Targovax announces that the ONCOS-102 and durvalumab trial successfully completes part 1 in colorectal cancer

· The pre-defined disease control efficacy threshold in part 1 in the colorectal
cancer cohort has been met
· The colorectal expansion cohort has been opened for recruitment of 14
additional patients
· The pre-defined disease control efficacy threshold in ovarian cancer was not
met and this cohort will be closed for enrollment

Oslo, Norway, 13 October 2020 - Targovax ASA (OSE: TRVX), a clinical stage
immuno-oncology company developing oncolytic viruses to target hard-to-treat
solid tumors, today announced that the colorectal cancer cohort in part 1 of the
ONCOS-102 and durvalumab trial in colorectal and platinum-resistant ovarian
cancer that has spread to the peritoneum has met the pre-defined efficacy
threshold of patients without progression at the end of week 24. The second part
of the colorectal expansion cohort is now open for recruitment.

The study is an open label, exploratory phase I/II trial assessing the
combination of intra-peritoneally delivered ONCOS-102 in combination with
systemically administered durvalumab, an anti-PD-L1 checkpoint inhibitor, in
patients with colorectal (CRC) or platinum-resistant ovarian (OC) cancers that
have metastasized to the peritoneal cavity. The trial is designed with a dose
-escalation phase assessing three different dosing levels, followed by an
expansion phase split into separate CRC and OC cohorts. The expansion phase is
divided into two parts, where the second part is opened only if a pre-defined
efficacy threshold is met in the first part. The efficacy threshold in the CRC
cohort is 1 out of 13 patients and 5 out of 18 patients in the OC cohort without
progression at week 24.

Ludwig Cancer Research, the trial sponsor, and the investigators have reviewed
the available data in part 1 of the expansion phase and concluded that the
threshold has been met in the CRC cohort. The second part of the CRC cohort has
therefore been opened for recruitment with the aim of enrolling 14 additional
patients. For OC, threshold was not met, and this cohort has been closed for
further recruitment.

Dr. Dmitriy Zamarin, Medical Oncologist at Memorial Sloan Kettering Cancer
Center (MSK), Investigator at the Ludwig Center at MSK and Principal
Investigator of the study, said: "Chemotherapy-resistant microsatellite-stable
colorectal cancer is a challenging disease to treat, with a response rate to
immune checkpoint inhibitor monotherapy of less than 5%. We are hopeful that the
immune activation by ONCOS-102 in peritoneal cavity may sensitize these tumors
to immune checkpoint inhibition and improve this response rate."

Dr. Magnus Jäderberg, Chief Medical Officer of Targovax, said: "The first part
of the trial has allowed us to determine which primary cancer holds most promise
for future development of ONCOS-102 in the intra-peritoneal setting. We are very
pleased to see that the efficacy threshold has been met for the CRC cohort, and
will now focus exclusively on this patient population of primary, platinum
-resistant CRC with peritoneal metastases for the second part of the trial. This
is a large patient group with no effective available treatment alternatives
today, and we are hopeful that this novel combination of immunotherapies can
deliver benefit in this disease with very high unmet medical need."

The trial is a collaboration between Targovax, AstraZeneca (LSE/STO/Nasdaq:
AZN), Cancer Research Institute (CRI) and Ludwig Cancer Research.