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VaxGen Issues Rebuttal to MedCap Letter
Date:3/25/2008

MedCap press releases contain false and misleading information

SOUTH SAN FRANCISCO, Calif., March 25 /PRNewswire-FirstCall/-- VaxGen Inc. (OTC Bulletin Board: VXGN.OB)
(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

Dear Stockholders,

On March 19th, MedCap Management & Research, LLC, a stockholder in VaxGen, issued a press release entitled "MedCap Urges Vote Against Proposed VaxGen Merger with Raven biotechnologies". We believe this release, one of MedCap's increasingly personal attacks on VaxGen, contains false and misleading information.

MedCap presents a financial analysis which is both incorrect and shallow, selectively extracting information from VaxGen's 2007 financial statements and misrepresenting its meaning. MedCap implies poor stewardship by the Company's Board and executives by substantially inflating and mischaracterizing expenditures. In fact, VaxGen's net cash used in operating activities was reduced by nearly 65% for 2007 versus 2006 and staffing was reduced by 89%; hardly a record of inaction or mismanagement by management and the Board. Likewise, MedCap's liquidation analysis shows a profound misunderstanding of the liquidation process, and fails to distinguish between the radically different outcomes for debt versus equity holders in a liquidation. Both of these analyses are addressed in more detail in the addendum to this letter.

Because professional investment analysts would typically draw a distinction between cash burn and P&L expenses, and understand the implications of a liquidation, MedCap's flawed assertions could easily mislead stockholders of VaxGen. This situation is further exacerbated by MedCap's inaccurate and highly selective use of third party references.

MedCap draws on the views of two third parties to bolster its arguments: Sharon Seiler, Ph.D., the Senior Biotechnology
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SOURCE VaxGen Inc.
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