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.
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
|SOURCE Novavax, Inc.|
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