Novavax Reports Second Quarter 2009 Financi... (other comprehensive income related to th...)

Novavax Reports Second Quarter 2009 Financial Results

Date:8/7/2009

other comprehensive income related to the recovery of fair value for four of the securities.

The net decrease in cash and short-term investments of $2.7 million was principally due to cash spent for operations and cash paid for principal and interest totaling $12.1 million related to the retirement of $17.0 million of convertible debt, which were partially offset by net proceeds from the sale of common stock to Cadila of $10.7 million and proceeds from the sale of stock under the ATM program of $14.0 million. Novavax believes that based on the balance of cash and short-term investments at June 30, 2009, along with the proceeds from its transaction with ROVI of $3.0 million and the proceeds of $8.0 million received from additional sales of stock under the ATM program in July 2009, it has sufficient funds to execute its current business plan for at least the next twelve months. Novavax may pursue additional funding through the potential sale of equity securities, other non-dilutive financing, or additional partnering agreements, as opportunities arise.

About Novavax

Novavax, Inc. is a clinical stage biotechnology company, creating novel vaccines to address a broad range of infectious diseases worldwide using advanced proprietary virus-like particle (VLP) technology. The Company produces these VLP based, potent, recombinant vaccines utilizing new, and efficient manufacturing approaches. Additional information about Novavax is available at www.novavax.com and in the Company's various filings with the Securities and Exchange Commission.

Conference Call

Novavax's management will host its quarterly conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today. The live conference call will be accessible via Novavax's website at www.novavax.com under Investor/Events or by tele
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SOURCE Novavax, Inc.
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Novavax Reports Second Quarter 2009 Financi...(other comprehensive income related to th...)