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Novavax Announces Early Retirement of $17 Million of Convertible Debt
Date:4/29/2009

Transaction removes significant financial obligation and improves balance sheet

ROCKVILLE, Md., April 29 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX), a leader in the development of novel vaccines, today announced that it has reached an early payoff agreement with holders of $17 million of the total $22 million in outstanding convertible notes. These convertible notes carried a coupon rate of 4.75% payable semi-annually and had a maturity date of July 15, 2009. Under the terms of the early retirement, the Company will pay 70% of the principal plus accrued and unpaid interest in cash and will issue shares of its common stock for the remaining 30% of the principal by dividing that principal amount by $2.50 for a total payment of approximately $12 million in cash and 2,040,000 shares of common stock. The remaining $5 million in outstanding convertible notes will be due on July 15, 2009 and can be paid in cash at maturity at the Company's option.

"The transaction announced today to retire $17 million of our outstanding convertible notes removes a significant financial overhang from the Company. We have taken the opportunity to repay a larger portion of this debt in cash than was initially anticipated based on our current resources and market conditions. Removal of this indebtedness will allow the Company to continue its primary focus on the core mission of developing important new vaccines that can make a significant impact on human health," stated Rahul Singhvi, President and Chief Executive Officer of Novavax, Inc.

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 produces these VLP based, potent, recombina
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SOURCE Novavax, Inc.
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