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VaxGen Reports Financial Update

SOUTH SAN FRANCISCO, Calif., March 6 /PRNewswire-FirstCall/ -- VaxGen Inc. (Pink Sheets: VXGN), a biopharmaceutical company, today reported its year end financial results and more recent cash balance, with a view to ensuring that stockholders have the most current financial information ahead of voting on the company's proposed merger with Raven biotechnologies inc. VaxGen's Board of Directors has set March 28, 2008 as the date for the Special Meeting of Stockholders to vote on the proposed merger.
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Specifically, VaxGen announced the following:

-- Cash, cash equivalents and investment securities at December 31, 2007

totaled $71.6 million, or $40.1 million net of the $31.5 million face

amount of convertible debt outstanding at that time.

-- Cash, cash equivalents and investment securities at the most recent

month end of February 29, 2008 totaled $64.9 million. Net of

outstanding convertible debt on that date at face amount, the February

month end balance was $34.9 million.

-- The company recorded a non-cash asset impairment charge of $10.7

million in its 2007 financial statements, which included a reduction in

the book value of its manufacturing facility from $16.2 million to

$10.0 million. This reduction reflects management's current best

estimate of fair market value. VaxGen has not yet received an offer

for the manufacturing facility and there can be no guarantee that the

company will succeed in entering into a transaction at this reduced

value, or indeed at all. VaxGen expects to file its 2007 financial

statements with the Securities and Exchange Commission on Form 10-K on

or before March 17, 2008.

"VaxGen's management and Board are looking

SOURCE VaxGen Inc.
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