<SEC-DOCUMENT>0001144204-12-014910.txt : 20120314
<SEC-HEADER>0001144204-12-014910.hdr.sgml : 20120314
<ACCEPTANCE-DATETIME>20120314165026
ACCESSION NUMBER:		0001144204-12-014910
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120314
DATE AS OF CHANGE:		20120314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVAVAX INC
		CENTRAL INDEX KEY:			0001000694
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				222816046
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26770
		FILM NUMBER:		12690835

	BUSINESS ADDRESS:	
		STREET 1:		9920 BELWARD CAMPUS DRIVE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		240-268-2000

	MAIL ADDRESS:	
		STREET 1:		9920 BELWARD CAMPUS DRIVE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>v304706_10k.htm
<DESCRIPTION>FORM 10-K
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<DIV  STYLE="width: 100%; display: inline; vertical-align: middle; border-top: 4pt black double">&nbsp;</DIV><H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR> Washington, D.C. 20549 </H1>


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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Form 10-K </H1>


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<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="544" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1><FONT STYLE="font-family: wingdings">x</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>

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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the fiscal year ended December 31, 2011 </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">OR </H1>

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          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1><FONT STYLE="font-family: wingdings">o</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>

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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the transition period from&nbsp;<IMG SRC="line.gif" STYLE="width: 48px; height: 1pt">&nbsp;to&nbsp;<IMG SRC="line.gif" STYLE="width: 48px; height: 1pt">. </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Commission File No. 0-26770 </H1>


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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 18pt; line-height: 20pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC. </H1>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 8pt; line-height: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(Exact name of Registrant as specified in its charter) </P>

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="229"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD STYLE="line-height: 12pt; vertical-align: text-bottom; font-weight: bold; font-size: 10pt; text-align: center" ROWSPAN=1 COLSPAN=1>Delaware</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: 12pt; vertical-align: text-bottom; font-weight: bold; font-size: 10pt; text-align: center" ROWSPAN=1 COLSPAN=1>9920 Belward Campus Drive,<BR>Rockville, Maryland 20850</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: 12pt; vertical-align: text-bottom; font-weight: bold; font-size: 10pt; text-align: center" ROWSPAN=1 COLSPAN=1>22-2816046</TD>

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          <TD STYLE="padding-left: 0pt; text-indent: 0pt" ROWSPAN=1 COLSPAN=1>(State of incorporation)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">(Address of principal executive offices)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD>

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<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Registrant&#146;s telephone number, including area code: <B>(240) 268-2000</B> </P>


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<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section 12(b) of the Act: </P>

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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="544" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="264"></TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Title of each class</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Name of each exchange on which registered</TD>

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          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>Common Stock, Par Value $0.01 per share</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">The NASDAQ Global Market</TD>

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</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section 12(g) of the Act: <B>Not Applicable</B> </P>


<DIV ALIGN="CENTER"><BR><IMG SRC="line.gif" ALIGN="MIDDLE" STYLE="width: 180px; height: 1pt; text-align: center"><BR>&nbsp;</DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes <FONT STYLE="font-family: wingdings">o</font> No <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.Yes <FONT STYLE="font-family: wingdings">o</font> No <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes <FONT STYLE="font-family: wingdings">x</font> No <FONT STYLE="font-family: wingdings">o</font> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes <FONT STYLE="font-family: wingdings">x</font> No <FONT STYLE="font-family: wingdings">o</font> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="682" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="162"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="154"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="154"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Large accelerated filer <FONT STYLE="font-family: wingdings">o</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Accelerated filer <FONT STYLE="font-family: wingdings">x</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Non-accelerated filer <FONT STYLE="font-family: wingdings">o</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Smaller reporting company <FONT STYLE="font-family: wingdings">o</font></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=5 STYLE="text-align: center">(Do not check if a smaller reporting company)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes <FONT STYLE="font-family: wingdings">o</font> No <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant (based on the last reported sale price of Registrants common stock on June 30, 2011 on the NASDAQ Global Market) was $172,600,000. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of March 8, 2012, there were 121,571,186 shares of the Registrant&#146;s common stock outstanding. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 9pt; line-height: 11pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Portions of the Registrant&#146;s Definitive Proxy Statement to be filed no later than 120 days after the fiscal year ended December 31, 2011 in connection with the Registrant&#146;s 2012 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. </P>

