Oslo, 21 March 2019: Reference is made to the announcement by Targovax ASA
("Targovax" or the "Company") on 21 March 2019 regarding the completion of a
private placement of 10,521,973 new shares in the Company (the "Private
Following completion of the Private Placement, HealthCap V L.P. continues to own
12,405,584 shares in the Company, which based on the new share capital, expected
to be registered with the Norwegian Register of Business Enterprises on 27 March
2019, will constitute less than 20% of the shares in Targovax.
This information is subject to the disclosure requirements pursuant to section
4-3 of the Norwegian Securities Trading Act.