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8-K - FORM 8-K - NOVAVAX INC | w77426e8vk.htm |
EX-99.1 - EX-99.1 - NOVAVAX INC | w77426exv99w1.htm |
Exhibit 99.2
Contact:
|
Tricia J. Richardson | |
Senior Manager, Investor Relations | ||
Novavax, Inc. | ||
1 240-268-2031 |
NOVAVAX, Inc. Receives Nasdaq Non-Compliance Letter
Rockville, MD (February 18, 2010)/PRNewswire-FirstCall/-Novavax, Inc. (NASDAQ:NVAX)
announced today that it received a notice of deficiency, as expected, from the NASDAQ Stock Market
(NASDAQ) listing qualifications department. As a result of the election of Stanley Erck as the
Executive Chairman Novavax is no longer in compliance with the NASDAQ
requirement set forth in Listing 2Rule 5605(b)(1), which requires that the companys Board of
Directors be comprised of a majority of independent directors.
Novavax has 45 days to submit a plan to NASDAQ to regain compliance. The notification has no
immediate effect on the listing of Novavaxs common stock on The NASDAQ Global Market. The
Companys common stock continues to trade on The NASDAQ Global Market under the symbol NVAX.
Over recent months, the Nominating and Corporate Governance Committee of Novavaxs Board of
Directors has been identifying, evaluating and recruiting potential candidates for election to the
Board of Directors. Novavax expects to elect two independent directors and thus cure this
non-compliance before its 2010 Annual Meeting of Stockholders.
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 performance, conditions or strategies and other business
matters, including expectations regarding the timing of curing the non-compliance with Nasdaq
Listing Rule 5605(b)(1) 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 risks and uncertainties, including Novavaxs ability
to attract
qualified individuals to serve on its Board of Directors, the cash and equity compensation such individuals might require to serve on the Board of Directors, and the timing of
such elections. 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 Current Report on Form 8-K.
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