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VaxGen Addresses MPM Claims in Letter to Stockholders
Date:12/20/2007

fident that it has solved the stability problem with its vaccine formulation, MPM's characterization of the program as "clinical(ly) ready" is an overstatement. VaxGen curtailed development activities due to the lack of interest shown in this program by potential buyers, and several costly and time-consuming activities would need to be completed to enable re-entry into the clinic. These include the manufacture of multiple lots of clinical vaccine supplies, and the completion of cGMP stability studies on those clinical materials.

As MPM states, the Department of Health and Human Services (HHS) has issued a new, draft Request for Proposal (RFP) for the purchase of an improved anthrax vaccine. Stockholders should understand that the RFP has several troubling elements which may limit interest in bidding. The amount of vaccine to be purchased has been cut to 1/3 of the amount in our previous contract. The product specifications and regulatory requirements are once again ill-defined, and the stated requirements and contract performance period would indicate that no deliveries are expected this decade. Lastly, HHS is under no obligation to proceed with a procurement having issued a draft RFP. Perhaps this RFP will spur interest in the program. However, we have not seen any such revived interest in our program since this announcement last month. Based on what we know today, I am not optimistic that MPM's assertion that this asset "carries new additional value" will prove realizable in practice.

MPM identifies a "significant tax loss asset", or net operating loss carry-forwards (NOLs), as another VaxGen asset. Some of VaxGen's accumulated NOLs were used to offset gains from the sale of our Celltrion holdings in 2006. While our remaining NOLs do represent a potential value to companies with profits to offset, VaxGen received no purchase offers from any profitable, or near profitable, company. Moreover, there are limitations in the use of such NOLs, and NOLs have
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