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Novavax Reports Fourth Quarter and 2007 Year-End Financial Results
Date:3/14/2008

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


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SOURCE Novavax, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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