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

imarily to their illiquidity. Interest income for the year ended December 31, 2008 includes a $500,000 adjustment to related to the correction of the Company's accounting for the notes receivable with two former directors.

The loss from continuing operations was $10.6 million and $36.3 million for the fourth quarter and full year of 2008, respectively.

Income and losses from discontinued operations are a result of the Company's decision to discontinue manufacturing of Estrasorb. The Company recorded a loss from discontinued operations of $0.5 million in the fourth quarter of 2008 as compared to a loss of $2.8 million in the fourth quarter of 2007. The decreased loss of $2.3 million was principally due to the completion of the Graceway agreements. The Company recorded income from discontinued operations for the year ended December 31, 2008 of $0.3 million compared to a loss from discontinued operations of $6.2 million for 2007. In February 2008, the Company entered into an asset purchase agreement with Graceway, LLC providing for the sale of certain assets related to Estrasorb. The Company also entered into a supply agreement with Graceway which required the Company to manufacture additional units of Estrasorb. The Company delivered the additional units of Estrasorb and exited the facility in August 2008.

The total net loss when combining the loss from continuing and discontinued operations was $11.0 million and $36.0 million for the fourth quarter and full year of 2008, respectively.

As of December 31, 2008, the Company had $33.9 million in cash and investments (consisting of auction rate securities at their fair value) as compared to $46.5 million for the same period last year. The decrease of $12.6 million was principally due to operating losses incurred in 2008, partially offset by our equity financing of $17.5 million. Additionally, cash and short-term investments as of December 31, 2008
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SOURCE Novavax, Inc.
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