Targovax ASA issues options to new member of management

Oslo, 5 May 2020: Reference is made to the announcement made by Targovax ASA (“Targovax” or the “Company”) 30 April 2020 regarding the appointment of Victor Levitsky as the new CSO of the Company.

The Board of Directors has resolved to grant 250,000 share options in the Company under the Company’s long term incentive program, each with a strike price of NOK 9.14, to Victor Levitsky.

Following the grant Victor Levitsky holds no shares and 250,000 options in the Company.

The options are granted without consideration. Pursuant to the vesting schedule, 25% of the options will vest 12 months after the day of grant (as long as the option holder is entitled to be part of the option program). Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is entitled to be part of the option program, with the first 1/36 vesting 13 months after the day of grant. The exercise price is equal to the volume weighted average trading price of the shares of the Company on Oslo Børs on the date of the grant. Options that have not been exercised will lapse 7 years after the date of grant.

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

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


About Targovax

Activating the patient’s immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors. 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 peritoneal malignancies and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.