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

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  • The Company took significant measures, including a reduction in force early this year, to reduce its expenses and thereby the yearly burn rate.

  • "We made significant progress in 2008 in advancing our VLP based vaccine pipeline. We demonstrated in Phase II clinical studies that our VLP based flu vaccines are not only well tolerated and immunogenic in humans, but they have the potential to differentiate themselves from currently available alternatives. We also demonstrated that our VLP technology has the potential to create a much needed vaccine against RSV. These advances continue to reinforce that our strategy of using the VLP vaccine platform coupled with our innovative manufacturing solution is working," said Novavax Chief Executive Officer Dr. Rahul Singhvi. "By the second half of 2009, we want to translate these scientific advances into partnerships with private and public entities to leverage capabilities of our partners to accelerate our progress, as we have shown today with the Cadila partnership."

    2008 Financial Results

    Revenue from continuing operations, for the fourth quarter ended December 31, 2008, related to the government contracts was $100,000 compared to $400,000 for the same period in 2007. Revenue for the full year of 2008 was $1.1 million as compared to $1.5 million in 2007. The reduction in our revenue was due to the timing of our completing these contracts.

    Research and development costs for the fourth quarter of 2008 were $5.9 million compared to $4.2 million in the fourth quarter of 2007. For the full year, research and development costs increased 38 percent to $24.3 million in 2008 from $17.6 million in 2007. The increases in both the fourth quarter of 2008 and the year ended December 31, 2008 compared to 2007 were due to higher research and development spending to support the Company's strategic focus on creating d
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    SOURCE Novavax, Inc.
    Copyright©2009 PR Newswire.
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