<DIV STYLE="width: 100%; display: inline; vertical-align: middle; border-top: 4pt black double">&nbsp;</DIV></DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#TOC"></a>TABLE OF CONTENTS </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="552"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="40"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Page</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART I<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tBUS"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 1.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">BUSINESS</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tBUS"><B>1</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tRF"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 1A.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">RISK FACTORS</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tRF"><B>13</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tPRO"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 2.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">PROPERTIES</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tPRO"><B>31</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tLP"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 3.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">LEGAL PROCEEDINGS</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tLP"><B>31</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART II<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tMRCE"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 5.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">MARKET FOR REGISTRANT&#146;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tMRCE"><B>32</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tSFD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 6.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">SELECTED FINANCIAL DATA</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tSFD"><B>34</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tMDAFC"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 7.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tMDAFC"><B>35</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tQQDAMR"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 7A.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tQQDAMR"><B>47</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tFSSD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 8.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tFSSD"><B>47</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tCDAAFD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 9.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tCDAAFD"><B>47</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tCP"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 9A.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">CONTROLS AND PROCEDURES</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tCP"><B>47</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tOI"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 9B.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">OTHER INFORMATION</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tOI"><B>48</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART III<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tDEOCG"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 10.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tDEOCG"><B>49</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tEC"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 11.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">EXECUTIVE COMPENSATION</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tEC"><B>49</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tSOCBO"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 12.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tSOCBO"><B>49</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tCRRTDI"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 13.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tCRRTDI"><B>49</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tPAFS"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 14.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">PRINCIPAL ACCOUNTING FEES AND SERVICES</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tPAFS"><B>49</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART IV<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><a href="#tEFSS"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 15.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tEFSS"><B>50</B></a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">When used in this Annual Report on Form 10-K, except where the context otherwise requires, the terms &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;Novavax&#148; and &#147;the Company&#148; refer to Novavax, Inc.</P>

</DIV>

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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART I </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tBUS"></a>Item 1. BUSINESS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>This Annual Report on Form 10-K contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act that involve risks and uncertainties. In some cases, forward-looking statements are identified by words such as &#147;believe,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;will,&#148; &#147;may&#148; and similar expressions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. All of these forward-looking statements are based on information available to us at this time, and we assume no obligation to update any of
these statements. Actual results could differ from those projected in these forward-looking statements as a result of many factors, including those identified in the section titled &#147;Risk Factors,&#148; &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and elsewhere. We urge you to review and consider the various disclosures made by us in this report, and those detailed from time to time in our filings with the Securities and Exchange Commission, that attempt to advise you of the risks and factors that may affect our future results.</I> </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Overview</B> </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Novavax, Inc. (&#147;Novavax,&#148; the &#147;Company,&#148; &#147;we&#148; or &#147;us&#148;) is a clinical-stage biopharmaceutical company focused on developing novel recombinant vaccines to address a broad range of infectious diseases. Our goal is to become a profitable vaccine company that is aggressively driving towards development, licensure and commercialization of important vaccines worldwide. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our technology platform is based on proprietary recombinant vaccine technology that includes virus-like particles (VLPs) and recombinant nanoparticle vaccines. Our vaccine candidates are genetically engineered three-dimensional nanostructures, which incorporate immunologically important recombinant proteins. There are a number of recombinant protein-based vaccines currently marketed and widely-used, including Recombivax&reg; HB (Merck) and Engerix&reg; (GlaxoSmithKline), which protect against Hepatitis B, Gardasil&reg; (Merck) and Cervarix&reg; (GlaxoSmithKline), which protect against human papilloma virus and Provenge&reg; (Dendreon), which treats
certain types of prostate cancer. Our product pipeline targets a variety of infectious diseases and our vaccine candidates are currently in or have completed clinical trials that target pandemic influenza (H5N1), seasonal influenza and respiratory syncytial virus (RSV). Further, CPL Biologics Private Limited (the JV), our joint venture company in India, is actively developing a rabies vaccine candidate that was genetically engineered by Novavax. The JV recently completed initial pre-clinical immunogenicity studies on this new vaccine candidate and is progressing with pre-clinical toxicology studies. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Influenza Vaccines</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have a significant amount of experience in developing recombinant VLP influenza vaccines. Highlights of our experience include the following: </P>

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          <TD STYLE="text-align: justify">eight clinical trials for our seasonal and pandemic influenza vaccine candidates (including one currently ongoing seasonal influenza trial) and two imminent pandemic influenza trials scheduled to start in the second quarter of 2012; </TD>

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          <TD STYLE="text-align: justify">administering our seasonal and pandemic influenza VLPs (nine distinct strains, including both influenza A and B and strains of avian and swine origin) to over 4,200 subjects demonstrating vaccine tolerability and immunogenicity; </TD>

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          <TD STYLE="text-align: justify">five animal toxicology studies without any safety issues; </TD>

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          <TD STYLE="text-align: justify">two ferret immunization and challenge studies demonstrating control of viral shedding with a seasonal virus strain, and prevention of clinical signs, weight loss and mortality for a highly pathogenic avian strain; </TD>

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          <TD STYLE="text-align: justify">vaccine production under current good manufacturing practices (cGMP) resulting in 45 batches of VLP vaccine with over a dozen different influenza strains; and </TD>

