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Novavax Reports First Quarter 2009 Financial Results
Date:5/8/2009

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 www.sec.gov. These forward-looking statements speak only as of the date of this press release, and Novavax assumes no duty to update forward-looking statements.

                               NOVAVAX, INC.
                 CONSOLIDATED STATEMENT OF OPERATIONS
          (in thousands, except per share and per share information)

                                                              Unaudited
                                                           Three-month ended
                                                         March 31,  March 31,
                                                           2009       2008
     Revenues:
         Total revenues                                     $21         458

     Operating costs and expenses:
       Research and development                           4,266       4,434
       General and administrative                         2,892       3,244

         Total operating costs and expenses               7,158       7,678

     Loss from continuing operations before interest     (7,137)     (7,220)
     Interest income, (loss), net                        (1,212)        117

     Loss from continuing operations                     (8,349)     (7,103)
     Loss from discontinued operations                        -        (652)

     Net loss                                            (8,349)     (7,755)

     Basic and diluted weighted average
       number of common shares used in
       computing basic net loss per share            68,692,455  61,280,155

     Basic and diluted net loss per share
       Loss per share from continuing operations         $(0.12)     $(0.12)
        Loss 
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SOURCE Novavax, Inc.
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