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

early stage of Novavax's product candidates under development; uncertainties relating to clinical trials; risks relating to the commercialization, if any, of Novavax's proposed product candidates; dependence on the efforts of third parties; dependence on intellectual property; competition for clinical resources and patient enrollment from drug candidates in development by other companies with greater resources and visibility, and risks that we may lack the financial resources and access to capital to fund our operations. 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.

NOVAVAX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share information)

(unaudited)

Three months ended Nine months ended

September 30, September 30,

2007 2006 2007 2006

Revenues:

Net product sales $453 $571 $678 $1,668

Contract research and development 710 582 1,146 1,459

Royalties and milestone fees 152 40 318 208

Total revenues 1,315 1,193 2,142 3,335

Operating costs and expenses:

Cost of products sold 1,096 1,170 3,269 3,564

Excess inventory costs over

market 757 264 1
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SOURCE Novavax Inc.
Copyright©2007 PR Newswire.
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