Novavax Reports First Quarter 2009 Financi... (r of this year. Improved the bala...)

Novavax Reports First Quarter 2009 Financial Results

Date:5/8/2009

r of this year.

Improved the balance sheet by retiring $17.0 million out of the total $22.0 million principle amount of outstanding convertible notes. These notes carried a coupon rate of 4.75% payable semi-annually and had a maturity date of July 15, 2009. Under the terms of the early retirement, Novavax paid 70% of the principal plus accrued and unpaid interest, or $12.1 million, in cash and issued 2,040,000 shares of its common stock for the remaining 30% of the principal, valued in the transaction as approximately $5.1 million. The remaining $5.0 million in outstanding convertible notes will be due on July 15, 2009 and can be paid up to 50% in stock at maturity at Novavax's option.

Increased liquidity by raising $11.0 million from sale of 12.5 million shares of common stock to a wholly owned subsidiary of Cadila Pharmaceuticals and raising approximately $7.5 million from the sale of approximately 3.1 million shares of common stock under the sales agreement with Wm Smith & Co.

"We are pleased with the significant clinical, corporate, and financial progress we have made in the past few months," said Dr. Rahul Singhvi, Novavax's President and Chief Executive Officer. "We have made substantial progress in advancing our VLP based influenza vaccines over the past three years. The recent emergence of the novel influenza A (H1N1) virus highlights the potential value of our recombinant VLP technology as we can produce a genetically matched vaccine to the outbreak strain in about half the time of traditional vaccine technologies. We are in communication with governments and health authorities around the world and will help in any way possible. With the improvement in our financial position, we are in a much stronger position to continue development of our vaccine pipeline and pursue partnerships."

The anticipated milestones for the remainder of 2009 include:

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Related biology technology :

1. Novavax Announces Enrollment in the Second Phase II Study of its Seasonal Influenza VLP Vaccine Candidate
2. Novavax Announces Release Date of 2009 First Quarter, Financial Results and Investor Conference Call
3. Novavax Announces Early Retirement of $17 Million of Convertible Debt
4. NOVAVAX Announces Publication of a Preclinical Study Demonstrating that a Virus-like Particle Vaccine Provided Protection Against Highly Pathogenic H1N1 and H5N1 Influenza Strains
5. Novavax Announces New Capital Infusion Through a Strategic Alliance with Cadila Pharmaceuticals of India
6. Novavax Announces New Release Date of 2008 Fourth Quarter Financial Results and Investor Conference Call
7. Novavax Announces Release Date of 2008 Fourth Quarter Financial Results and Investor Conference Call
8. Novavax to Present at Cowen and Company 29th Annual Healthcare Conference
9. NOVAVAX Announces Preclinical Study Results for a Respiratory Syncytial Virus (RSV) Vaccine Candidate Directed Against the Fusion (F) Protein
10. Novavax and Vivalis Sign a Research License Agreement to Use the EB66(R) Cell Line for the Production of Virus Like Particle Based Vaccines
11. Novavax Announces Operational Status of Its Vaccine Pilot Plant and Commercial Launch Facility

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Novavax Reports First Quarter 2009 Financi...(r of this year. Improved the bala...)