Bavarian Nordic A/S - Interim Report for the Period 1 January to 30...(nd engaged dialogue with stakeholders in...)

Currently, Bavarian Nordic is in close dialogue with more than ten different countries regarding acquisition of IMVAMUNE(R). Due to national security reasons, further details regarding these negotiations are not to be disclosed. The Company expects that the negotiations will lead to several contracts. However large orders are not expected until IMVAMUNE(R) has been registered.

Strengthening business development activities

Bavarian Nordic continues to reinforce its commercial organisation in order to support the growing activities within this field. Recently, the Company appointed Dr. Jurgen Langharig as Vice President of Business Development. Dr. Langharig will join Bavarian Nordic on 1 October 2008. He currently holds a similar position in Zealand Pharma. Previously he has worked with international business development in Novo Nordisk, Sandoz and Nycomed. He holds an MSc and PhD in industrial microbiology from the University of Tubigen in Germany, and an MBA from the University of St. Gallen.

With a new head of business development, Bavarian Nordic continues its efforts to maximise the value of the Company's pipeline by actively seeking partnerships and licensing agreements in order to fulfil the goals of the Company's strategy.

Research and development

Biodefense

IMVAMUNE(R) - third generation smallpox vaccine

To-date, more than 1,900 subjects have been vaccinated with IMVAMUNE(R), of which more than 700 subjects are immune-compromised (HIV and people diagnosed with Atopic Dermatitis (AD)).

In addition to the 300 HIV infected subjects that have been enrolled in a Phase II study, an additional arm of a further 100 HIV infected subjects with a previous exposure to conventional smallpox vaccine was added to this study during the first half of 2008. This part of the study was funded by the NIH as part of the additional funds made avai
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