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Novavax Reports First Quarter 2008 Financial Results
Date:5/9/2008

ing: a decrease in the amount charged to reserves for two former board of directors' notes of $0.8 million; decrease of consulting fees of $0.3 million; and the non recurrence of relocation expenses of $0.3 million related to the move of the Company's headquarters to Maryland in 2007.

As a result, total losses from continuing operations before interest income (net) was $7.2 million as compared to a loss in 2007 of $7.8 million, or a reduction in total losses of $0.6 million.

Interest income, net of interest expense was $0.1 million in the first quarter of 2008, or $0.5 million lower than the comparable 2007 period. The decrease in interest income, net of interest expense in the first quarter 2008 versus the prior year, was principally due to lower average cash and short-term investment balances as compared to the prior year.

Accordingly, the loss from continuing operations was $7.1 million as compared to $7.2 million in the 2007 comparable quarter.

Losses from discontinued operations are a result of the Company's decision to discontinue manufacturing of Estrasorb as of December 31, 2007. In February 2008, the Company entered into an asset purchase agreement with Graceway providing for the sale of certain assets related to Estrasorb. Novavax also entered into a supply agreement with Graceway which requires the Company to manufacture additional quantities of Estrasorb. The additional manufacturing of Estrasorb is anticipated to be completed by mid-2008, and all associated income and expenses for this activity will also be classified as discontinued operations. Loss for discontinued operations was $0.7 million in the first quarter of 2008 as compared to a loss of $1.2 million in the first quarter of the prior year. The decrease in losses from discontinued operations in 2008 as compared to 2007 of $0.5 million was principally due the lack of production of Estrasorb in the first quarter of 2008, which eliminated the loss on sales of the produc
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SOURCE Novavax, Inc.
Copyright©2008 PR Newswire.
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