VaxGen Provides Updates and Encourages Stockholders to Vote In Favor of Proposed Merger ...(iegel and Company writes: We are ex...),Health

operates in some of the most lucrative and exciting areas of the

biopharmaceutical industry: MAbs for the treatment of cancer and cancer

stem cells."

She further writes:

"We think a vote to reject the merger with Raven would represent a fairly

disastrous outcome for VaxGen and would view it as a clear signal to sell

VaxGen shares."

The collective management teams and staff of VaxGen and Raven are confident that having reviewed the relevant information and facts, stockholders will approve this merger. We are eager for the opportunity to advance these important, potential cancer therapies and validate your support by increasing shareholder value.

I thank you for your thoughtful consideration and support, and ask that you vote today to approve the VaxGen-Raven merger.

Sincerely,

James P. Panek

President and CEO

VaxGen, Inc.

VOTING INSTRUCTIONS:

Regardless of the number of shares you own, please vote your proxy before the March 28, 2008 Special Meeting. Your broker cannot vote your shares for you without your instructions. If you need assistance in voting your proxy, please call your bank or broker and instruct them to vote your proxy, or call D.F. King & Co., Inc., our proxy solicitor, toll free at 1-(800)669-5550 for assistance.

If you have voted your shares against the merger proposal, we urge you to reconsider your vote and vote FOR the proposal. If you have already submitted a proxy card, whether by mail, phone or on-line, you may revoke that proxy by signing, dating and returning a new proxy card. The latest dated proxy card is the only one that counts. Any proxy may be revoked at any time prior to the Special Meeting of Stockholders by delivering a written notice of revocation or a later dated proxy card for the Special Meeting to our proxy solic
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