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Novavax Reports Fourth Quarter and 2008 Year-End Financial Results
Date:3/31/2009

ROCKVILLE, Md., March 31 /PRNewswire-FirstCall/ -- Novavax Inc. (Nasdaq: NVAX) today announced financial results for the fourth quarter and year ended December 31, 2008. Novavax reported a net loss of $11.0 million, or $0.15 per share, for the fourth quarter of 2008 compared to a net loss of $9.2 million, or $0.16 per share, in the fourth quarter of 2007. For the year ended December 31, 2008, the Company reported a net loss of $36.0 million, or $0.53 per share, compared to a net loss of $34.8 million, or $0.57 per share, for the year ended December 31, 2007. Novavax ended 2008 with $33.9 million in cash and investments compared to $46.5 million as of December 31, 2007.

The following outlines key achievements completed since our last update:

  • On March 31, Novavax announced a strategic alliance with Cadila Pharmaceutical Limited ("Cadila") of India. This alliance has three elements:

          1. A capital infusion into Novavax through an equity investment of
             $11.0 million by a wholly-owned subsidiary of Cadila to purchase
             12.5 million shares of Novavax's common stock at the market
             price of $0.88 per share.
          2. Formation of a joint venture between Cadila and Novavax in
             India, which will be owned 80 percent by Cadila and 20 percent
             by Novavax once approval of the India Foreign Investment
             Promotion Board is obtained, to develop and commercialize
             Novavax's seasonal influenza virus-like-particle ("VLP")-based
             vaccine candidate and Cadila's therapeutic vaccine candidates
             against cancer as well as its adjuvants, biogeneric and
             biological diagnostic products within the Indian territory.
          3. The ability for Novavax to reduce its cash burn rate by
             utilizin
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SOURCE Novavax, Inc.
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