Targovax is prioritizing resources to unlock the potential of its circRNA platform

· Targovax has an early mover advantage in circRNA, a novel area of ​​RNA therapeutics that is generating significant interest from pharmaceutical companies and investors internationally. · Targovax remains convinced of the significant potential of ONCOS-102 but due to the current difficult market conditions will not proceed to phase 2 development until a partnership or additional funding is secured · The externally funded joint clinical trials of the improved mutant RAS vaccine TG01 will continue as planned in US and Norway New focus will significantly reduce costs and enable full acceleration of circRNA development Platform potential supported by proposed Atlas funding Oslo, Norway, March 7, 2023 Targovax ASA (OSE: TRVX) announced today that it will focus existing financial resources on the development of its circular RNA (circRNA) platform to capitalize on its significant early mover advantage and global competitive position. This prioritization will significantly reduce costs and allow for further acceleration of the development of the circRNA platform in collaboration with the Karolinska Institute in Stockholm, supported by proposed funding from Atlas Special Opportunities, LLC (“Atlas”). Targovax has a differentiated vector-based approach to circRNA delivery and offers a unique opportunity to take a leading position in this emerging field of novel RNA therapeutics. Global transaction value for private RNA biotech funding has more than doubled in 2021-22, with circRNA concepts accounting for >40% of total transaction value. Given this significant current momentum and a rapidly evolving field, Targovax’s management and board of directors believe that the company’s current resources should be prioritized to accelerate the circRNA program. ONCOS-102 has demonstrated strong data in Phase 1 and a scientifically sound and differentiated Phase 2 development plan has been prepared, supported by international cancer experts, partners and regulatory authorities. However, to conserve capital, the Company has made the decision not to proceed with the Phase 2 program until a partnership and/or additional funding is secured. The total cost for the ONCOS-102 phase 2 trial, including related manufacturing and delivery, is estimated to be up to NOK 400 million. Therefore, this decision will result in significant cost savings and reduced cash burn. The TG01 mutant RAS cancer vaccine program is unaffected. Two joint clinical trials are currently underway in the US and Norway, supported by academic and commercial partners and research grants from Innovation Norway and the Norwegian Research Council. dr Erik Digman Wiklund, CEO of Targovax, said: “Given the current challenging biotech funding environment, we have decided to prioritize resources to accelerate the pre-clinical circRNA program. Our world-leading circRNA scientists have developed a clearly differentiated approach that represents a unique opportunity to capitalize on our first-mover advantage in this emerging area, which is attracting rapidly growing interest from industry partners and investors. We remain strong believers in the potential of ONCOS-102 and are looking at strategic options to enable further clinical development.” Damian Marron, Chairman of Targovax, added: “The biotech sector globally and particularly in Norway has faced strong headwinds over the past 18 months Our current stock price and the high capital requirements of the ONCOS-102 development program, the Board has concluded that prioritizing our unique and proprietary circRNA program represents the clearest path to shareholder value creation in the near to mid-term.” Our team at scientists at Karolinska Institutet in Stockholm, led by Dr Thomas Hansen, Research Dr. Thomas Hansen, can now fully focus on realizing the significant potential of our circRNA platform. The Atlas funding is essential to give us access to flexible capital to implement this plan and the board strongly recommends all shareholders to support the proposed NOK 300 million convertible bond facility.” About circular RNA CircRNA is a emerging class in the fast-growing field of RNA therapeutics with the potential to overcome key linear mRNA challenges, including chemical instability, immunogenicity and delivery, that currently limit its therapeutic applications.Targovax has a unique proprietary approach to delivery of circRNA vectors , circAde, which has broad potential in areas such as oncology, vaccines, gene therapy and cell therapy.The circAde system clearly differentiates itself from competitors with the only known approach for circRNA delivery to solid tumors and is characterized by unique know-how and a rapidly growing IP portfolio ok protected. An Extraordinary General Meeting will be held at the company’s offices in Lysaker on 9 March 2023 at 10:00 CET to approve the investment agreement for up to NOK 300 million in convertible bonds with Atlas. For further information please contact: Erik Digman Wiklund, CEO Phone: +47 413 33 536 Email: [email protected] Renate Birkeli, Investor Relations Phone: +47 922 61 624 Email: renate. [email protected] Media Enquiries: Andreas Tinglum – Corporate Communications (Norway) Phone: +47 9300 1773 Email: [email protected] Immunoactivators against hard-to-treat solid tumors. Targovax is focused on activating the patient’s immune system to fight cancer and helping cancer patients with few treatment alternatives available. Targovax is developing its product candidates in multiple cancer indications, including melanoma, mesothelioma, multiple myeloma and pancreatic cancer. Targovax’s lead clinical candidate, ONCOS-102, is a genetically engineered oncolytic adenovirus designed to selectively infect cancer cells and activate the immune system against the tumor. ONCOS-102 has demonstrated a favorable efficacy, immune and safety profile in multiple indications, both as monotherapy and in combination, and a Phase 2 study in melanoma patients resistant to treatment with PD-1 checkpoint inhibitors are is planned. Targovax has also established a state-of-the-art circular RNA program (circRNA) with the intent to develop next-generation RNA therapeutics for various applications, building on clinical experience and deep mechanistic insights from its first-generation products. In addition, Targovax has a KRAS immunotherapy program with lead candidate TG01, which is planned to enter clinical trials in pancreatic cancer and multiple myeloma in early 2023 in an expanded format. As a result, Targovax has a rich pipeline of innovative future therapeutic candidates. This information is considered inside information under the EU Market Abuse Regulation and is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act. The stock market announcement was published by Renate Birkeli, Investor Relations, Targovax ASA.

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