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Bavarian Nordic Update - 2007 Annual Results, IMVAMUNE(R) Delivery Contract, Strategy Process
Date:4/2/2008

Nordic must first fulfil the requirements connected with the potential use of the vaccine during a declared emergency. Provided that the HIV patient enrolment in the on-going Phase II study progresses as planned, the Company expects to be able to complete this study in late 2008 as previously announced. This Phase II HIV data package will be sent to the US health authorities as part of the evaluation of whether IMVAMUNE(R) could potentially be used in a declared emergency. Consequently, the first deliveries of vaccines are expected in 2009. With a view to optimizing the use of resources at the manufacturing facility at Kvistgard, delivery of vaccines is expected to be distributed more or less evenly over the period 2009-2011.

Changed prioritizing and optimization of pipeline

The Company's pipeline currently includes a total of six development programs in the following three areas: biodefense, cancer and infectious diseases.

Program Status Next milestone

Biodefense Smallpox (IMVAMUNE(R)) Phase II Phase III (2009)

Anthrax Preclinical Phase I (2008)

Cancer Breast Cancer Phase I/II Safety and

immunogenicity data

(2008)

Prostate Cancer Preclinical Phase I/II

(H1,2008)

Infectious HIV multiantigen Preclinical Phase I/II

diseases (H1,2008)

Measles and RSV Phase I Phase I in children

(H2, 2008)

Biodefense

This is the Company's principal area of business. The strategy for this area focuses on handling the entire value chain, all the way from developm
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SOURCE Bavarian Nordic A/S
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