Novavax Reports First Quarter 2009 Financi...( ROCKVILLE Md. May 8 / Novavax In...)

ROCKVILLE, Md., May 8 /PRNewswire-FirstCall/ - Novavax Inc. (Nasdaq: NVAX) today announced financial results for the first quarter of 2009. Novavax reported a net loss of $8.3 million, or $0.12 per share, for the first quarter of 2009 compared to a net loss of $7.8 million, or $0.13 per share, for the first quarter of 2008. The Company spent a total of $7.4 million in the first quarter of 2009 and ended the quarter with $25.6 million in cash and short-term investments. During the quarter, the Company made significant progress in developing its vaccine pipeline, improved its balance sheet by raising capital and retiring a majority of its convertible debt, and completed a transaction with Cadila Pharmaceutical Limited to create a Joint Venture Company in India.

Specifically accomplishments since the 2008 year end financial results include the following:

• Commenced development of a VLP vaccine candidate against the novel influenza A (H1N1) virus that has recently emerged in the United States and Mexico.
• Publication of results in the Journal of Virology from preclinical studies conducted under a collaborative research and development agreement (CRADA) between the Centers for Disease Control and Prevention (CDC) and Novavax showing that an investigational H1N1 VLP vaccine based on the 1918 Spanish influenza strain protected against both the Spanish flu and a highly pathogenic H5N1 avian influenza strain.
• Announced the initiation of enrollment in the second Phase II study of its trivalent seasonal influenza VLP vaccine candidate. This clinical trial is designed to evaluate the safety and immunogenicity of a broader range of vaccine doses and to provide data to help select doses for future studies in older adults and a Phase III efficacy study. The Company plans to report top-line immunogenicity and safety results from this study by the fourth quarte
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