Rochester, NY 8/12/2009 9:08:56 AM
After Hours - Novavax, Inc., NVAX - Novavax Reports Company’s Financial Results for Second Quarter 2009
Novavax, Inc.
Novavax, Inc. has reported a net loss of $8.5 million, or $0.10 per share, for the second quarter 2009 as compared to net loss of $9.4 million, or $0.15 per share, during the same quarter of last year.
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"Our progress since the first quarter has been transformational," said Novavax Chief Executive Officer, Dr. Rahul Singhvi. "We eliminated 100% of our $22 million outstanding convertible debt and raised net proceeds of $21.9 million 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 $37.6 million 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 U.S. as well as in foreign countries."
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