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VaxGen Stockholders Overwhelmingly Approve Reverse Split Proposal
Date:12/27/2007

General Meeting vote suggests broad stockholder support for proposed Raven

merger

SOUTH SAN FRANCISCO, Calif., Dec. 27 /PRNewswire-FirstCall/ -- VaxGen Inc. (Pink Sheets: VXGN), a biopharmaceutical company, announced today that its stockholders approved the proposed reverse split of its common stock by a margin of nearly 3 to 1 in favor with approximately 80% of stock voting. The resolution permits VaxGen to reverse split its stock in a ratio of 4, 5, or 6 to 1, at the discretion of the board. The company has previously indicated that it is likely to reverse split the stock 5 to 1.

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

A similar proportion of stockholders supported the re-election of the Board of Directors.

James P. Panek, VaxGen's CEO and President, commented: "We are very pleased with this result, which seems to indicate a high level of stockholder support for the direction chosen by the company's management and board. With the S-4 registration statement filed just prior to the holidays and Raven and VaxGen agreeing that an OTC Bulletin Board listing satisfies the listing closing condition of the merger agreement, we look forward to a shareholder vote and closure of the merger as expeditiously as possible."

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 ca
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SOURCE VaxGen Inc.
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