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Bavarian Nordic Publishes its Annual Results 2008
Date:3/27/2009

nt and obliged to notify the Company of transactions involving Bavarian Nordic securities is awarded 5,000 warrants under the abovementioned award of warrants.

The value of each warrant equals DKK 39 and is calculated on the Black-Scholes model with a risk-free interest rate of 2.5 per cent and on the historical volatility of the shares. The calculation is based on a market value of the share of DKK 103 per share.

The award of warrants will incur consequential amendments to the Articles of Association.

Forward-looking statements

This announcement includes "forward-looking statements" that involve risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

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 US government for the late-stage development and procurement of the company's third-generation smallpox vaccine, IMVAMUNE(R).

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

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SOURCE Bavarian Nordic A/S
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