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          <TD STYLE="text-align: justify">scaled-up vaccine production with our 1,000 liter single-use bioprocessing capacity. </TD>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We believe our influenza VLP vaccines have potential immunological advantages over currently available products because our influenza VLPs contain three of the major structural influenza virus proteins, which we believe are important to combat influenza: hemagglutinin (HA) and neuraminidase (NA), both of which stimulate the body to produce antibodies that neutralize the influenza virus and prevent its spread through the cells in the respiratory tract, and matrix 1 (M1), which stimulates cytotoxic T lymphocytes to kill cells that may already be infected. Further, our VLPs are not made from a live virus and have no genetic nucleic material in their
inner core, which renders them incapable of replicating and causing disease. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Novavax&#146;s insect cell culture based platform production technology, combined with single-use bioprocessing technology employed strategically throughout the manufacturing process, is a key strength. This distinctive combination of technology has advantages over traditional vaccine production methods that use chicken eggs or mammalian cells, including: (1) smaller facility footprint to achieve comparable yields to traditional egg-based or mammalian cell-based systems, (2) faster facility commissioning, (3) significantly lower capital expenditures on infrastructure, (4) competitive cost of goods and (5) the potential for advance seed production,
which could provide a shorter lead time to produce vaccine than egg-based technology in the face of strain changes. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>HHS BARDA Contract Award for Recombinant Influenza Vaccines</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In February 2011, we were awarded a contract from the Department of Health and Human Services, Biomedical Advanced Research and Development Authority (HHS BARDA) of the U.S. government valued at $97 million for the first 36 month base-period, with an HHS BARDA option period of 24 months valued at $82 million, for a total contract value of up to $179 million. The HHS BARDA contract award provides significant funding for the continued ongoing clinical development and product scale-up of both our seasonal and pandemic influenza vaccine candidates. This is a cost-plus-fixed-fee contract in which HHS BARDA will reimburse us for direct contract costs
incurred plus allowable indirect costs and a fee earned in the further development of our seasonal and pandemic (H5N1) influenza vaccines. During 2011, we recognized revenue of approximately $15 million, made significant progress in product characterization and production scale-up and are progressing forward with our multi-year clinical development program. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Pandemic Influenza (H1N1)</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pandemic influenza refers to a situation where there is a significant disease outbreak resulting from an influenza virus appearing in humans for which the majority have little or no immunity. Pandemic influenzas are a major concern to world health groups because such diseases can quickly and easily spread worldwide and can cause serious illness or death before vaccines are available to limit the spread of the disease. There have been notorious examples of pandemic influenza crises; in 2009, the World Health Organization (WHO) declared a pandemic of the H1N1 strain of influenza (this strain has been referred to in the media as &#147;swine flu&#148;).
</P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2009 and 2010, we dedicated significant resources to demonstrate our ability to develop a recombinant VLP vaccine against this latest pandemic influenza strain: </P>

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          <TD STYLE="text-align: justify">three (3) weeks after the Center for Disease Control and Prevention (CDC) announced the genetic sequence of the novel H1N1 virus, we produced a first batch of non-cGMP H1N1 VLP vaccine candidate that was made available to the CDC for analysis; </TD>

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          <TD STYLE="text-align: justify">eleven (11) weeks after receiving the sequence, we manufactured our H1N1 VLP vaccine candidate under cGMP; </TD>

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          <TD STYLE="text-align: justify">using this vaccine candidate, we conducted a Phase II clinical trial in Mexico, in collaboration with Laboratorio Avi-Mex S.A. de C.V. and GE Healthcare (GEHC); and </TD>

