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Novavax Reports Second Quarter 2009 Financial Results
Date:8/7/2009

ROCKVILLE, Md., Aug. 7 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today reported a net loss of $8.5 million, or $0.10 per share, for the second quarter of 2009 compared to a net loss of $9.4 million, or $0.15 per share, for the second quarter of 2008.

For the six months ended June 30, 2009, Novavax reported a net loss of $16.9 million, or $0.22 per share, as compared to a net loss of $17.1 million, or $0.28 per share, for the six months ended June 30, 2008. Total cash and short-term investments as of June 30, 2009 were $31.2 million compared to $33.9 million as of December 31, 2008. Net outstanding indebtedness related to the company's convertible notes was reduced by 17.8 million as of June 30, 2009 when compared to December 31, 2008.

Since the first quarter, Novavax continued to advance its vaccine pipeline, improved its balance sheet by raising additional capital and retiring 100% of its convertible debt, and entered into an initial agreement with ROVI Pharmaceuticals of Spain ("ROVI").

Specific accomplishments since the first quarter included the following:

  • Completed subject enrollment in the second Phase II study of its trivalent season influenza virus-like-particle ("VLP") vaccine candidate. The company is planning on reporting top-line immunogenicity and safety results from this study by the fourth quarter of this year.
  • Improved the company's balance sheet by retiring 100% of its $22.0 million of outstanding convertible notes. The notes carried a coupon rate of 4.75% payable semi-annually and had a maturity date of July 15, 2009. The company retired $17.0 million of the notes in April 2009 by paying 70% of the principal plus accrued and unpaid interest, or $12.1 million, in cash and by issuing 2,040,000 shares of common stock fo
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SOURCE Novavax, Inc.
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