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Novavax Announces New Capital Infusion Through a Strategic Alliance with Cadila Pharmaceuticals of India
Date:3/31/2009

or an aggregate of $11 million. Novavax intends to use this investment to pay a portion of its 4.75% senior convertible notes due in July, 2009 and for a variety of other corporate purposes, including internal research and development programs, working capital, and other general corporate purposes. Novavax expects to close this transaction on April 1, 2009. Dr. Rajiv I. Modi, Managing Director of Cadila, will join the Novavax Board of Directors effective immediately.

This strategic alliance will allow Novavax to utilize Cadila's world-class research, clinical development, and manufacturing expertise and infrastructure to support development of current and future vaccine candidates. Through a $7.5 million service contract over three years, Novavax will have the opportunity to take advantage of Cadila's low-cost, high-quality infrastructure to undertake part of the development of its novel vaccines in India to reduce its cash burn and ultimately extend its cash runway.

Dr. Rahul Singhvi, President and Chief Executive Officer of Novavax, stated: "We are excited to announce this first of several contemplated alliances, validating the regional approach to commercializing our vaccine technology around the world. Partnering with Cadila, one of India's leading pharmaceutical companies, and leveraging its substantial clinical and financial support along with low-cost infrastructure, has created a unique opportunity for us. This alliance offers us the potential to accelerate the development of our product candidates, explore promising new vaccine candidates, and introduce these products to one of the world's fastest-growing medical markets. Cadila's significant equity investment in Novavax has strengthened us financially and the services agreement with them will be supportive of our ongoing efforts to reduce the cost of developing our pipeline of products."

Dr. Rajiv Modi, Managing Director, Cadila Pharmaceuticals
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SOURCE Novavax, Inc.
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