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news.Novavax has reported a net loss of $9.2 million or $0.15 loss per share for the fourth quarter of 2007 compared to a net loss of $6.1 million or $0.10 loss per share in the fourth quarter of 2006.
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For the year ended December 31, 2007, the company reported a net loss of $34.8 million ($0.57 loss per share) compared to a net loss of $23.1 million ($0.39 loss per share) for the year ended December 31, 2006. The total net loss when combining the loss from continuing and discontinued operations was $9.2 million and $34.8 million for the fourth quarter and full year of 2007, respectively.
Revenue from continuing operations, for the fourth quarter ended December 31, 2007 was $0.4 million compared to $0.5 million for the same period in 2006, a net decrease of $0.1 million due to lower Gynodiol sales in 2007 due to the discontinued sale of the product in mid 2007, partially offset by higher contract research revenues due to achievement of certain milestones. Revenue for the full year of 2007 was $1.5 million as compared to $1.7 million in 2006.
Rahul Singhvi, CEO of Novavax, said: “By the second half of 2008, we expect to have two vaccines in Phase II clinical trials with two additional vaccine candidates in early preclinical development, a rapid advancement of our vaccine pipeline.”