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VaxGen Provides Financial Update Following the Filing of Its 10-Q for Second Quarter With SEC; Results Include $8.5 Million Charge in Respect of Manufacturing Plant Asset Impairment
Date:8/27/2008

SOUTH SAN FRANCISCO, Calif., Aug. 27 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN), a biopharmaceutical company, today provided a financial and operational update since the filing of its quarterly report on Form 10-Q with the Securities and Exchange Commission on August 14, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

VaxGen had approximately $59 million in cash and equivalents and investment securities as of June 30th, 2008, or $29 million net of the Company's $30 million of outstanding convertible debt. VaxGen reported a net loss for the second quarter of $10.4 million, reflecting a non-cash asset impairment charge of $8.5 million associated with the carrying value of the Company's manufacturing and laboratory assets. VaxGen's management and board determined to take this charge in light of an aborted transaction to sell the facility and associated equipment, and reflecting the length of time that the facility has been marketed without success.

James P. Panek, VaxGen's President and CEO, commented "While we have taken several important steps to preserve capital, we are obviously disappointed that the anticipated sale of the manufacturing plant and equipment fell through, having completed diligence and agreed to terms, for reasons entirely unrelated to VaxGen or the plant. In light of this, however, our expectations going forward need to reflect the difficulty we have experienced selling this asset. The encumbrance of the facility lease represents our single largest remaining financial liability."

Since the end of the second quarter, the Company has spent $18.3 million repurchasing $22 million in face value of its convertible debt, and received repayment of $6.3 million from Raven biotechnologies in respect of the bridge loan and accrued interest. As a result, VaxGen had approximately $46.5 million in cas
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SOURCE VaxGen, Inc.
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