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Bavarian Nordic Receives $25 Million Milestone Payment From HHS for Fulfilling Contract Milestones
Date:11/30/2007

WASHINGTON DC, November 30 /PRNewswire-FirstCall/ -- Bavarian Nordic has received permission from the Department of Health and Human Services (HHS) to invoice a milestone payment of $25 million as allowed under the RFP-3 contract* to manufacture and deliver 20 million doses of the company's, IMVAMUNE(R) next-generation smallpox vaccine candidate. HHS granted permission because the company fulfilled a number of significant milestones in the contract. The income will be recognised as revenue in the company's financial statements for 2007.

Anders Hedegaard, President & CEO of Bavarian Nordic, said, "We are very satisfied that we have fulfilled another significant milestone as agreed with the Department of Health and Human Services. With the already received and future payments, we have created a solid financial base for our further development."

In October 2007, Bavarian Nordic received an advance payment of $50 million from HHS as allowed under the contract. In addition to this amount and the current milestone payment, the company expects to receive an additional milestone payment of $25 million in 2007.

About the smallpox vaccine contract

In June 2007, HHS awarded Bavarian Nordic a BioShield contract to manufacture and deliver IMVAMUNE(R), a next-generation smallpox vaccine candidate to the strategic national stockpile. The contract calls for the registration of IMVAMUNE(R) as a safe and effective smallpox vaccine in healthy people, but in the event of a smallpox outbreak the vaccine would be recommended to protect people who have weakened immune systems.(1)

The five-year contract is valued at more than $500 million, with an option that if exercised, extends the value to $1.6 billion and the performance period of the contract. The contract option would allow the government to procure up to an additional 60 million doses of IMVAMUNE(R) and support additional clinical studies for extending the license to include the HIV-infecte
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SOURCE Bavarian Nordic A/S
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