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VaxGen and Raven Terminate Merger Agreement
Date:3/28/2008

SOUTH SAN FRANCISCO, Calif., March 28 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN), a biopharmaceutical company, announced that the Company and Raven biotechnologies, inc. have mutually agreed to terminate their merger agreement in light of stronger than anticipated opposition to the proposed merger by VaxGen stockholders. In addition, VaxGen's Board has withdrawn from stockholder consideration the proposed 2008 Equity Incentive Plan, which is unnecessary in the absence of the merger. It has recently become apparent to both companies that despite initial indications to the contrary, the proposed merger and related equity plan proposals would be rejected by VaxGen stockholders.

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

"We are obviously very disappointed that the proposed merger with Raven was not approved by our stockholders," said James P. Panek, VaxGen President and CEO. "Despite the strong support of some institutions, and solid support by so many individual investors, it has become quite clear that there is sufficient opposition, such that this merger will not be approved."

VaxGen intends to open the Special Meeting of Stockholders scheduled for Friday, March 28th, but will adjourn the meeting without taking any action. The Board of Directors intends to immediately assess the Company's strategic alternatives, including a possible liquidation of the Company.

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.

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SOURCE VaxGen, Inc.
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