<SUBMISSION>
<ACCESSION-NUMBER>0000950133-07-002271
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20070511
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20070511
<DATE-OF-FILING-DATE-CHANGE>20070511
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NOVAVAX INC
<CIK>0001000694
<ASSIGNED-SIC>2836
<IRS-NUMBER>222816046
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-26770
<FILM-NUMBER>07840085
</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>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w35003e8vk.htm
<DESCRIPTION>FORM 8-K
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<P align="center"><FONT size="5"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT size="4"><B>WASHINGTON, DC 20549</B></FONT>

<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="4"><B>CURRENT REPORT</B>
</FONT>

<P align="center"><FONT size="4"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<P align="center"><FONT size="2"><B>Date of Report (Date of earliest event reported) May&nbsp;11, 2007</B>
</FONT>

<P align="center"><FONT size="5"><B>NOVAVAX, INC.</B>
</FONT>
<DIV><HR width="18%" align="center" size="1" noshade></DIV>

<DIV align="center"><FONT size="1"><B>(Exact name of Registrant as specified in its charter)</b></FONT></DIV>

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    <TD width="30%">&nbsp;</TD>
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    <TD align="center" valign="top"><FONT size="2"><B>Delaware</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>26770</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>22-2816046</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Commission File Number)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">(I.R.S. Employer Identification No.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="80%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>9920 Belward Campus Drive<BR>
Rockville, Maryland</B><BR>
(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><BR><B>20850</B><BR>
(Zip Code)</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top" nowrap><FONT size="2"><B>Registrant&#146;s telephone number, including area code:</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>(240) 268-2000</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>(Former name or former address, if changed since last report.)</B>
</FONT>

<P align="left"><FONT size="2">Check the appropriate box below if the Form&nbsp;8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
</FONT>
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    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR>
</TABLE>
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<P align="left"><FONT size="2"><B>Item&nbsp;2.02 Results of Operations and Financial Condition.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;11, 2007, Novavax, Inc. (the &#147;Company&#148;) issued a press release
announcing its financial results for the first quarter ended March&nbsp;31, 2007 and
will conduct a previously announced, publicly available conference call to
discuss those results as well as to provide an update on the status of the
Company&#146;s business operations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release is furnished as Exhibit&nbsp;99.1 to this Current
Report on Form&nbsp;8-K. The information furnished in this Current Report on Form
8-K and Exhibit&nbsp;99.1 attached hereto shall not be deemed &#147;filed&#148; for purposes
of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, nor shall it
be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, except as shall be expressly set forth by specific reference
in such filing.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits
</FONT>
<P align="left"><FONT size="2"><B>Exhibits</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release issued by Novavax, Inc., dated May&nbsp;11, 2007
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">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, thereunto duly authorized.
</FONT>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Novavax, Inc.<BR>
(Registrant)</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">May 11, 2007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/    Len Stigliano</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name:&nbsp;&nbsp;Len Stigliano<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Interim Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">3</FONT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>w35003exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P align="right"><FONT size="2"><B>Exhibit&nbsp;99.1</B>
</FONT>


<P align="left"><IMG SRC="w35003novavax.gif">



<P align="center"><FONT size="2"><B>NOVAVAX REPORTS FIRST QUARTER 2007 FINANCIAL RESULTS</B>
</FONT>

<P align="left"><FONT size="2"><B>ROCKVILLE, MD</B> (May&nbsp;11, 2007) <B>&#151; /PRNewswire-FirstCall/ &#151; Novavax Inc. (NASDAQ:
NVAX)</B> today reported financial results for the first quarter ended March&nbsp;31,
2007. Novavax reported a net loss of $8.4&nbsp;million, or the equivalent of 14
cents per share, compared with a $5.5&nbsp;million net loss, or the equivalent of 11
cents per share in the first quarter of 2006.
</FONT>
<P align="left"><FONT size="2">&#147;We continue to move forward aggressively with both our H5N1 pandemic and
seasonal flu programs and have made substantial progress toward beginning human
clinical trials,&#148; said Novavax President and Chief Executive Officer Dr.&nbsp;Rahul
Singhvi. &#147;We anticipate filing our Investigational New Drug application by
mid-year, paving the way for clinical trials of our pandemic influenza
virus-like particle vaccine. This is a major milestone for Novavax during what
I anticipate will be a year of important achievements.&#148;
</FONT>
<P align="left"><FONT size="2">Among Novavax&#146;s accomplishments during the first quarter:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">All planned toxicology and H5N1 pandemic flu pre-clinical studies
for inclusion in the IND package have been completed and are under
review.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">The H5N1 pandemic flu vaccine required for initial clinical studies
has been manufactured using a consistent process that meets our
pre-determined quality requirements.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">The accelerated seasonal flu program has produced positive
preclinical data using a trivalent VLP vaccine.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">The previously announced collaboration with the University of
Massachusetts gives Novavax worldwide rights to enhanced VLP technology
that will help the Company expand its pipeline. The company continued
to file new patents to protect and expand its intellectual property.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">Recruitment of highly experienced management continued with the
addition of Jim Robinson as Vice President of Quality and Technical
Operations as well as Len Stigliano as interim Chief Financial Officer.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&#147;We are on track to file our IND mid-year,&#148; Dr.&nbsp;Singhvi said. &#147;We are
energized by the prospect of bringing a strong vaccine candidate into human
studies. We are even more excited by the unfolding promise of our VLP
technology, and we have a team in place with exceptional talent and experience
to help us achieve our goals.&#148;
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P align="left"><FONT size="2"><B>First Quarter Financial Results</B>
</FONT>

