<SUBMISSION>
<ACCESSION-NUMBER>0000950133-05-004690
<TYPE>8-K
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<PERIOD>20051018
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20051024
<DATE-OF-FILING-DATE-CHANGE>20051024
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NOVAVAX INC
<CIK>0001000694
<ASSIGNED-SIC>2836
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<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-26770
<FILM-NUMBER>051152495
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>508 LAPP ROAD
<CITY>MALVERN
<STATE>PA
<ZIP>19355
<PHONE>4849131200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>508 LAPP ROAD
<CITY>MALVERN
<STATE>PA
<ZIP>19355
</MAIL-ADDRESS>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w13805e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CURRENT REPORT<BR><BR>
PURSUANT TO SECTION 13 OR 15 (d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>October&nbsp;18, 2005</B><BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Date of Report (Date of earliest event reported): </FONT></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">NOVAVAX, INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><U><B>DELAWARE</B></U><BR>
(State or Other Jurisdiction<BR>
of
Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u><B>0-26770</B></U><BR>
(Commission File Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="center" valign="top"><B>508 Lapp
Road,</B><BR><U><b>Malvern, Pennsylvania</b></U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><u><B>19355</B></U></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(Zip Code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><BR>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000"> </FONT></DIV></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>484-913-1200</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000"> Registrant&#146;s telephone number, including area code: </FONT></DIV></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>N/A</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000"> (Former Name or Former Address, if Changed Since Last Report)</FONT></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 1 &#151; REGISTRANT&#146;S BUSINESS AND OPERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;18, 2005 Novavax, Inc. (the &#147;Company&#148;) entered into a License Agreement (the &#147;License
Agreement&#148;) and a Supply Agreement (the &#147;Supply Agreement&#148;) for ESTRASORB&#174; (estradiol topical
emulsion) with Esprit Pharma, Inc. (&#147;Esprit&#148;) a private specialty pharmaceutical company based in
East Brunswick, New Jersey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The License Agreement grants Esprit exclusive rights to make, import, use and sell ESTRASORB in
North America. The License Agreement provides for an initial payment from Esprit of $10.0&nbsp;million,
of which $2.0&nbsp;million is paid in cash and $8.0&nbsp;million is paid in the form of a promissory note due
no later than December&nbsp;30, 2005. Esprit is required to make an additional $2.5&nbsp;million cash
payment on the first anniversary of the License Agreement. Esprit will also pay a royalty on all
net sales of ESTRASORB in North America and will be required to make certain milestone payments
based on pre-determined net sales levels. The royalty obligation expires on a country by country
basis upon the expiration of all patents covering ESTRASORB in such country. The term of the
License Agreement expires upon the expiration of all patents licensed under the agreement, at which
time Esprit will be granted a fully paid-up, license to ESTRASORB in
North America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Supply Agreement, the Company will supply ESTRASORB exclusively to Esprit. The Supply
Agreement includes terms regarding Esprit&#146;s procedures for submitting forecasts and orders, the
Company&#146;s delivery of ESTRASORB and Esprit&#146;s testing and acceptance of the product. The Supply
Agreement further sets forth the prices per unit of ESTRASORB and provides for annual adjustment
of the per unit price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the press release relating to the transaction is filed as Exhibit&nbsp;99.1 to this report.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 9 &#151; FINANCIAL STATEMENTS AND EXHIBITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued by Novavax, Inc. on October&nbsp;18, 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NOVAVAX, INC.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/
Dennis W. Genge</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dennis W. Genge<br>Vice President and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;24, 2005

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following exhibits are filed herewith:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued by Novavax, Inc. on October&nbsp;18, 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>w13805exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="w13805w1380501.gif" alt="(NOVAVAX LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<TR valign="bottom">
    <TD align="left" valign="top"><B>FOR IMMEDIATE RELEASE</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>NASDAQ symbol:</B>&nbsp;&nbsp;<B>NVAX</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOVAVAX COMPLETES ESTRASORB PARTNERSHIP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MALVERN, PA., October&nbsp;18, 2005 &#151;  Novavax, Inc. (Nasdaq: NVAX) </B>announced today that it
has entered into a definitive license and supply agreement on ESTRASORB<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> (estradiol
topical emulsion) with Esprit Pharma, a private specialty pharmaceutical company based in East
Brunswick, NJ. Under the License Agreement, Esprit Pharma will obtain exclusive rights to market
ESTRASORB in North America. Novavax will continue to manufacture ESTRASORB in its state-of-the-art
pharmaceutical plant in Philadelphia. Esprit will pay Novavax a minimum cash consideration of
$12.5&nbsp;million, $2.0&nbsp;million which was paid today, $8.0&nbsp;million payable by year-end 2005, and the
remaining balance of $2.5&nbsp;million payable at the first anniversary of the Agreement in October
2006. Novavax will also receive a royalty on all net sales of ESTRASORB. Additionally, Esprit is
obligated to pay Novavax certain milestone payments based on specific pre-determined net sales
levels of ESTRASORB. This transaction today allows Novavax to continue to realize potential
ESTRASORB marketing partnerships with other companies in international markets around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We are delighted with our new partnership with Esprit and believe that ESTRASORB is in the right
hands with the necessary resources to achieve its full potential in the market- place,&#148; said Ray
Hage, Senior Vice President and COO of Novavax. John Spitznagel and his team at Esprit have a
remarkable track record of success in launching new products and building pharmaceutical companies.
