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Novavax Announces Proprietary Method to Create SARS Vaccine and Renewal of NIH Funding for SARS Vaccine Development
Date:5/22/2008

ROCKVILLE, Md., May 22 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today announced that it has created a new proprietary process to develop a vaccine candidate against Severe Acute Respiratory Syndrome (SARS). The company also received renewed research funding from the National Institutes of Health (NIH) to continue preclinical development of SARS vaccine candidates using Novavax's virus-like particle (VLP) technology.

"Until now, it has been difficult to produce VLP vaccine candidates against SARS and other complex infectious disease targets because many of these biological structures do not assemble efficiently," said Dr. Gale Smith, Vice President, Vaccine Development. "Our new proprietary process uses select components of SARS and other structural proteins that combine with cell membranes to form distinctive SARS coronavirus nanoparticles, which are nearly identical to the human SARS virus but lack the genetic material needed to replicate and cause disease."

"This new approach to create VLPs will allow us to continue our work to develop a SARS vaccine candidate and expand the potential applications of our vaccine technology to a broad range of infectious diseases around the world," said Rahul Singhvi, President and Chief Executive Officer of Novavax, Inc.

Severe acute respiratory syndrome (SARS) is a viral respiratory illness caused by a coronavirus and was first reported in Asia in February 2003. According to the World Health Organization (WHO), subsequent to the 2003 breakout, over 8,000 people were infected, with 774 reported deaths. While there is currently no known reported SARS transmission globally, WHO and other such agencies continue to monitor the SARS situation on a global basis as health officials remain concerned that SARS or similar disease could reemerge.

The SARS VLP program is conducted under an NIH grant. Novavax does not have the commercial rights to this product candidate.

About Novavax

Novavax, Inc. is a clinical stage biotechnology company, creating novel vaccines to address a broad range of infectious diseases worldwide using advanced proprietary virus-like particle (VLP) technology. The Company produces these VLP based, potent, recombinant vaccines utilizing a new, efficient manufacturing solution. Additional information about Novavax is available at http://www.novavax.com and in the Company's various filings with the Securities and Exchange Commission.

Forward Looking Statements

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding revenues, operating expenses, cash burn, and clinical developments and anticipated milestones are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Novavax cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the Company's ability to progress any product candidates in preclinical or clinical trials; the scope, rate and progress of its preclinical studies and clinical trials and other research and development activities; clinical trial results; even if the data from preclinical studies or clinical trials is positive, the product may not prove to be safe and efficacious; the Company may not have the personnel or capital resources to expand its product candidate pipeline; our ability to enter into future collaborations with industry partners and the terms, timing and success of any such collaboration; the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; our ability to obtain rights to technology; competition for clinical resources and patient enrollment from drug candidates in development by other companies with greater resources and visibility; our ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity or debt financing or otherwise; general business conditions; competition; business abilities and judgment of personnel; and the availability of qualified personnel. Further information on the factors and risks that could affect Novavax's business, financial conditions and results of operations, is contained in Novavax's filings with the U.S. Securities and Exchange Commission, which are available at http://www.sec.gov. These forward-looking statements speak only as of the date of this press release, and Novavax assumes no duty to update forward-looking statements.


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SOURCE Novavax, Inc.
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