VaxGen Provides Updates and Encourages Stockholders to Vote In Favor of Proposed Merger ...(and consistentwith our stated objectives...),Health

Similarly, Raven has continued to make excellent progress with its platform technology and clinical pipeline. Specifically, Raven's recent progress includes the following:
-- On February 12th, Raven announced that four scientific abstracts

pertaining to its clinical and pre-clinical programs had been accepted

for presentation at the April meeting of the American Academy of Cancer

Research.

-- Following the completion of enrollment in the Phase 1/2a trial of its

lead clinical candidate RAV12 in mid-February, Raven announced on March

11th that the study results had been accepted for presentation at the

American Society of Clinical Oncology in May.

-- On March 13th, Raven announced that it had initiated a Phase 2 study of

RAV12 for the treatment of patients with metastatic pancreatic cancer.

These and other scientific presentations and announcements can be found on Raven's corporate website.

VaxGen believes that as the Raven research and development programs continue to progress and become more visible, the value of its discovery platform and potential oncology therapeutics will become increasingly evident. We further believe that the combination of Raven's science, discovery platforms and pipeline with VaxGen's late stage recombinant protein development, manufacturing expertise and financial resources will have a synergistic effect, enabling this promising pipeline to progress.

A few VaxGen stockholders continue to express opposition to the merger, and it has come to our attention that there is commentary circulating which is not factually correct. We are deeply concerned at this development and believe that our stockholders deserve the opportunity to make an
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