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8-K - FORM 8-K - NOVAVAX INC | w77426e8vk.htm |
EX-99.2 - EX-99.2 - NOVAVAX INC | w77426exv99w2.htm |
Exhibit 99.1
Contact: | Tricia J. Richardson Novavax, Inc. 1 240-268-2031 |
Stanley Erck Elected as Executive Chairman
ROCKVILLE, MD (February 16, 2010) /PRNewswire-FirstCall/-Novavax, Inc. (Nasdaq: NVAX) The
Board of Directors of Novavax, Inc., announced today the election of Stanley Erck as Executive
Chairman. The effective date of this leadership change is immediately.
Previously, Mr. Erck served as President and Chief Executive Officer of Iomai Corporation, leading
the company through an initial public offering and a merger with Intercell, an Austrian vaccine
company, and through the development of a late-stage infectious disease product candidate. Prior
to Iomai, Mr. Erck served as President and Chief Executive Officer of Procept, a publicly traded
immunology company; as Vice President of Corporate Development at Integrated Genetics (now
Genzyme), and in management positions at Baxter International. Mr. Erck currently sits on the
Board of Directors of BioCryst, MacCyte, MdBio Foundation and Novavax.
We are very pleased to announce the appointment of Stan to the position of Executive Chairman of
the Board, stated Gary C. Evans, Lead Director of Novavax. Stans business experience in guiding
successful infectious disease and vaccine based biotech companies should prove invaluable to
Novavax as we advance our VLP pipeline into late-stage development and commercialization.
Novavax has a broad vaccine pipeline of cutting edge recombinant technology coupled with a strong
management team and an excellent shareholder base, said Stan Erck. I look forward to sharing my
experience in advancing its late-stage VLP influenza vaccine towards commercialization and
progressing its preclinical pipeline into human trials.
All board members of Novavax would like to thank John Lambert for his three years of service as
Executive Chairman and look forward to his continuing support as a Director of the company. Johns
oversight during this period has helped our organization evolve our VLP technology from an
early-stage idea to an innovative vaccine that has now been successfully tested in over 1,800
subjects, said Mr. Evans.
About Novavax
Novavax, Inc. is a clinical-stage biotechnology company creating novel vaccines to address a broad
range of infectious diseases worldwide, including H1N1, using advanced proprietary
virus-like-particle (VLP) technology. The company produces potent VLP-based recombinant vaccines
utilizing new and efficient manufacturing approaches. Novavax is committed to using
its VLP
technology to create country-specific vaccine solutions. The company has formed a joint
venture with Cadila Pharmaceuticals, named CPL Biologicals, to develop and manufacture vaccines,
biological therapeutics and diagnostics in India. Additional information about Novavax is available
on the companys website: www.novavax.com
Forward Looking Statements
Statements herein relating to future financial or business performance, conditions or strategies
and other financial and business matters, including expectations regarding revenues, operating
expenses, cash burn, and clinical developments and anticipated milestones are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act. Novavax cautions
that these forward-looking statements are subject to numerous assumptions, risks and uncertainties,
which change over time. Factors that may cause actual results to differ materially from the results
discussed in the forward-looking statements or historical experience include, among other things,
the following: our ability to progress any product candidates into pre-clinical or clinical
trials; the scope, initiation, rate and progress of our preclinical studies and clinical trials and
other research and development activities; clinical trial results; even if the data from
preclinical studies or clinical trials is positive, the product may not prove to be safe and
efficacious; regulatory approval is needed before any vaccines can be sold in or outside the United
States and, to date, no governmental authority has approved any of our vaccine candidates for sale;
influenza is seasonal in nature, and if approval or commercial launch after approval is not timely
in relation to the flu season, we may not be able to manufacture or sell our influenza vaccines on
terms favorable to us until the next flu season, if at all; we have not manufactured any of our
vaccine candidates at a commercial level and have only recently engaged a third party manufacturer
to assist in commercial manufacturing efforts; we utilize a unique manufacturing process and the
scale-up of that process may prove difficult and costly; our pilot plant facility is subject to
standard FDA inspections, which may result in increased costs and production delays; the success of
our joint ventures, collaborations, partnerships and licensing agreements; our dependence on third
parties to manufacture and distribute its vaccines; risks associated with conducting business
outside of the United States; the cost of filing, prosecuting, defending and enforcing any patent
claims and other intellectual property rights; our ability to obtain rights to technology;
competition for clinical resources and patient enrollment from drug candidates in development by
other companies with greater resources and visibility; our ability to enter into future
collaborations with industry partners and the terms, timing and success of any such collaboration;
the cost, timing and success of regulatory filings and approvals; our ability to obtain adequate
financing in the future through product licensing, co-promotional arrangements, public or private
equity or debt financing or otherwise; general business conditions; competition; business abilities
and judgment of personnel; loss of key management and availability of qualified personnel; and
other factors referenced herein. Further information on the factors and risks that could affect
Novavaxs business, financial conditions and results of operations, is contained in Novavaxs
filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. These
forward-looking statements speak only as of the date of this press release.
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