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          <TD STYLE="text-align: justify">final data results, published last year and presented at the World Health Organization (WHO) Meeting for the Evaluation of Pandemic Influenza Vaccines in Clinical Trials, showed that our H1N1 VLP vaccine exceeded the immunogenicity criteria for licensure at all dose levels, including the lowest 5&#956;g dose and that a single administration of the VLP vaccine induced high levels of hemagglutinin inhibition (HAI) titers in subjects without pre-existing detectable immunity to H1N1 influenza. </TD>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">H1N1 influenza is no longer considered a pandemic (WHO categorizes H1N1 as &#147;post-pandemic&#148;) and the strain is being addressed as an active strain in WHO and CDC&#146;s determination of ongoing seasonal influenza strains. Nevertheless, we expect that the data from our H1N1 clinical trial will be used to support our active pandemic (H5N1) and seasonal influenza VLP vaccine programs in the U.S. and in other countries. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Pandemic Influenza (H5N1)</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The H5N1 strain of influenza has been identified by WHO as having the potential to cause a pandemic (the H5N1 strain of influenza has commonly been referred to in the media as the &#147;avian flu&#148;). Most recently, the Center for Infectious Disease Research &amp; Policy (CIDRAP) announced that animal health officials in Nepal reported H5N1 avian influenza outbreaks, while Vietnam and India reported more detection in poultry. In November 2011, CIDRAP also reported poultry outbreaks in Indonesia and Egypt with human fatal infections in Bali. According to the United Nations Food and Agriculture Organization (FAO), 14 countries reported H5N1
outbreaks in 2011. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have made significant progress in the development of our vaccine that targets the H5N1 influenza strain. In 2007, we released results from an important pre-clinical study in which ferrets that received our H5N1 vaccine candidate were protected from a lethal challenge of the H5N1 virus. After filing an Investigational New Drug (IND) application, we initiated a Phase I/IIa clinical trial. We released interim human data from the first portion of this clinical trial in December 2007. These interim results demonstrated that our pandemic influenza vaccine can generate a protective immune response. We conducted the second portion of the Phase I/IIa trial
in 2008 to gather additional subject immunogenicity and safety data and determine a final dose through the completion of this clinical trial. In August 2008, we reported favorable results from this clinical trial, which demonstrated strong neutralizing antibody titers across three doses tested. The vaccine was well-tolerated at all dose levels as compared with placebo, and no serious adverse events were reported. The vaccine also induced robust HAI responses, which have been shown to be important for protection against influenza disease. In conjunction with our BARDA contract, in 2012, we expect to launch two Phase I trials of our H5N1 vaccine candidate in combination with several alternative adjuvant candidates. These trials will evaluate the safety and tolerability of the vaccines in the presence and absence of adjuvants; the ability of VLP vaccine antigens with and without adjuvants to generate antibody levels that fulfill the Food and Drug Administration&#146;s (FDA) criteria for
accelerated approval and the ability of these vaccines to provide an expanded number of doses and possible cross-protection against other virus strains to the U.S. population. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Seasonal Influenza</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are actively developing our VLP vaccine that targets the seasonal influenza virus. In 2008, we announced positive results from an immunogenicity study in ferrets inoculated with our seasonal influenza vaccine candidate. Subsequently, we conducted a Phase IIa clinical trial to evaluate the safety and immunogenicity of different doses of our seasonal trivalent (three strain) influenza vaccine candidate. In December 2008, we announced favorable safety and immunogenicity results from this Phase IIa seasonal trial in healthy adults (aged between 18 and 49 years) with no vaccine-related serious adverse events reported. In May 2009, we enrolled subjects
in a second Phase II trial in healthy adults using our trivalent seasonal influenza vaccine candidate. In September 2009, we announced favorable safety and immunogenicity results from this Phase II trial in healthy adults that supported a Phase II dose-ranging trial in older adults (60 years of age or older), head-to-head with a marketed trivalent vaccine that we commenced in November 2009. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In April 2010, we reported the final results of our Phase II trial in older adults in a dose-ranging study comparing our trivalent seasonal influenza VLP vaccine with a commercially available inactivated trivalent influenza vaccine. The results showed that the vaccine was both safe and immunogenic against the 2009&nbsp;&#150;&nbsp;2010 seasonal influenza virus strains in older adults. The CDC has indicated that currently approved seasonal influenza vaccines may be suboptimally effective in preventing hospitalization for pneumonia and influenza in older adults; however, we believe that some features of our seasonal influenza VLP vaccine have the
