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

on (DKK 448 million). The Company has released trusted funds of DKK 80 million to improve the net free liquidity. Furthermore, there are unused credit facilities of DKK 20 million.

About Bavarian Nordic

Bavarian Nordic A/S is a leading industrial biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's business strategy is focused in three areas: biodefence, cancer and infectious diseases. Bavarian Nordic's proprietary and patented technology MVA-BN(R) is one of the world's safest, multivalent vaccine vectors. Bavarian Nordic has ongoing contracts with the U.S. government for the late-stage development and procurement of the company's third-generation smallpox vaccine, IMVAMUNE(R).

Bavarian Nordic is listed on the OMX Nordic Exchange Copenhagen under the symbol BAVA.

For more information please visit http://www.bavarian-nordic.com

"Safe Harbour" Statement Under the Private Securities Litigation Reform Act of 1995:

Except for the historical information contained herein, this release contains "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. No "forward-looking statement" can be guaranteed, and actual results may differ materially from those projected. Bavarian Nordic undertakes no obligation to publicly update any "forward-looking statement", whether as a result of new information, future events, or otherwise. Additional information regarding risks and uncertainties is set forth in the current Annual Report, which we incorporate by reference.


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