Novavax Reports First Quarter 2008 Financi...( ROCKVILLE Md. May 9 /- Novavax In...)

ROCKVILLE, Md., May 9 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today announced financial results for the first quarter 2008. Novavax reported a net loss of $7.8 million ($0.13 loss per share) for the first quarter of 2008 compared to a net loss of $8.4 million ($0.14 loss per share) for the first quarter of 2007. Total cash and short-term investments as of March 31, 2008 were $40.9 million compared to $46.5 million as of December 31, 2007. The cash burn for the quarter was $5.6 million.

The following are key achievements during the quarter as well as additional plans for the balance of the year:

-- Commenced Phase IIa clinical studies for its H5N1 pandemic influenza

vaccine as a continuation of the original Phase I/IIa trial which

started last year. An interim analysis in December 2007 was favorable,

indicating that this vaccine demonstrated immunogenicity at 15

microgram and 45 microgram dose levels and was well tolerated. The

Company remains on plan to report preliminary immunogenicity results

from the dose-ranging portion of this Phase IIa study in late third

quarter/early fourth quarter of 2008.

-- Continued as planned to advance its seasonal influenza vaccine program

through pre-clinical studies with a target of commencing human trials

in a Phase IIa study in early third quarter of 2008. The Company

believes the initial results from the pandemic influenza vaccine study

bode well for the seasonal program. It is important to note the safety

data generated in the ongoing Phase I/IIa H5N1 pandemic influenza study

will be used to support the safety database for our seasonal program

which will allow us to begin human trials for this program with a Phase

IIa trial.

-- Pending a successful outcome of the Phase IIa trial, an additional

Phase IIb trial of our seasonal infl
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