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Bavarian Nordic A/S - Interim Report for the Period 1 January to 30 June 2008
Date:8/19/2008

KVISTGARD, Denmark, August 19 /PRNewswire-FirstCall/ -- Today Bavarian Nordic published the company's interim report as of 30 June 2008. The full financial statements are available on the company's website. Below is an extract of the most significant matters in the report as well as events after the balance sheet date.

In the first half of 2008 Bavarian Nordic generated revenue of DKK 23 million and recorded a loss before tax of DKK 119 million. The expectations for the financial result for the full year 2008 are maintained at revenues in the level of DKK 180 million, and a pre-tax loss in the level of DKK 225 million. The main part of the revenue comprises of a milestone payment under the RFP-3 contract, which is expected in the fourth quarter of 2008. As of 30 June 2008 the Group's net free liquidity was DKK 882 million. The Company raises its expectations for the net free liquidity at year-end 2008 from approx. DKK 500 million to approx. DKK 620 milllion. The increase comprises of DKK 80 million from released trusted funds and DKK 40 million from realised fair value of forward rate agreements.

Highlights

- Bavarian Nordic partners with the National Cancer Institute in the US

In August, Bavarian Nordic entered into a scientific partnership with the National Cancer Institute. NCI and Bavarian Nordic will jointly develop new immunotherapies for the treatment of prostate cancer. Through the collaboration, the company has obtained rights to intellectual property rights covering a prostate cancer vaccine product candidate in late phase II clinical development.

- Bavarian Nordic has signed contract with Asian country for the delivery

of IMVAMUNE(R)

Bavarian Nordic has signed a three-year contract with the government of an Asian country for the delivery of a small order of IMVAMUNE(R) for the country's biodefense programme.

- More than 1,900 subjects now vaccinated with IMVAMUNE(R)

To-date, mor
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SOURCE Bavarian Nordic A/S
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