemokines.
One of the patients had tumor specific CD8+ T-cells detected systemically and
later a 47% reduction of tumor burden measured on PET scan.

Lukasz Kuryk, Senior Research Scientist with Targovax, said, "We are very
encouraged by these preliminary clinical data, which shows how ONCOS-102 acts
as a tumor-targeted immune activator."

Gunnar Gårdemyr, CEO of Targovax, added, "ONCOS-102 is one of our highly
targeted products arising from one of our two novel proprietary platforms.
ONCOS-102 has Orphan Drug Designation for Mesothelioma in US and Europe and
we believe that it has the potential to address a high unmet medical need in
a very difficult to treat cancer indication"."

Targovax has recently initiated a randomized clinical trial in malignant
mesothelioma in Europe where ONCOS-102 will be used in combination with
pemetrexed/cisplatin. The trial's main objectives are determination of
safety, immune activation at lesional level and in peripheral blood, clinical
response and the correlation between clinical outcome and the immunological
activation with a first read out in 2017.

ONCOS-102 is a purposefully engineered human serotype 5/3 adenovirus coding
for human GM-CSF optimized to induce systemic anti-tumor T-cell response in
cancer patients. In Phase I, ONCOS-102 treatment induced tumor specific
immune activation both at systemic and lesional level. The immune activation
was associated with clinical benefit.

Malignant mesothelioma is a rare type of cancer often caused by exposure to
asbestos. There are no curative treatments although surgery, chemotherapy and
radiotherapy can sometimes help to improve patient prognosis and life
expectancy. Pemetrexed and cisplatin is the only standard of care
chemotherapy for malignant mesothelioma, but the median PFS/OS
(progression-free survival/overall survival) from the initiation of treatment
is only approximately 12 months. There is therefore a significant medical
need to develop more effective treatments.
For further information, please contact:

Gunnar Gårdemyr, CEO
Phone: +46 73 083 77 79
Email: ggardemyr@targovax.com

Øystein Soug, CFO
Phone: +47 90 6565 25
Email: oystein.soug@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 (OSE: TRVX) 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.

In July 2016 the Company listed its shares on Oslo Axess, securing funding for
further development of the Company's ongoing and planned trials.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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

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