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

forward-looking statements" within the meaning of the federal securities laws, including statements regarding the holding of the Special Meeting of Stockholders and the Board of Directors' plans to assess strategic alternatives. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Additional information concerning these and other risk factors is contained in VaxGen's Annual Report on Form 10-K for the year ended December 31, 2007. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. VaxGen undertakes no obligation to update publicly any forward- looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.


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