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2016-06-02

Targovax ASA: Targovax receives approval in Australia to conduct a clinical trial withTG02 - an immunotheraphy treatment targeting RAS mutations

Oslo 2 June 2016: Targovax receives approval to conduct a study with TG02 and
pembrolizumab, a checkpoint inhibitor, in patients with locally recurrent RAS
mutated rectal cancer.

TGO2 is a cancer vaccine containing a mixture of 8 synthetic peptides
representing fragments of the most common RAS mutations seen in colorectal
cancer disease.

Mutations in RAS, a protein regulating cell growth, is seen in about 50% of
patients with colorectal cancer and 20-30% of all cancers. It is associated
with a lack of response to chemotherapy and poor prognosis. Previous and
ongoing clinical studies have shown that TG peptides are able to induce RAS
mutation specific immune responses. Targovax is the only research
organization with RAS mutated specific vaccines at clinical development
stage. This will be the first study with TG02 in humans and 20 patients will
be included at Australian sites.

The study will assess safety and immune activation, both at lesional level and
in peripheral blood. One cohort will only receive TG02 and another cohort
will receive TG02 in combination with pembrolizumab, a PD-1 receptor
inhibitor.

"We have already shown in other indications that TG peptides can induce
specific immune responses and that these are associated with clinical
benefits. However, this study will take us one step further in assessing
immune activation at tumor level. It will also give us an indication on how
our immune therapy may be enhanced when combining with a check point
inhibitor" says Magnus Jaderberg, CMO at Targovax.

For further information, please contact:

Gunnar Gårdemyr, CEO
Phone: +46 73 083 77 79
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.

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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

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