Novavax Reports Second Quarter 2009 Financi...(r the remaining 30% of the principal or ...)

Date:8/7/2009

r the remaining 30% of the principal, or $5.1 million. The remaining $5.0 million in outstanding convertible notes matured on July 15, 2009. In accordance with the terms of the notes, the company elected to pay 50% of the principal plus accrued and unpaid interest, or $2.6 million, in cash and issued 1,016,939 shares of common stock to pay the remaining $2.6 million of the principal plus accrued and unpaid interest.

Entered into an initial agreement to license the company's Seasonal and Pandemic Influenza VLP technology to ROVI to create a comprehensive influenza vaccine solution including a facility for the Spanish government using our proprietary, recombinant VLP vaccine technology. A non-profit foundation, jointly sponsored by ROVI and the Spanish authorities, will be formed and funded to support Phase III clinical development and other studies necessary to achieve market authorization of the VLP-based influenza vaccines in the European Union, which is targeted for 2012.

Raised $21.9 million from the sale of 7.4 million shares of common stock through the ATM program.

Launched CPL Biologicals Pvt. Ltd, the previously announced joint venture with Cadila Pharmaceuticals, to develop and manufacture vaccines, biological therapeutics and diagnostics in India.

Recruited key executives to support the future growth of the company. New appointments include Mr. John Trizzino as Senior Vice President, International and Governmental Affairs, and Mr. Fredrick W. Driscoll as Vice President, Chief Financial Officer and Treasurer.

Achieved a major production milestone in the Pandemic H1N1 influenza program by manufacturing a cGMP-quality batch of the company's VLP vaccine candidate against this virus within 11 weeks of receiving the genetic sequence of the pandemic virus strain from the Centers of Disease Control.

"Our progress since the first quarter has been transfor
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SOURCE Novavax, Inc. Copyright©2009 PR Newswire. All rights reserved

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