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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

h and equivalents and investment securities as of July 31st, 2008, or $38.5 million net of the Company's $8 million of outstanding convertible debt.

On August 25, 2008, VaxGen received a $1 million milestone payment from Emergent BioSolutions, Inc., the purchaser of the Company's recombinant anthrax vaccine development program and associated assets, related to the generation of non-clinical data demonstrating the immunopotency and improved stability of the vaccine candidate.

During the second and third quarters, VaxGen further reduced its staff and operating expenses to preserve capital as it seeks to identify a strategic transaction which can deliver shareholder value. As a result of these cost cutting efforts, VaxGen will terminate Piers Whitehead, Vice President of Corporate and Business Development as of August 31 2008.

"With our new Strategic Transaction Committee of the Board fully engaged, and given the status of the transaction process, and our business, the Company and Piers can now part ways," said James P. Panek. "Piers has made innumerable contributions to VaxGen since joining VaxGen in 2002. His strategic thinking, negotiating skills and breadth of experience have been of tremendous value to the Company. He will be missed."

VaxGen expects its average monthly cash burn to be approximately $750,000, excluding unusual items. Management considers "cash burn" to be a non-GAAP financial measure. A reconciliation to GAAP is not provided since we are unable to predict the occurrence of unusual items which could be material to the company's results of operations.

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco, California. The company owns a state-of-the-art biopharmaceutical manufacturing facility with a 1,000-liter bioreactor that can be used to make cell culture or microbial biologic products. The facility is contained within leased premises. For more information, please visit the compa
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SOURCE VaxGen, Inc.
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