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Novavax Reports Second-Quarter 2014 Financial Results - Seite 2

'Progress in the second quarter maintained the momentum built in both the first
quarter of the year and in 2013. We continue to make progress in our RSV and
influenza vaccine development programs,' said Stanley C. Erck, President and
CEO of Novavax. 'The second half of 2014 will be the most productive period in
the company's history. We plan to initiate 4 clinical studies before the end of
2014; RSV maternal immunization, pediatric and elderly, as well as a seasonal
influenza clinical trial. We also plan to initiate a combination RSV/seasonal
influenza clinical trial in early 2015. In addition, we plan to present
pre-clinical and clinical data at several important medical meetings later this
year.'

Financial Results for the Three and Six Months Ended June 30, 2014

Novavax reported a net loss of $17.9 million, or $0.08 per share, for the
second quarter of 2014, compared to a net loss of $12.6 million, or $0.08 per
share, for the second quarter of 2013. For the six months ended June 30, 2014,
the net loss was $31.7 million, or $0.15 per share, compared to a net loss of
$22.6 million, or $0.15 per share, for the same period in 2013.

Novavax revenue in the second quarter of 2014 increased 134% to $8.3 million as
compared to $3.5 million for the same period in 2013. The increase in revenue
was primarily due to the higher level of activity in the second quarter of 2014
associated with the company's Phase 1/2 clinical trial using its H7N9 pandemic
influenza candidate and Matrix-M adjuvant and preliminary manufacturing work
for its Phase 2 seasonal influenza clinical trial, both under the HHS BARDA
contract, and with the company's Phase 2 clinical trial in women of
childbearing age under its amended collaboration with PATH. In conjunction with
the increase in revenue, the cost of government contracts revenue in the second
quarter of 2014 increased 213% to $5.1 million as compared to $1.6 million for
the same period in 2013. This increase was primarily related to higher level of
activity associated with the company's previously mentioned pandemic and
seasonal influenza activities.

Research and development expenses increased 41% to $15.2 million in the second
quarter of 2014, compared to $10.8 million for the same period in 2013,
primarily as a result of higher employee-related costs tied to continued growth
in support of the company's RSV and influenza vaccine programs, as well as
Novavax AB research and development expenses. General and administrative
expenses increased 45% to $5.8 million in the second quarter of 2014 as
compared to $4.0 million for the same period in 2013, resulting from higher
employee-related costs, as well as Novavax AB general and administrative