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NOVAVAX Reports Third Quarter 2010 Financial Results
Date:11/5/2010

ROCKVILLE, Md., Nov. 5, 2010 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today announced financial results for the third quarter ended September 30, 2010.

Novavax reported a net loss of $10.4 million, or $0.10 per share, for the third quarter of 2010 compared to a net loss of $7.5 million, or $0.08 per share, for the third quarter of 2009.  For the nine months ended September 30, 2010, the net loss was $31.2 million, or $0.30 per share, compared to a net loss of $24.4 million, or $0.30 per share, for the same period in 2009.  The primary reason for the increased loss for the third quarter of 2010 as compared to the same period in 2009 was higher research and development spending to support the company's clinical trials related to its H1N1 and seasonal influenza vaccine candidates.  Research and development expenses for the third quarter of 2010 were $7.9 million as compared to $5.3 million in the same period in 2009.  General and administrative expenses were $2.8 million for the third quarter of 2010 as compared to $3.2 million in the same period in 2009.

As of September 30, 2010, the company had $36.9 million in cash, cash equivalents and short-term investments compared to $43.0 million as of December 31, 2009.  

Recent ActivitiesDuring the third quarter, Novavax:

  • completed a 6-month safety evaluation of more than 3,500 subjects enrolled in the second stage of the company's H1N1 clinical trial in Mexico and found no vaccine-related serious adverse events.  The final Clinical Study Report is expected to be completed by the end of 2010 and to support development of our pandemic and seasonal influenza VLP vaccines in other countries, including the United States;
  • submitted final revisions to its proposal to HHS BARDA to provide recombinant influenza vaccines and manufacturing capabilities for pandemic prep
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