potential to address this unmet medical need. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2012, we initiated a seasonal influenza Phase II dose-ranging trial using both trivalent and quadrivalent (four strain) formulations. We developed a quadrivalent formulation of our seasonal influenza vaccine candidate as many influenza vaccine manufacturers move from trivalent to quadrivalent formulations, an industry move that has been acknowledged by WHO and the FDA. At the conclusion of the trial, we will select the optimal quadrivalent dose and expect to initiate a dose-confirmatory Phase II trial in the second half of 2012. A Phase III registration trial is expected to begin in late 2013. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Respiratory Syncytial Virus (RSV)</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">RSV causes infection of the lungs and breathing passages. In adults, RSV generally only produce cold-like symptoms; however, it is the leading cause of bronchiolitis (inflammation of the small airways) and pneumonia in infants and children under one year of age. In premature babies and children with diseases that affect the lungs, heart or immune system, RSV can lead to more serious illnesses. It is a highly contagious virus that often causes epidemics that last from late fall through early spring in the U.S. and other northern hemisphere regions. Currently, there is no approved RSV vaccine available. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have developed a recombinant nanoparticle vaccine for the prevention of RSV. In pre-clinical studies, we have demonstrated positive results in models designed to test the safety and efficacy of our RSV vaccine candidate. In February 2009, we announced favorable results from an RSV pre-clinical study performed in mice against the viral fusion (F) protein, which fuses with cells in the respiratory tract and causes illness. The vaccine induced neutralizing antibodies against the viral fusion protein and also protected against RSV infection. In January 2010, we announced positive pre-clinical results with a recombinant RSV fusion (F) particle vaccine
in cotton rats, which are generally accepted as the best model to evaluate the safety of candidate RSV vaccines. The RSV F vaccine candidate completely protected the vaccinated animals and there was no evidence of enhanced disease in the lungs of vaccinated animals following challenge with live RSV, an effect that was observed in an earlier version of RSV vaccines developed by other companies. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2010, we initiated a blinded, placebo-controlled, dose-escalating Phase I trial to assess the safety and tolerability of aluminum phosphate-adjuvanted and unadjuvanted formulations of our RSV vaccine candidate. A secondary objective of the study was to evaluate total and neutralizing anti-RSV antibody responses and assess the impact of the adjuvant. The study enrolled 150 healthy adults 18 to 49 years old who were allocated to six cohorts that included four dose levels of vaccine. The primary safety findings were local pain and tenderness at the site of injection, the majority of which were mild in nature with no dose-related increase
observed. There were no observed vaccine-related serious adverse events or trends for related systemic side effects. The antibody response to the RSV F protein was significantly increased compared to placebo (p&lt;0.001) in all groups and increased by 19-fold in the highest-dose group at day 60. A significant dose-response pattern was observed. High rates of seroconversion were seen at all doses including a rate of 100% at the highest-dose-adjuvant group. In 2012, we expect to initiate two separate dose-ranging Phase II trials in older adults and women of child bearing age. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Foot-and-Mouth Disease (FMD)</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In October 2011, we were awarded a $1.3 million contract with the U.S. Department of Homeland Security to develop to a VLP vaccine countermeasure to protect the U.S. from FMD, a highly contagious viral disease of livestock and a potential threat to U.S. agriculture. The Company will use these funds over the next two and a half years to develop a Novavax recombinant VLP-based vaccine which, unlike current FMD vaccines, would not require the use of infectious FMD virus to be manufactured. This would address the potential risk of releasing infectious virus during vaccine production and stockpiling in the U.S. or other FMD-free countries. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Vaccine Platform Technologies</B> </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Currently approved influenza vaccines are typically produced by growing virus in chicken eggs, from which the virus is extracted and further processed. This 50-year-old egg-based production method requires four to six months of lead time for production of a new strain of virus and significant investment in fixed production facilities, with production yields that vary from strain to strain. In addition, sometimes the influenza virus strain must be changed in order for it to be produced efficiently in the egg. The vaccine shortage during the 2004 influenza season (caused in part by a contamination issue at a facility in the </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">United Kingdom) highlighted the limitations of current production methods and the need for increased vaccine manufacturing capacity. It also heightened concerns regarding manufacturers&#146; capacity to respond to a pandemic, when the number of vaccine doses required will be higher than the number required for seasonal influenza vaccines and manufacturing lead times will be even shorter. This concern was borne out again in the 2009 H1N1 pandemic as, even with expedited regulatory approvals for companies that already had approved vaccines, production of H1N1 vaccines took six months before significant doses were distributed. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Compared with traditional egg-based influenza vaccine production, we believe our processes allow for faster production of vaccine. Because our process uses genetic information and no viral seed is required, we can quickly construct clones of the influenza virus as soon as the genetic information is available and without needing to adjust the strain. This factor alone can shorten the time for creating new vaccine by several weeks compared to traditional egg-based manufacturing. Importantly, we also believe that a manufacturing facility that produces our vaccines can be validated in significantly less time than cell-based vaccine manufacturing
