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VaxGen Common Stock Now Quoted on OTC Bulletin Board
Date:3/14/2008

Quotation satisfies closing condition to the proposed merger with Raven

biotechnologies, inc.

SOUTH SAN FRANCISCO, Calif., March 14 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN), a biopharmaceutical company, announced that its stock is now quoted on the OTC Bulletin Board. Punk, Ziegel and Company is the market maker and assisted VaxGen with the qualification process.

(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

During 2007, the company worked closely with its auditors to address outstanding accounting issues and to bring its financial reporting current by filing forms 10-K for the years ending December 31, 2004, 2005 and 2006 and the intervening forms 10-Q for those years and the first three quarters of 2007. With the company now current, and its S-4 and resale S-1 registration statements now effective, it has been cleared for OTC quotation. The company intends to seek a listing on NASDAQ or another national exchange as soon as practicable.

"We are very pleased at the achievement of this further significant milestone on the road to listing on a recognized national exchange," stated James P. Panek, VaxGen's President and CEO. "In addition to the expectation of improved liquidity for investors, this quotation satisfies the closing condition to the proposed merger between VaxGen and Raven requiring that VaxGen be listed on an approved trading market."

VaxGen's Board of Directors has set March 28th as the date for the Special Meeting of Stockholders to vote on the proposed merger.

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,
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SOURCE VaxGen, Inc.
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