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Novavax Reports Third Quarter 2007 Financial Results and Progress with Vaccine Development Programs
Date:11/12/2007

ROCKVILLE, Md., Nov. 12 /PRNewswire-FirstCall/ -- Novavax Inc. (Nasdaq: NVAX) today reported financial results for the third quarter ended September 30, 2007 and reviewed its recent accomplishments and upcoming milestones. Novavax reported a net loss of $9.0 million, or the equivalent of $0.15 loss per share, compared with a $5.0 million net loss, or the equivalent of $0.08 loss per share in the third quarter of 2006.

For the nine months ended September 30, 2007, the Company reported a net loss of $25.5 million or $0.42 loss per share, as compared to a loss of $16.9 million or $0.29 loss per share for the nine months ended September 30, 2006. The increase in net loss was principally due to increases in research and development costs related to advancing the Company's two lead virus-like particle ("VLP")-based vaccine candidates against pandemic and seasonal influenza.

"Financial results for the third quarter and year to date were in line with our expectations and reflect our continued progress across all of our drug development activities, particularly with our two flu vaccine programs. With the initiation of human clinical trials for H5N1 pandemic flu VLP vaccine, we are now a clinical-stage vaccine company and on target to announce scheduled top line results from this Phase I/IIa trial in December 2007," said Novavax President and Chief Executive Officer, Dr. Rahul Singhvi.

Key recent accomplishments were as follows:

-- Enrolled all seventy stage 'A' participants in the Phase I/IIa clinical

trial of our novel pandemic vaccine from which scheduled top line

results will be reported in December. The first subject was enrolled in

this study in July.

-- Advanced our trivalent seasonal flu vaccine program into preclinical

studies. This program is on target for an IND filing in the second

quarter of 2008.

-- Announced a new vaccine candidate for the prevention of Shingles caused


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SOURCE Novavax Inc.
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