Novavax Initiates Phase 2 Clinical Trial of Quadrivalent Seasonal Influenza VLP - Seite 2

About Influenza

Influenza virus is an airborne, respiratory pathogen that is generally transmitted by inhalation of infectious droplets of respiratory secretions, although transmission through contaminated objects in the environment can also occur. The virus infects the upper respiratory lining of the nose, throat, bronchi, and occasionally the lungs. Although the majority of people recover within one to two weeks without medical treatment, influenza can be associated with pneumonia and even death, especially in the very young, the elderly, and persons with underlying medical conditions. Influenza is a seasonal disease, occurring in yearly winter epidemics of varying and unpredictable severity. Recent estimates in the U.S. show that nearly 250,000 influenza-associated hospitalizations occur annually as a result of each seasonal epidemic with estimated influenza associated deaths ranging from 3,000 to nearly 50,000 per year. Annual influenza immunization is recommended for everyone by the U.S. Center for Disease Control.

About Novavax

Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage biopharmaceutical company creating novel vaccines and vaccine adjuvants to address a broad range of infectious diseases worldwide. Using innovative proprietary recombinant protein nanoparticle vaccine technology, the company produces vaccine candidates to efficiently and effectively respond to both known and newly emergent diseases. Additional information about Novavax is available on the company's website, novavax.com.

About the Novavax HHS-BARDA Contract

The contract was originally awarded in February 2011, with funding of up to $97 million over an initial base period ending in February 2014, and subsequently extended to September 2014. Through the second quarter of 2014, Novavax recognized approximately $65 million in revenue since the inception of the contract. During the contract's 43-month base period, Novavax has been developing and testing its novel recombinant virus-like particle (VLP) influenza vaccines to address BARDA's commitment to advancing recombinant-based technology as a component of pandemic preparedness. In September 2014, BARDA exercised the option period of the contract and extended the period of performance through September 2016. The milestones under the option period are focused on activities leading up to initiation of Phase 3 clinical trials.