mational," said Novavax Chief Executive Officer, Dr. Rahul Singhvi. "We eliminated 100% of our $22 million outstanding convertible debt and raised net proceeds of $21.9 million through the sale of additional shares under our ATM program. Today, Novavax has a healthy balance sheet with no long term debt and cash and short-term investments of $37.6 million as of July 31, 2009. With this financial strength, we are well positioned to advance our vaccine development programs, and in particular, continue our work on a VLP vaccine candidate against the 2009 pandemic H1N1 strain, so that we are ready to serve public health authorities in the U.S. as well as in foreign countries."
The anticipated milestones for the remainder of 2009 include:
- Release top-line results from the Phase II trial in healthy adults with our trivalent seasonal flu vaccine candidate;
- Initiate a Phase II clinical study of our trivalent seasonal flu vaccine in older adults;
- Continue development of our pandemic H1N1 vaccine candidate;
- Complete definitive license and supply agreements with ROVI; and
- Continue expansion of operations at CPL Biologicals.
2009 Financial Results
Revenue from continuing operations for the second quarter ended June 30, 2009 was $29,000, compared to $0.3 million for the same period in 2008, a decrease of $0.3 million due to the completion of two contracts in 2009.
Research and development costs were $5.3 million for the second quarter of 2009 compared to $5.4 million in the second quarter of 2008, a decrease of $0.1 million. The decrease was due to a $0.2 million decrease in employee costs, partially offset by a $0.1 million increase in outside testing costs associated with continuing clinical trials, preclinical testing, process development, manufacturing and quality related programs.
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. Novavax Announces Appointment of Frederick W. Driscoll as Vice President, Chief Financial Officer and Treasurer2
. Novavax Announces Release Date of 2009 Second Quarter, Financial Results and Investor Conference Call3
. Novavax Announces Selection of a Respiratory Syncytial Virus Vaccine Candidate for Advanced Preclinical Studies4
. Novavax Announces Appointment of John J. Trizzino as Senior Vice President, International and Government Alliances5
. Novavax Announces Repayment of $5 Million of Convertible Debt6
. Cadila Pharmaceuticals Launches Joint Venture With Novavax in India7
. Spanish Government Selects Novavaxs VLP Technology for Comprehensive Flu Vaccine Solution in Spain8
. Novavax Appoints Stanley Erck to Board of Directors9
. Preclinical Proof-of-Concept Studies Published for Novavax Seasonal Influenza Virus-Like-Particle Vaccine10
. Novavax CEO to Present at Phacilitate Vaccine Forum Barcelona 200911
. Novavax and the NIH Agree to Evaluate a Virus-like Particle (VLP) Vaccine Candidate Against the Novel Influenza A (H1N1) Virus