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VaxGen Restructures Following Termination of Proposed Merger
Date:4/9/2008

SOUTH SAN FRANCISCO, Calif., April 9, 2008 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN), a biopharmaceutical company, announced that the Company has initiated a restructuring to minimize expenses following the termination of the proposed merger between VaxGen and Raven biotechnologies, inc. VaxGen has moved to terminate the staff which it had retained in anticipation of the needs of the merged company. As a result, VaxGen will be terminating approximately 75% of its remaining staff of 22 persons, including Matthew Pfeffer, the Company's CFO and Senior Vice President of Finance and Administration.

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"It is quite unfortunate that VaxGen must now terminate so many of our most capable and loyal staff, including Matt Pfeffer," said James P. Panek, VaxGen President and CEO. "Matt's performance since joining VaxGen in 2006 has been nothing short of outstanding. His talents, both as CFO and as a senior leader, became increasingly obvious as he brought VaxGen current with its financial filing obligations, worked to reduce expenditures and financial liabilities, and contributed notably to our pursuit of strategic initiatives."

"My tenure at VaxGen, while filled with many challenges, has also been marked by many successes and opportunities to work with many remarkable colleagues," said Matthew Pfeffer. "With VaxGen's financial filing obligations now current and the scope of its business greatly reduced, I am confident that VaxGen can ably fulfill all required financial and administrative responsibilities in my absence."

VaxGen's near term plan of action is quite straightforward: reduce staffing and expenses to reflect the realities of not merging with Raven; continue our efforts to sell the Anthrax vaccine program and manufacturing facility, and deal as best we can with our leas
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SOURCE VaxGen, Inc.
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