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Novavax Reports Fourth Quarter And Year-End 2012 Financial Results

ROCKVILLE, Md., March 1, 2013 (GLOBE NEWSWIRE) -- Novavax, Inc. (Nasdaq:NVAX) today announced financial results for the fourth quarter and year-ended December 31, 2012.

For the fourth quarter of 2012, Novavax reported a net loss of $8.0 million, or $0.06 per share, compared to a net loss of $3.7 million, or $0.03 per share, in the fourth quarter of 2011. For 2012, the company reported a net loss of $28.5 million, or $0.22 per share, compared to a net loss of $19.4 million, or $0.17 per share, for 2011. The increase in the net loss in 2012 compared to 2011 was primarily a result of higher research and development spending, including increased costs related to respiratory syncytial virus (RSV) clinical trials, higher employee-related costs and expenses associated with the company's new manufacturing facility.

At December 31, 2012, Novavax had cash, cash equivalents and investments totaling $50.3 million compared to $18.3 million at December 31, 2011. Net cash used in operating activities for 2012 was $18.2 million compared to $23.6 million for 2011, a 23% reduction from the prior year. Working capital at December 31, 2012 was $38.7 million compared to $18.5 million at December 31, 2011, which represents a 109% increase.

Stanley C. Erck, President and Chief Executive Officer of Novavax, stated, "In 2012 we made significant progress across our complete pipeline of vaccine candidates, with positive clinical data announced for our RSV vaccine candidate, as well as our seasonal and pandemic (H5N1) influenza vaccines. Of particular note are results we announced last October from two Phase I pandemic (H5N1) influenza vaccine trials, which showed highly robust immunogenicity at multiple dose levels both with and without two separate adjuvants, and evidence of cross protection against a mismatched strain. This positive influenza data has undergone inter-governmental-agency panel review, and the U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority (BARDA) is continuing support of our vaccine advanced development contract.

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