facilities. We produce our vaccine candidates using a baculovirus expression system in insect cells with low cost equipment that can be readily deployed both nationally and internationally. By not requiring significant production batch sizes, production capacity can be employed quickly. We estimate the time to qualify a facility that utilizes our processes can be six to nine months faster than a fixed-pipe bioreactor facility used in cell-based manufacturing. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Virus-Like Particles</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our VLP vaccine technology platform is based on self-assembling protein structures that resemble viruses. These are non-infectious particles that, for many viral diseases, have been shown in animal studies and clinical trials to make effective vaccines. VLPs closely mimic natural virus particles with repeating protein structures that can elicit broad and strong antibody and cellular immune responses, but lack the genetic material required for replication. VLP technology is a proven technology that is employed in currently marketed products such as Merck&#146;s Gardasil&reg;. Our proprietary VLPs are more advanced than earlier approaches and they
include multiple proteins and lipids and can be tailored to induce robust and broad immune responses similar to natural infections. Our advanced VLP technology has the potential to develop vaccines for a wide range of human infectious diseases where there are significant unmet medical needs, some of which have not been addressed by other technologies. We have used formal criteria based upon medical need, technical feasibility and commercial value to select vaccine candidates. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We believe that our influenza vaccines are designed to address many of the significant unmet needs related to seasonal and pandemic influenza. There are several points of differentiation of our influenza vaccines when compared to traditional egg-based, or new mammalian-based approaches that form the basis to address unmet medical needs and capitalize on commercial opportunities. Our influenza VLPs contain components that provide a broad and robust immune response. Specifically, the VLPs contain the viral components HA, NA and M1. Traditional egg-based vaccines contain meaningful levels of HA, but not of NA or M1. The HA sequence in our VLPs is the
same as in the wild-type virus and could prove more effective/immunogenic than influenza vaccines produced using egg or mammalian cell lines, which alter HA. In addition, the NA and M1 in our VLPs may play a role in reducing the severity of the disease by inducing antibody responses and cell mediated immunity. NA and M1 are both highly conserved, and immunity to these viral components may help provide additional protection throughout an entire influenza season, even as strains mutate. Data from our seasonal influenza Phase IIa trial in healthy adults showed that 50 to 73% of the volunteers immunized with our VLP vaccine had a four-fold increase in the antibody that blocks NA activity. Finally, because of the VLP structure and components, they may have greater immunogenicity in two vulnerable populations&nbsp;&#151;&nbsp;the pediatric and the elderly. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Recombinant Nanoparticle Vaccines</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our recombinant nanoparticle vaccine technology is also based on self-assembling protein structures but differ from traditional VLPs in that these particles do not generally occur in nature and can be made from proteins from any pathogenic organism including viruses, bacteria, parasites or even cancer cells. Protein nanoparticles closely resemble the natural structure of surface antigens of disease organisms but lack the genetic material required for replication and therefore are not infectious. An advantage of this technology is the formation of nanoparticles is done <I>in vitro</I> or outside of cells thereby making it possible to assemble
nanoparticles from one or more very higher purified proteins. This results in high purity vaccines with certain </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">manufacturing advantages over more traditional products. Potential immunological advantages of protein nanoparticle vaccines are presentation of epitopes (antibody binding sites) in a more native configuration for improved efficacy, efficient recognition by the immune system&#146;s antigen presenting cells (APCs) and triggering robust immune responses, recognition of the nanoparticle vaccine&#146;s repeating protein patterns by the APCs Toll-like receptors to stimulate innate immunity and the high purity and lack of synthetic material adds to the potential safety of recombinant nanoparticle vaccines. Recombinant nanoparticle vaccine technology has
expanded our early-stage vaccines in development to include both virus and non-virus disease targets. Our most advanced recombinant nanoparticle vaccine candidate is our RSV fusion (F) protein vaccine candidate, which is manufactured from highly purified F protein. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Competition in Influenza and RSV Vaccines </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The biopharmaceutical industry and the vaccine market are intensely competitive and are characterized by rapid technological progress. Our technology is based upon utilizing the baculovirus expression system in insect cells to make VLPs and recombinant nanoparticle vaccines. We believe this system offers many advantages when compared to other technologies and is uniquely suited for developing pandemic and seasonal influenza vaccines, as well as other infectious diseases, including our vaccine candidate against RSV. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There are a number of companies developing and selling vaccines for seasonal and pandemic influenza employing historic vaccine technology, as well as new technologies. The table below provides a list of major vaccine competitors and corresponding influenza vaccine technologies. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Company</TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><DIV STYLE="text-align: left">Competing Technology Description</DIV></TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>sanofi pasteur, Inc.</TD>

