Bavarian Nordic A/S - Interim Report for the Period 1 January to 30...(e than 1900 subjects have been vaccinate...)

- Two vaccine candidates enter clinical trials

During first half of 2008, Bavarian Nordic initiated clinical trials with its prostate cancer vaccine and its HIV multiantigen vaccine.

- Bavarian Nordic enforces its intellectual property rights

Bavarian Nordic has filed a patent infringement suit against Oxford BioMedica in the United States. The claim in this case is that Oxford BioMedica has infringed Bavarian Nordic's patents by commercializing the patented technology in ways that have yielded large payments from Sanofi-Aventis under the agreement between them for the development and commercialization of TroVax(R).

- Cash position to improve with DKK 153 million due to realisation of

forward rate agreements

After the close of the accounts, Bavarian Nordic has realised forward exchange contracts of USD 200 million. The improvement of the net free liquidity during the period until end of March 2009 from this transaction is DKK 153 million, of which DKK 140 million are payable in 2009. The Company has entered into new forward exchange contracts of USD 200 million at the exchange rate of DKK 4.72 to secure USD-revenue.

Update on U.S. contract activities (RFP-3)

Bavarian Nordic continues on track towards fulfilling the $500m contract with the U.S. government. Activities to support the initiation of delivery of the 20 million doses of IMVAMUNE(R) are ongoing and include the completion of the Phase II HIV data package, with outstanding data from a Phase II study in 300 HIV infected subjects that had no prior smallpox vaccination.

Recruitment in this study was completed in the second quarter of 2008 and the interim safety data will be reported in the second half of 2008. Subsequently, the data package will be submitted to the U
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