Targovax ASA: Exercise of options and resolution to increase the share capital

Oslo, 8 December 2020: The board of directors of Targovax ASA (OSE:TRVX) (“Targovax” or the “Company”) has today resolved to increase the share capital of the Company following the completion of an exercise period for vested share options under the Company’s long-term incentive program for employees. The exercise period for the employee options commenced on 3 December 2020 at 11:00 hours (CET) and ended on 8 December 2020 at 11:00 hours (CET).

1. Exercise of options

In total, 10,726 options were exercised, giving the option holders the right to subscribe for 10,726 shares, each with a par value of NOK 0.10, at a subscription price of NOK 7.74 per share.

2. Resolutions to increase the share capital in Targovax ASA

The Company’s board of directors has on 8 December 2020, in accordance with the authorisation granted by the general meeting on 29 April 2020, resolved to increase the share capital with NOK 1,072.60 by the issuance of 10,726 new shares, each with a par value of NOK 0.10 in order to settle the exercise of options.

Accordingly, the new share capital of the Company is NOK 8,653,131.80, divided into 86,531,318 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.

For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media enquires:
Andreas Tinglum – Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

IR enquires:
Kim Sutton Golodetz – LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777

About Targovax

Activating the patient’s immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors. Targovax aims to unlock greater clinical benefits in cancer patients by deploying multifunctional platforms to target key immune regulators and oncogenic drivers. Targovax’s focus is to “activate the patient’s immune system to fight cancer”, thus extending and transforming the lives of cancer patients with targeted therapeutic cancer immunotherapies. The Group’s pipeline aims at different cancer indications, including melanoma, mesothelioma and colorectal cancer. The products are designed to harness the patient’s own immune system to fight the cancer, whilst also delivering a favorable safety and tolerability profile. Further, the products are well positioned for combinations with other treatment approaches, including other immunotherapies, surgery, radiation and chemotherapy.

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 colorectal cancer and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.