Novavax Reports Q1, First Half Results

Novavax has reported a net loss of $8.5m, or $0.10 per share, for the second quarter of 2009 compared to a net loss of $9.4m, or $0.15 per share, for the second quarter of 2008.

For the six months ended June 30, 2009, Novavax reported a net loss of $16.9m, or $0.22 per share, as compared to a net loss of $17.1m, or $0.28 per share, for the six months ended June 30, 2008.

Revenue from continuing operations for the second quarter ended June 30, 2009 was $29,000, as compared to $0.3m for the same period in 2008, a decrease of $0.3m due to the completion of two contracts in 2009.

Rahul Singhvi, chief executive officer of Novavax, said: Our progress since the first quarter has been transformational. We eliminated 100% of our $22m outstanding convertible debt and raised net proceeds of $21.9m through the sale of additional shares under our ATM program. Today, Novavax has a healthy balance sheet with no long term debt and cash and short-term investments of $37.6m as of July 31, 2009.

With this financial strength, we are well positioned to advance our vaccine development programs, and in particular, continue our work on a VLP vaccine candidate against the 2009 pandemic H1N1 strain, so that we are ready to serve public health authorities in the US as well as in foreign countries, he added.