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

d approvals; our ability to obtain adequate financing in the future through product licensing, co- promotional arrangements, public or private equity or debt financing or otherwise; general economic and business conditions; competition; business abilities and judgment of personnel; availability of qualified personnel; and other factors referenced herein. Further information on the factors and risks that could affect Novavax's business, financial conditions and results of operations, is contained in Novavax's filings with the U.S. Securities and Exchange Commission, which are available at http://www.sec.gov. All forward-looking statements made herein are based on information available to the Company on the date hereof and speak only as of the date of this earnings call, and Novavax assumes no duty to update forward-looking statements.

NOVAVAX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share information)

(unaudited)

Three months ended

March 31,

2008 2007

Revenues:

Net product sales $ - $ 204

Contract research and development 458 241

Royalties, milestone and licensing fees - 16

Total revenues 458 461

Operating costs and expenses:

Cost of products sold - 50

Research and development 4,434 3,653

Selling, general and administrative 3,244 4,597

Total operating costs and expenses
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SOURCE Novavax, Inc.
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