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

t which was incurred in 2007. The production of Estrasorb was contemplated to be completed by the end of fiscal 2007, however, as a result of the Graceway transaction, additional production to meet the contract delivery of quantities per the supply agreement commenced in March and is anticipated to be completed by mid-2008.

The total net loss when combining the loss from continuing and discontinued operations was $7.8 million, or $0.7 million lower than the net loss recorded in the first quarter of 2007 of $8.4 million.

As of March 31, 2008, the Company had $40.9 million in cash and short-term investments as compared to $46.5 million as of December 31, 2007, a burn rate of $5.6 million for the first quarter of 2008. The decrease in cash and short-term investments of $5.6 million was principally due to operating losses incurred in the first quarter of 2008 and capital spending for our new GMP pilot plant facility, partially offset by upfront cash received from the sale of assets to Graceway recorded in the first quarter of 2008. The Company believes it has sufficient funds to execute its current business plans through the first quarter of 2009. Novavax expects that it will have access to additional cash through the potential sale of equity securities, other non-dilutive financing, or potential partnering agreements.

Conference Call

Novavax's management will host its quarterly conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today. The live conference call will be accessible via Novavax's website at http://www.novavax.com under Investor/Events or by telephone at 1 (866) 793 1299 (U.S. or Canada) or 1 (703) 639 1306 (International). An archive of the conference call will be available on Novavax's website approximately one hour after the event for 90 days. A replay of the conference call will also be available by telephone beginning 1pm EDT. May 9, 2007 through midnight May
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SOURCE Novavax, Inc.
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