Novavax Reports First Quarter 2008 Financi...(uenza vaccine program is planned in ...)

older adult subjects commencing in the fourth quarter of 2008. The

intent of this head-to-head trial is to evaluate the immunogenicity of

the seasonal influenza VLP vaccine candidate as compared with that of

an approved, marketed vaccine in the older adult population.

-- Continued to advance two additional new vaccine discovery programs, one

for Varicella Zoster (Shingles) and a second for an undisclosed disease

target with the goal of progressing both of these candidates through

proof of concept animal studies during the next two quarters.

-- Enhanced VLP technology capabilities by developing a new approach in

creating VLPs that expands our ability to apply VLPs to a broader

number of potential vaccine disease targets.

-- Announced the completion of construction for our GMP pilot plant in the

Company's Rockville, Maryland headquarters with a ribbon cutting

ceremony held on May 1, 2008. This facility will showcase the

capability of our ready to use and disposable production technology in

a relatively low cost environment.

-- Progressed the collaboration with GE Healthcare to develop and market a

pandemic influenza vaccine manufacturing solution for selected

international countries.

-- Completed the sale of assets related to Estrasorb in the United States,

Canada and Mexico to Graceway Pharmaceuticals, LLC ("Graceway") in

February 2008. As part of that sale, Novavax entered into a supply

agreement with Graceway which requires the Company to manufacture

additional units of Estrasorb, with final delivery expected in mid-

2008.

"We continue to make solid progress in our clinical development programs and currently are on track to achieve our plans for 2008," said Novavax Chief Executive Officer Dr. Rahul Singhvi. "By th
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