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NOVAVAX Reports Fourth Quarter and 2010 Year-End Financial Results
Date:3/28/2011

ROCKVILLE, Md., March 28, 2011 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced financial results for the fourth quarter and year ended December 31, 2010.

Restated Financial Results:  As will be filed in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, the Company has restated its previously issued consolidated financial statements for the years ended December 31, 2009 and 2008 and the quarterly periods ended March 31, 2010, June 30, 2010, September 30, 2010, March 31, 2009, June 30, 2009, September 30, 2009, September 30, 2008 and December 31, 2008. Any comparisons to prior periods reflect restated financial results for those periods. Accordingly, investors should no longer rely upon the Company's previously issued consolidated financial statements for these periods and any earnings releases or other communications relating to these periods.

For the fourth quarter of 2010, Novavax reported a net loss of $6.3 million, or $0.06 per share, compared to a net loss of $10.3 million, or $0.11 per share, in the fourth quarter of 2009. For 2010, the Company reported a net loss of $35.7 million, or $0.34 per share, compared to a net loss of $40.3 million, or $0.47 per share, for 2009. The decrease in the net loss in 2010 compared to 2009, excluding the $3.6 million favorable impact from the change in fair value of the Company's warrant liability, is primarily due to lower professional fees, the receipt of a therapeutic tax credit and reduced interest expense resulting from the payment of the Company's convertible notes in 2009, partially offset by increased employee-related costs. The decrease in the net loss for the fourth quarter of 2010 as compared to the same period in 2009, excluding the $3.8 million unfavorable impact from the change in fair value of the Company's warrant liability, is primarily due to lo
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