An example is their most recent successful venture in ESP Pharma, which this management team built
and sold to Protein Design Labs, Inc. for approximately $500&nbsp;million. Under the new licensing deal
structure announced today, Novavax shareholders will realize the benefits from the marketing
success of ESTRASORB anticipated under Esprit management.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We are very excited about adding ESTRASORB to our product portfolio,&#148; said John T. Spitznagel,
Esprit&#146;s Chairman and CEO. Novavax&#146;s unique micellar nanoparticle (MNP)&nbsp;technology platform
delivers estrogen through the skin in a therapeutically effective and consumer friendly manner. The
acquisition of ESTRASORB reflects our ongoing and growing commitment to women&#146;s healthcare. We
view today&#146;s Licensing Agreement as the beginning of a longer term relationship with the management
team of Novavax. We intend to work with Novavax to explore further use of its technologies in
expanding our product pipeline.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;This partnership is a watershed event for Novavax. It culminates our strategy of transitioning
from a commercial business model and focusing on our core competency of product development,&#148; said
Dr.&nbsp;Rahul Singhvi, President and CEO of Novavax, Inc. &#147;This agreement further strengthens our
balance sheet and puts us in a position to advance our promising pandemic (avian)&nbsp;flu vaccine
program as well as several new product candidates utilizing our MNP technology into clinical
development.&#148;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About Novavax, Inc.</B><BR>
Novavax, Inc. is a product development company focused on the research, development and
commercialization of products utilizing its proprietary drug delivery and biological technologies
for large and growing markets. Novavax&#146;s drug delivery technologies include the Micellar
Nanoparticle (MNP)&nbsp;technology which is the basis for the development of its first FDA approved
product, ESTRASORB. In addition to MNP, Novavax drug delivery technologies include Novasomes
(paucillamellar non-phospholipid liposomes) and Sterisome technologies. Novavax&#146;s vaccine
technologies include virus like particle manufacturing technology utilizing the baculovirus
expression system in insect cells as well as novel vaccine adjuvants based on novasomes and
dendrimer technologies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About Esprit Pharma</B><BR>
Esprit Pharma is a niche oriented, forward thinking pharmaceutical company committed to improving
patient outcomes and well-being within the Genito-urinary and Women&#146;s Health fields. Led by a
highly experienced management team, Esprit focuses on serving the unique needs of physicians by
identifying opportunities and selectively acquiring and maximizing the potential of approved and
late-stage development medicines and providing support through internal expertise and a dedication
to medical education. A privately held company, Esprit has investment support from the leading
healthcare venture capital and private equity firms of Domain Associates, LLC
(http://www.domainvc.com), New Enterprise Associates (http://www.nea.com) and Apax Partners, Inc.
(http://www.apax.com). For additional information visit the Company&#146;s Internet site at
www.EspritPharma.com
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements made in this press release that state Novavax&#146;s or management&#146;s intentions, hopes,
beliefs, expectations, or predictions of the future are forward-looking statements. Forward-looking
statements include but are not limited to statements regarding usage of cash, product sales, future
product development and related clinical trials and future research and development, including FDA
approval. Novavax&#146;s actual results could differ materially from those expressed in such
forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from those expressed or implied by
such forward-looking statements. Such factors include, among other things, the following: general
economic and business conditions; ability to enter into future collaborations with industry
partners, including an ESTRASORB <SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> licensing agreement; competition; unexpected
changes in technologies and technological advances; ability to obtain rights to technology; ability
to obtain and enforce patents; ability to commercialize and manufacture products; ability to
establish and maintain commercial-scale manufacturing capabilities; results of clinical studies;
progress of research and development activities; business abilities and judgment of personnel;
availability of qualified personnel; changes in, or failure to comply with, governmental
regulations; the ability to obtain adequate financing in the future through product licensing,
co-promotional arrangements, public or private equity financing or otherwise; and other factors
referenced herein. Additional information is contained in Novavax&#146;s annual report on Form&nbsp;10K for
the year ended December&nbsp;31, 2004 and quarterly reports on Form&nbsp;10Q for the quarters ended March&nbsp;31,
2005 and June&nbsp;30, 2005, incorporated herein by reference. Statements made herein should be read in
conjunction with Novavax&#146;s annual and quarterly reports filed with the SEC. Copies of these filings
may be obtained by contacting Novavax at 508 Lapp Road, Malvern, PA 19355 Tel 484-913-1200 or the
SEC at <U>www.sec.gov</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- ### -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For Further Information Contact:<BR>
Investor Relations<BR>
Kathy Hamilton<BR>
Novavax, Inc.<BR>
Tel: (484)&nbsp;913-1213<BR>
Email: <U>KHamilton@novavax.com</U>

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