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

wer research and development spending associated with the Company's clinical trials related to its H1N1 and seasonal influenza vaccine candidates.

At December 31, 2010, Novavax had cash, cash equivalents and short-term investments of $31.7 million compared to $43.0 million at December 31, 2009.

Dr. Rahul Singhvi, President and Chief Executive Officer of Novavax, stated: "The award of a contract from HHS BARDA to develop our seasonal and pandemic influenza vaccines capped a very productive year for our Company and represents many years of diligent work to bring our virus-like particle (VLP) technology to the forefront of vaccine development. The $97 million available to us during the first three years of the contract will allow us to, among other activities, complete a Phase III registrational trial for our seasonal vaccine candidate. In the immediate year ahead, we plan to use these funds to launch a clinical trial of our pandemic influenza vaccine candidate and develop a detailed plan for a manufacturing facility that has the capability to produce finished vaccine within 12 weeks and at least 50 million doses within six months of an influenza pandemic declaration.

"This year, we also plan to provide technology-transfer and manufacturing support to our new vaccine development partner in South Korea, LG Life Sciences, with whom we recently signed a licensing agreement to develop and commercialize influenza vaccines for South Korea and other emerging-market countries. LG will be responsible for funding clinical development and licensure of VLP-based influenza vaccines in South Korea and other countries and for construction of a new VLP vaccine manufacturing facility at its Osong campus in South Korea. This agreement is another example of our commercial strategy to develop regional partnerships and in-country manufacturing solutions with leading pharmaceutical companies around the world."

Key highlights of 2010:

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  • SOURCE Novavax, Inc.
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