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          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Inactivated sub-unit (egg-based)</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>MedImmune, LLC (a subsidiary of AstraZeneca PLC)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Nasal, live attenuated (egg-based)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>GlaxoSmithKline plc</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Inactivated (egg-based)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Novartis, Inc.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Inactivated sub-unit (cell and egg-based)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Merck &amp; Co., Inc.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Inactivated sub-unit (egg-based)</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There are many seasonal influenza vaccines currently approved and marketed. Competition in the sale of these seasonal influenza vaccines is intense. Therefore, newly developed and approved products must be differentiated from existing vaccines in order to have commercial success. In order to show differentiation in the seasonal influenza market, a product should be more efficacious, particularly in older adults, and/or be less expensive and quicker to manufacture. Many of our competitors are working on new products and new generations of current products, some by adding an adjuvant that is used to increase the efficacy of that product, each of which
is intended to be more efficacious than currently marketed products. We believe that our seasonal influenza product will be as efficacious or more so than current products or products being developed by our competitors, and that our manufacturing system provides savings in both time and money; however, there can be no guarantee that our seasonal influenza vaccine will prove to be efficacious or that our manufacturing system will prove to be sufficiently differentiated to ensure commercial success. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Unlike influenza, there is no currently approved RSV vaccine for sale in the world; however, a number of vaccine manufacturers currently have, or have had, programs to develop such a vaccine to prevent disease caused by RSV. In addition, many other companies are developing products to prevent disease caused by RSV using a variety of technology platforms, including various virus vector technologies and competitive virus-like particle technologies. Although early in clinical development, we believe that our RSV vaccine candidate, which utilizes recombinant F-protein antigens as recombinant nanoparticle vaccines, could be more effective than RSV vaccine
candidates in development by our competitors; however, such efficaciousness cannot be guaranteed. Although we aren&#146;t aware of all our competitors efforts, we believe that MedImmune, a subsidiary of AstraZeneca, has the most advanced RSV vaccine program, as it has reported testing in Phase I clinical trials, an intranasal, recombinant, live attenuated, RSV vaccine for the prevention of lower respiratory tract disease caused by RSV, as well as a combination intranasal vaccine for the prevention of several infant respiratory illnesses, including RSV. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">6</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In general, competition among pharmaceutical products is based in part on product efficacy, safety, reliability, availability, price and patent position. An important factor is the relative timing of the market introduction of our products and our competitors&#146; products. Accordingly, the speed with which we can develop products, complete the clinical trials and approval processes and supply commercial quantities of the products to the market is an important competitive factor. Our competitive position also depends upon our ability to show differentiation with a product that is more efficacious, particularly in the relevant target populations
and/or be less expensive and quicker to manufacture. It also depends upon our ability to attract and retain qualified personnel, obtain patent protection or otherwise develop proprietary products or processes and secure sufficient capital resources for the often substantial period between technological conception and commercial sale. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Patents and Proprietary Rights </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We generally seek patent protection for our technology and product candidates in the U.S. and abroad. The patent position of biopharmaceutical firms generally is highly uncertain and involves complex legal and factual questions. Our success will depend, in part, on whether we can: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">obtain patents to protect our own technologies and products; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">obtain licenses to use the technologies of third-parties, which may be protected by patents; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">protect our trade secrets and know-how; and </TD>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">operate without infringing the intellectual property and proprietary rights of others. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Patent rights; licenses.</I>&nbsp;&nbsp;We have intellectual property (patents, licenses, know-how) related to our vaccines, manufacturing process and other technologies. Currently, we have or have rights to over 115 U.S. patents and corresponding foreign patents and patent applications relating to vaccines and biologics. Our core vaccine-related intellectual property extends beyond the year 2025. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In July 2007, we entered into a non-exclusive license agreement with Wyeth Holdings Corporation, a subsidiary of Pfizer Inc. (Wyeth), to obtain rights to a family of patent applications covering VLP technology for use in human vaccines in certain fields. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In July 2010, U.S. Patent No. 7,763,450 for Functional Influenza Virus-Like Particles was issued by the U.S. Patent &amp; Trademark Office. The patent covers, in part, the use of influenza gene sequences for high-yield production of consistent influenza VLP vaccines to protect against current and future seasonal and pandemic strains of influenza viruses. In December 2011, European Patent No. 1644037 was issued by the European Patent Office covering this technology. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2011, U.S. Patent No. 8,080,255 for Functional Influenza Virus-Like Particles was issued by the U.S. Patent &amp; Trademark Office. The patent covers, in part, a method of inducing substantial immunity to an influenza virus infection in a human and administering to the human a VLP comprising M1, HA and NA proteins. The M1 protein is derived from a particular avian influenza strain, A/Indonesia/5/05. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Federal Technology Transfer Act of 1986 and related statutory guidance encourages the dissemination of science and technology innovation. While our recent contract with HHS BARDA provides us with the right to retain ownership in our inventions that may arise during performance of that contract, with respect to certain other collaborative research efforts with the U.S. government, certain developments and results that may have commercial potential are to be freely published, not treated as confidential and we may be required to negotiate a license to developments and results in order to commercialize products. There can be no assurance that we
