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news.Novavax, a clinical-stage biopharmaceutical company that employs technology to create next-generation vaccines to prevent serious infectious diseases, has reported net loss of $6.29m, or $0.06 loss per diluted share for the fourth quarter ended 31 December 2010, compared to net loss of $10.28m, or $0.11 loss per diluted share for the comparable period in 2009.
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The company has posted loss from operations of $7.03m, compared to $14.15m for the comparable period in 2009.
For the full year ended 31 December 2010, the company has posted a net loss of $35.71m, or $0.34 per diluted share, compared to $40.35m, or $0.47 per diluted share, for the year ago period.
Novavax has reported $38.49m loss from operations, compared to $37.38m for the year ago period.
Novavax president and CEO Rahul Singhvi said the award of a contract from HHS BARDA to develop their seasonal and pandemic influenza vaccines capped a very productive year for the company and represents many years of diligent work to bring their virus-like particle (VLP) technology to the forefront of vaccine development.
"This year, we also plan to provide technology-transfer and manufacturing support to our new vaccine development partner in South Korea, LG Life Sciences, with whom we recently signed a licensing agreement to develop and commercialize influenza vaccines for South Korea and other emerging-market countries," Singhvi said.
"LG will be responsible for funding clinical development and licensure of VLP-based influenza vaccines in South Korea and other countries and for construction of a new VLP vaccine manufacturing facility at its Osong campus in South Korea."