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

on Form 10-K, filed with the Securities and Exchange Commission on March 18, 2008. Net cash used in operating activities in 2007 was $25.2 million, compared with $70.5 million in 2006. Given the disparity between the two sets of numbers laid out above, it is clear that MedCap's flawed analysis could easily mislead stockholders.

MedCap also suggests that the burn rate for 2007 might still be considered substantial for a company that "had supposedly largely closed down its operations." We believe that the publicly available information easily explains the 2007 cash burn rate and highlights certain expense anomalies specific to that period:

1. VaxGen incurred $5.4 million in restructuring costs in 2007, versus

zero in 2006, which represents more that 21% of the total net cash

used in operating activities in 2007

2. VaxGen incurred $3.3 million in real estate lease costs in 2007.

Lease costs are only a portion of the Company's total real estate

expenses, none of which can easily be reduced in the absence of

another tenant willing to assume them. There is currently a surplus

of biotech space in South San Francisco. Nonetheless, VaxGen has

successfully restructured part of its lease obligations with the

result that our lease obligation for 2008 is now $2.2 million. A

difficult lease market notwithstanding, VaxGen continues to seek

tenants for some or all of its remaining space in conjunction with

efforts to sell the Company's manufacturing facility.

3. VaxGen incurred $2.7 million in audit expenses in 2007, as the

Company completed the process of filing the backlog of periodic

reports with the SEC. Significant expenses were also incurred in

professional fees related to Sarbanes-Oxley compliance, also

successfully achieved, and the strategic transact
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SOURCE VaxGen Inc.
Copyright©2008 PR Newswire.
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