Novavax Reports First Quarter 2015 Financial Results

GAITHERSBURG, Md., May 7, 2015 (GLOBE NEWSWIRE) -- Novavax, Inc., (Nasdaq:NVAX) a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants, today announced its financial results for the first quarter 2015.

Corporate Highlights

First Quarter and Subsequent Achievements:

RSV

• Completed enrollment of two ongoing clinical trials of its RSV F Vaccine, including a Phase 2 study in elderly adults (60 years of age and older) and a Phase 2 trial to protect infants via maternal immunization.

Ebola

• Initiated a randomized, observer-blinded, dose-ranging Phase 1 clinical trial of our EBOV GP Vaccine in Australia to evaluate the safety and immunogenicity of the vaccine, with and without Matrix-M^TM adjuvant, in 230 healthy adults between 18 and 50 years of age.

Corporate Achievements

• Completed an underwritten public offering of approximately 27.8 million shares, including shares pursuant to the underwriters' option, at $7.25 per share resulting in total gross proceeds from this offering of approximately $201 million before deducting the underwriters discount and offering expenses; and
• Awarded 2015 Workplace Excellence Seal of Approval from the Alliance of Workplace Excellence. Companies awarded the Workplace Excellence Seal of Approval demonstrate outstanding commitments to innovative corporate culture and management practices, employee growth and learning opportunities, diversity and inclusion practices and commitment to corporate, social and civic responsibilities.

2015 Anticipated Events

• During the third quarter of 2015, announce top-line clinical data from four of our ongoing clinical trials, including:
  • Phase 2 clinical trial of the RSV F Vaccine in elderly adults;
  • Phase 2 clinical trial of the RSV F Vaccine in Phase 2 study to protect infants via maternal immunization;
  • Phase 2 clinical trial of the Quadrivalent Seasonal Influenza VLP; and
  • Phase 1 clinical trial of the EBOV GP Vaccine in healthy adults.

"Novavax has now completed enrollment of the elderly and maternal immunization RSV clinical trials. That achievement, combined with our ongoing Quadrivalent Seasonal Influenza VLP vaccine and Ebola GP Vaccine clinical trials, will position us for significant clinical data readouts in the second half of 2015," said Stanley C. Erck, President and Chief Executive Officer of Novavax. "Our March 2015 financing provided us with the resources to prepare for the next steps, with our key objective to continue to execute our aggressive RSV F Vaccine development plans."