ROCKVILLE, Md., March 14 /PRNewswire-FirstCall/ -- Novavax Inc.
(Nasdaq: NVAX) today announced financial results for the fourth quarter and
year ended December 31, 2007. Novavax reported a net loss of $9.2 million
($0.15 loss per share) for the fourth quarter of 2007 compared to a net
loss of $6.1 million ($0.10 loss per share) in the fourth quarter of 2006.
For the year ended December 31, 2007, the Company reported a net loss of
$34.8 million ($0.57 loss per share) compared to a net loss of $23.1
million ($0.39 loss per share) for the year ended December 31, 2006.
Novavax ended 2007 with $46.5 million in cash and investments compared to
$73.6 million as of December 31, 2006. The total cash burn rate for the
fourth quarter of 2007 was $6.8 million.
Among key achievements since January 1, 2007, Novavax has:
-- Advanced its H5N1 pandemic influenza vaccine to Phase I/IIa clinical
studies in humans. An interim analysis in December 2007 was positive,
indicating that this vaccine demonstrated immunogenicity at 15 mcg. and
45 mcg. dose levels and that the vaccine is well tolerated from a
safety perspective. Beginning March 2008, additional patients will be
enrolled in a dose-ranging study to determine the optimal dose.
Novavax expects that preliminary immunogenicity results from this study
should be available by early in the third quarter of 2008.
-- Advanced its seasonal influenza program into pre-clinical studies with
a target of commencing human trials in Phase I/IIa in late second
quarter or early third quarter of 2008. The initial results from our
pandemic influenza study bode well for our seasonal program, because
|SOURCE Novavax, Inc.|
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