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

eflects its current production costs over the sales transfer price of ESTRASORB(R).

Research and development costs for the third quarter increased to $5.6 million compared to $2.9 million for the comparable 2006 three-month period. The increase in R&D was primarily due to higher spending to support the continuing development of the Company's influenza vaccines as well as licensing fees paid to Wyeth Holdings as a result of a licensing agreement signed in July 2007.

General and administrative expenses were $3.1 million for the third quarter of 2007, as compared to $2.6 million for the same period last year. The increase in expenses was principally due to increased facility expenses of $0.4 million resulting from the new leased facility in Rockville, Maryland.

As of September 30, 2007, Novavax had $52.3 million in cash, cash- equivalents, and short-term investments as compared to $73.6 million at December 31, 2006, a decrease of $21.3 million. The decrease of $21.3 million was principally due to operating losses incurred for the year to date period of 2007, partially offset by non-cash expenses of $3.4 million.

Conference Call

The Company will hold an investor conference call at 10:00 a.m. Eastern Time on November 12, 2007 to discuss its financial results. The call will be hosted by Novavax President and Chief Executive Officer Dr. Rahul Singhvi and other members of senior management. The dial-in number for the conference call in the United States and Canada is (800) 810 0924; international callers may dial (913) 981 4900.

A live audio webcast of the conference call will be available at http://www.novavax.com. Please connect to this website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. A replay of the webcast will be available for 90 days after the webcast and a replay of the conference call
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SOURCE Novavax Inc.
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