<P align="left"><FONT size="2">Revenues for the first quarter ended March&nbsp;31 totaled $0.7&nbsp;million, a decrease
of 49&nbsp;percent from $1.3&nbsp;million reported in the year-ago quarter. Product
revenues consisting primarily of ESTRASORB&#174; sales to Esprit Pharma, Inc.
totaled $0.4&nbsp;million for the period. This compares to product sales of $0.7
million reported in the first quarter of 2006. Contract research and
development revenues for the first quarter were $0.2&nbsp;million, down from $0.5
million reported in the 2006 period.
</FONT>
<P align="left"><FONT size="2">Cost of products sold for the three-month period was $1.3&nbsp;million as compared
to $1.2&nbsp;million for the same period in 2006. The recent quarter included $0.8
million in idle capacity costs at our manufacturing facility compared to
similar costs totaling $0.4&nbsp;million in the comparable 2006 quarter. The
company also incurred $0.1&nbsp;million in excess inventory costs over market for
the first quarter, which reflects its current production costs over the sales
price of ESTRASORB&#174; driven by dependence of the production costs on sales
volume.
</FONT>
<P align="left"><FONT size="2">Research and development costs for the first quarter increased to $3.7&nbsp;million
compared to $2.0&nbsp;million for the three-month period a year ago. The dramatic
increase in R&#038;D was primarily due to higher spending to support the development
of the Company&#146;s influenza vaccines.
</FONT>
<P align="left"><FONT size="2">Selling and marketing costs were $4.6&nbsp;million in the first quarter of 2007 as
compared to $2.8&nbsp;million for the same period last year. The increase was due to
expense reserves for former board of director receivables in the quarter of
$1.0&nbsp;million, and increased rent expense resulting from the new leased facility
in Rockville, Maryland of $.4&nbsp;million.
</FONT>
<P align="left"><FONT size="2">For the quarter, Novavax reported a net loss of $8.4&nbsp;million, or the equivalent
of 14 cents per share, an increase over the $5.5&nbsp;million net loss, or the
equivalent of 11 cents per share, for the comparable 2006 quarter.
</FONT>
<P align="left"><FONT size="2">As of March&nbsp;31, 2007, Novavax had $67.6&nbsp;million in cash and cash-equivalents,
compared to $73.6&nbsp;million at December&nbsp;31, 2006, a decrease of $6.0&nbsp;million,
principally due to operating losses incurred in the first quarter of 2007.
</FONT>
<P align="left"><FONT size="2"><B>Conference Call</B>
</FONT>

<P align="left"><FONT size="2">The Company will hold an investor conference call to discuss its financial
results at 10:00&nbsp;a.m. Eastern Time on May&nbsp;11. The call will be hosted by
Novavax President and Chief Executive Officer Dr.&nbsp;Rahul Singhvi and other
members of senior management. A question and answer session will follow the
financial results overview. The dial-in number for the conference call is USA
and Canada: (800)&nbsp;811 8845 International: (913)&nbsp;981 4905.
</FONT>
<P align="left"><FONT size="2">A live audio web cast of the conference call will be available at
www.novavax.com. Please connect to this website at least 15 minutes prior to
the conference call to ensure adequate time for any software download that may
be needed to hear the web cast. A replay of the web cast will be available for
90&nbsp;days starting on May&nbsp;11, 2007 at www.novavax.com. A replay of the
conference call will also be available by telephone beginning May&nbsp;11, 2007 at
noon through May&nbsp;18, 2007. To access the replay, dial (719)&nbsp;457 0820 and enter
pass code 1388941.
</FONT>
<P align="center"><FONT size="2">5</FONT>
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<P align="left"><FONT size="2"><B>About Novavax</B>
</FONT>

