Novavax Reports First Quarter 2009 Financi... (p Top line results from t...)

Novavax Reports First Quarter 2009 Financial Results

Date:5/8/2009

Top line results from the phase II trial in healthy adults with our trivalent seasonal flu vaccine candidate;
Preclinical results of studies with vaccine candidates against the Respiratory Syncitial Virus (RSV);
Commencement of operations of the joint venture with Cadila Pharmaceuticals Ltd in India; and,
Initiation of a Phase II clinical study of our trivalent seasonal flu vaccine in older adults.

2009 Financial Results

Revenue from operations for the first quarter ended March 31, 2009 was $0.02 million compared to $0.5 million for the same period in 2008, a net decrease of $0.4 million due to the completion of a government contract in the first quarter of 2009.

Research and development costs for the first quarter of 2009 were $4.3 million compared to $4.4 million in the first quarter of 2008. The decrease was due to a $0.2 million decrease in employee costs and a $0.1 million decrease associated with the closing of the Taft Court facility in October 2008 when the Company consolidated its operations into the Belward Campus facility. These decreases were partially offset by an increase in $0.1 million in outside testing costs associated with the continuing clinical trials, preclinical testing, process development, manufacturing and quality related programs and a $0.1 million increase in facility costs.

General and administrative costs were $2.9 million in the first quarter of 2009 as compared to $3.2 million in the first quarter of 2008. The $0.3 million decrease was due to a decrease in employee costs of $0.1 million, a decrease in facility costs associated with general and administrative functions of $0.1 million, and a decrease of $0.2 million in charges to the allowance established for two notes receivable from former directors. The Company determined that the notes receivable
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Novavax Reports First Quarter 2009 Financi...(p Top line results from t...)