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Novavax Announces Closing of $18 Million Registered Direct Offering
Date:8/1/2008

ROCKVILLE, Md., Aug. 1 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) announced today that it has completed the previously announced registered direct equity financing of $18 million by issuing common stock and warrants (the "units") from its existing shelf registration statement. The Company sold 6,686,650 units to certain current and new institutional shareholders and certain affiliates of the Company. Each unit was comprised of one share of common stock and a warrant to purchase 0.5 shares of common stock and was sold at a purchase price of $2.68 per unit (or $2.8425 per unit for units sold to affiliates of the Company). The warrants, which represent the right to acquire 3,343,325 shares of common stock, will be exercisable at a price of $3.62 per share and have a five year term. The Company completed the financing without using the services of a placement agent or underwriter. Net proceeds of the offering after expenses are expected to be $17.6 million.

The Company intends to use the proceeds from this offering for pre-clinical and clinical studies for its VLP-based vaccines, internal research and development programs, working capital, capital expenditures and other general corporate purposes.

This offering was made pursuant to an existing effective shelf registration statement and was made directly by the Company. A prospectus supplement and the accompanying base prospectus was filed with the Securities and Exchange Commission ("SEC") on July 29, 2008 and may be obtained at the SEC's website at http://www.sec.gov.

About Novavax

Novavax, Inc. is a clinical-stage biotechnology company creating novel vaccines to address a broad range of infectious diseases worldwide using advanced proprietary virus-like particle (VLP) technology. The Company creates VLPs by genetically engineering three-dimensional, nanostructures, which incorporate immunologically important lipids and recomb
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SOURCE Novavax, Inc.
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