<P align="left"><FONT size="2">Novavax Inc. (NASDAQ: NVAX) is committed to leading the global fight against
infectious disease by creating novel, highly potent vaccines that are safer and
more effective than current preventive options. Using the company&#146;s proprietary
virus-like particle (VLP)&nbsp;and Novasome&#174; adjuvant technologies, Novavax is
developing vaccines to protect against H5N1 pandemic influenza, seasonal flu
and other viral diseases. Novavax&#146;s particulate vaccines closely match
disease-causing viruses while lacking the genetic material to cause disease,
which provides potential for greater immune protection at lower doses than
current vaccines. With an exclusive portable manufacturing system that allows
for rapid mass-production of vaccines, Novavax is uniquely positioned to meet
global public health needs.
</FONT>
<P align="left"><FONT size="2"><B>Forward Looking Statements</B>
</FONT>

<P align="left"><FONT size="2">Statements herein relating to future financial or business performance,
conditions or strategies and other financial and business matters, including
expectations regarding future revenues, product safety or efficacy, patent
protection, operating expenses, and clinical developments are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act.
Novavax cautions that these forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time. Factors that may
cause actual results to differ materially from the results discussed in the
forward-looking statements or historical experience include risks and
uncertainties, including the failure by Novavax to secure and maintain
relationships with collaborators; risks relating to the early stage of
Novavax&#146;s product candidates under development; uncertainties relating to
clinical trials; risks relating to the commercialization, if any, of Novavax&#146;s
proposed product candidates; dependence on the efforts of third parties;
dependence on intellectual property; competition for clinical resources and
patient enrollment from drug candidates in development by other companies with
greater resources and visibility; and risks that we may lack the financial
resources and access to capital to fund our operations. Further information on
the factors and risks that could affect Novavax&#146;s business, financial
conditions and results of operations, is contained in Novavax&#146;s filings with
the U.S. Securities and Exchange Commission, which are available at
<U>www.sec.gov</U>. These
forward-looking statements speak only as of the date of this press release, and
Novavax assumes no duty to update forward-looking statements.
</FONT>
<P align="left"><FONT size="2">CONTACT: Mariann Caprino, &#043; 1 240 268 2029
</FONT>

<P align="center"><FONT size="2">6</FONT>




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<P align="center"><FONT size="2"><B>NOVAVAX, INC.</B>
</FONT>

<P align="center"><FONT size="2"><B>CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
(in thousands, except share and per share information)<BR>
(unaudited)</B>
</FONT>

<CENTER>
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<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Three months ended</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7" style="border-top: 1px solid #000000"><FONT size="1"><B>March 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3" style="border-top: 1px solid #000000"><FONT size="1"><B>2007</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3" style="border-top: 1px solid #000000"><FONT size="1"><B>2006</B></FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenues:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net product sales</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contract research and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">474</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Royalties, milestone and licensing fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">110</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total revenues</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" style="border-top: 1px solid #000000"><FONT size="2">668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" style="border-top: 1px solid #000000"><FONT size="2">1,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating costs and expenses:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost of products sold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Excess inventory costs over market</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Research and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,659</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Selling, general and administrative</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,597</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating costs and expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,338</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loss from operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8,992</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(5,035</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense, net</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(460</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net loss</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(8,388</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(5,495</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic and diluted loss per share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(0.14</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(0.11</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic and diluted weighted average number of common shares outstanding</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">61,221,075</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">52,267,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>As of March 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>As of December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3" style="border-top: 0px solid #000000"><FONT size="1"><B>2007</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3" style="border-top: 0px solid #000000"><FONT size="1"><B>2006</B></FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash &#038; cash equivalents</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">67,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">73,595</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total Current Assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">71,066</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">77,342</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total Assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">115,390</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">121,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Working Capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">65,392</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">72,003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" style="background: #cceeff">

    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long term Debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22,395</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22,458</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Stockholder&#146;s Equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">87,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">94,001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">#&nbsp;#&nbsp;#
</FONT>


<P align="center"><FONT size="2">7</FONT>
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