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Novavax Announces Closing of $11 Million Common Stock Sale to Subsidiary of Cadila Pharmaceuticals
Date:4/1/2009

ROCKVILLE, Md., April 1 /PRNewswire-FirstCall/ -- Novavax Inc. (Nasdaq: NVAX) announced today that it has completed the previously announced sale of 12.5 million shares of Novavax's common stock at $0.88 per share to a wholly owned subsidiary of Cadila Pharmaceuticals as part of the new strategic alliance between Novavax and Cadila. Novavax intends to use the $11 million in gross proceeds from this investment to pay a portion of its 4.75% senior convertible notes due in July 2009 and for a variety of other corporate purposes, including internal research and development programs, working capital, and other general corporate purposes.

This offering was made pursuant to an existing effective shelf registration statement and was made directly by the Company. A prospectus supplement and the accompanying base prospectus was filed with the Securities and Exchange Commission ("SEC") on March 31, 2009 and may be obtained at the SEC's website at www.sec.gov.

About Novavax

Novavax, Inc. is a clinical-stage biotechnology company creating novel vaccines to address a broad range of infectious diseases worldwide using advanced proprietary virus-like-particle (VLP) technology. The company produces these VLP-based, potent, recombinant vaccines utilizing new and efficient manufacturing approaches. Additional information about Novavax is available at www.novavax.com and in the company's various filings with the Securities and Exchange Commission.

Forward Looking Statement

Statements herein relating to future development results and performance, conditions or strategies and other matters, including expectations regarding the strategic partnership with Cadila, the establishment of a manufacturing facility in India and the development and commercialization of VLP vaccin
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SOURCE Novavax, Inc.
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