Novavax Reports First Quarter 2009 Financi... (should be classified as a reduction of e...)

Novavax Reports First Quarter 2009 Financial Results

Date:5/8/2009

should be classified as a reduction of equity and, accordingly, did not record any reserve charges during the first quarter of 2009. These decreases were partially offset by a $0.1 million increase in professional fees associated with the preparation of the Company's SEC filings.

The Company recorded net interest and other expense of $1.2 million for the first quarter of 2009 compared to net interest and other income of $0.1 million for the first quarter of 2008. The decrease in net interest and other income resulted from an additional impairment in the amount of $0.9 million to the Company's auction rate securities due primarily to their continued illiquidity and a $0.4 million decrease in interest income, due to a decrease in cash and short-term investments during the quarter.

As a result, the Company's net loss for the quarter ended March 31, 2009 was $8.3 million compared to a net loss of $7.8 million for the quarter ended March 31, 2009. The loss for the quarter ended March 31, 2008 includes a loss from discontinued operations of $0.7 million.

As of March 31, 2009, the Company had $25.6 million in cash and investments (including auction rate securities recorded at their fair value) compared to $33.9 million as of December 31, 2008. The decrease of $8.3 million was due to cash spent during the first quarter of $7.4 million and an impairment to the auction rate securities of $0.9 million discussed above. Cash and short-term investments as of March 31, 2009 are net of $2.1 million in cumulative impairment charges recorded for the company's auction rate securities. Based on the amount of cash and short-term investments on hand, the $11.0 million received from the sale of common stock to Cadila on April 1, 2009, the approximately $7.5 million received from sales of common stock under the Wm Smith & Co. sales agreement through May 5, 2009, along with the Company's intention to pay 50% of the balance of its
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Novavax Reports First Quarter 2009 Financi...(should be classified as a reduction of e...)