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VaxGen and Raven Announce Form S4 Registration Statement Declared Effective
Date:2/11/2008

term objectives,

including preparation for the start of Phase 2 clinical trials for its

lead product RAV12 as well as the advancement of two IND candidates.

-- The Companies have established transition and integration plans and

teams as they relate to information technology, human resource

policies, financial systems and reporting and Sarbanes-Oxley

compliance.

-- A number of VaxGen scientists are now working on Raven projects under

arms-length contractual arrangements. These arrangements serve to

advance critical R&D projects and are expected to facilitate the post-

close integration process.

-- The companies have determined that dedicating the use of the VaxGen

manufacturing facility to the Raven pipeline over the next two to

three years is not the most economically attractive option, and

therefore divestment or partnering of the facility is being actively

pursued.

"Our goal for the merged company is to focus on advancing our pipeline of monoclonal antibodies directed against cancer stem cells, and these actions will allow us to do this in what we believe will be the most cost-effective manner possible," said George F. Schreiner, M.D., Ph.D., Raven's Chief Executive Officer. "We are confident that this merger will provide value to investors and, subject to a positive stockholder vote and satisfaction of the closing conditions, we look forward to combining our two companies."

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

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SOURCE VaxGen Inc.
Copyright©2008 PR Newswire.
All rights reserved

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