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

aven's focus.

We look forward to sharing more information on the details and merits of this proposed merger with stockholders once we have filed our S-4 and Proxy with the SEC.

Respectfully yours,

James P. Panek

President and CEO

VaxGen, Inc.

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco, California. The company owns a state-of-the-art biopharmaceutical manufacturing facility with a 1,000-liter bioreactor that can be used to make cell culture or microbial biologic products. For more information, please visit the company's web site at http://www.vaxgen.com.

About Raven

Raven biotechnologies, inc. is a privately held biotechnology company focused on the development of monoclonal antibody therapeutics for treating cancer. Raven's lead product candidate, RAV12, targets adenocarcinomas and is in clinical development for the treatment of gastrointestinal and other cancers. Raven, which is based in South San Francisco, California, has identified multiple candidate therapeutic MAbs for many cancer indications including lung, colon, pancreatic, prostate, breast, brain, and ovarian cancer. Please visit http://www.ravenbio.com for more information about Raven biotechnologies inc.

Note: This letter contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include, without limitation, statements regarding quotation of VaxGen's common stock on the OTC Bulletin Board and the anticipated benefits of such quotation, VaxGen's and Raven's ability to meet the conditions necessary to close the proposed merger between the two companies and the potential future listing of VaxGen's common stock on a national securities exchange. These statements are subject to risks and uncertainties that could cause actual results and e
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