will be able to successfully obtain any such license at a reasonable cost, or that such development and results will not be made available to our competitors on an exclusive or non-exclusive basis. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Trade secrets.</I>&nbsp;&nbsp;To a more limited extent, we rely on trade secret protection and confidentiality agreements to protect our interests. It is our policy to require employees, consultants, contractors, manufacturers, collaborators and other advisors to execute confidentiality agreements upon the commencement of employment, consulting or collaborative relationships with us. We also require confidentiality agreements from any entity that is to receive confidential information from us. With respect to employees, consultants and </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">contractors, the agreements generally provide that all inventions made by the individual while rendering services to us shall be assigned to us as our property. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Government Regulations </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The development, production and marketing of pharmaceutical and biological products developed by Novavax or our collaborators are subject to regulation for safety, efficacy and quality by numerous governmental authorities in the U.S. and other countries. In the U.S., the development, manufacturing and marketing of human pharmaceuticals and vaccines are subject to extensive regulation under the Federal Food, Drug, and Cosmetic Act, and biological products are subject to regulation under provisions of that Act and the Public Health Service Act. The FDA not only assesses the safety and efficacy of these products but it also regulates, among other
things, the testing, manufacture, labeling, storage, record-keeping, advertising and promotion of such products. The process of obtaining FDA approval for a new product is costly and time-consuming. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Vaccine clinical development follows the same general regulatory pathway as drugs and other biologics. Before applying for FDA approval to market any new vaccine candidate, we must first submit an IND that explains to the FDA, among other things, the results of pre-clinical testing conducted in laboratory animals, the method of manufacture, quality control tests for release and what we propose to do for human testing. At this stage, the FDA decides whether it is reasonably safe to move forward with testing the vaccine in humans. We must then conduct Phase I clinical trials and larger-scale Phase II and III clinical trials that demonstrate the safety
and efficacy of our vaccine candidate to the satisfaction of the FDA. Once these trials are complete, a Biologics License Application (BLA) (the biologic equivalent to a New Drug Application or NDA) can be filed with the FDA requesting approval of the vaccine for marketing based on the vaccine&#146;s effectiveness and safety. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the FDA&#146;s review of a BLA, the proposed manufacturing facility undergoes a pre-approval inspection during which the FDA examines in detail the production of the vaccine as it is in progress. Vaccine approval also requires the provision of adequate product labeling to allow health care providers to understand the vaccine&#146;s proper use, including its potential benefits and risks, to communicate with patients and parents, and to safely deliver the vaccine to the public. Until a vaccine is given to the general population, all potential adverse events cannot be anticipated. Thus, many vaccines are required by the FDA to undergo Phase IV
confirmatory trials after the BLA has been approved and the vaccine is on the market. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The FDA continues to oversee the production of vaccines after the vaccine and the manufacturing processes are approved, in order to ensure continuing safety. For example, monitoring of the vaccine and of production activities, including periodic facility inspections, must continue as long as the manufacturer holds an approved BLA for the product. Manufacturers may also be required to submit to the FDA the results of their own tests for potency, safety and purity for each vaccine lot, if requested by the FDA. They may also be required to submit samples of each vaccine lot to the FDA for testing. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In addition to obtaining FDA approval for each product, each domestic manufacturing establishment must be registered with the FDA, is subject to FDA inspection and must comply with cGMP regulations. To supply products for use either in the U.S. or outside the U.S., including clinical trials, U.S. and foreign manufacturing establishments, including third-party facilities, must comply with cGMP regulations and are subject to periodic inspection by the FDA or by corresponding regulatory agencies in their home country. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The development process for a new drug or biological product, such as a vaccine, typically takes a long period of time to complete. Pre-clinical studies may take several years to complete and there is no guarantee that the FDA will permit an IND to become effective and allow the product to advance to clinical testing. Clinical trials may take several years to complete. After the completion of the required phases of clinical trials, if the data indicate that the drug or biologic product is safe and effective, a BLA or NDA (depending on whether the product is a biologic or pharmaceutical product) is filed with the FDA to approve the marketing and
commercial shipment of the drug. This process takes substantial time and effort and the FDA may not accept the BLA or NDA for filing. Even if filed and accepted, the FDA might not grant approval. FDA approval of a BLA or NDA may take up to two years and may take longer if substantial questions about the filing arise. The FDA may require post-marketing testing and surveillance to monitor the safety of the applicable products. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">8</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 1992, the FDA instituted regulations that allow approval of certain products that treat serious or life-threatening illnesses and provide meaningful therapeutic benefit over existing treatments based on a surrogate endpoint, versus a clinical outcome, which can take many more years to demonstrate. Surrogate endpoints, generally a laboratory measurement or other physical sign, can considerably shorten the time development time leading up to FDA approval. The FDA bases its decision on whether to accept a proposed surrogate endpoint on the scientific support for that endpoint. The company developing the product is required to conduct further studies
to verify and describe its clinical benefit in Phase IV confirmatory trials. Based on commentary from the FDA, we expect that our seasonal influenza vaccine candidate should qualify for accelerated approval using surrogate endpoints described in published FDA guidance documents. We would thus expect to perform Phase IV confirmatory trials that will demonstrate the clinical benefit of our seasonal influenza vaccine candidate after the BLA is approved. However, there can be no guarantee that the FDA will grant accelerated approval of our seasonal influenza vaccine candidate. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In addition to regulatory approvals that must be obtained in the U.S., an investigational product is also subject to regulatory approval in other countries in which it is intended to be marketed. No such product can be marketed in a country until the regulatory authorities of that country have approved an appropriate marketing application. FDA approval does not assure approval by other regulatory authorities. In addition, in many countries, the government is involved in the pricing of the product. In such cases, the pricing review period often begins after market approval is granted. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are also subject to regulation under the Occupational Safety and Health Act, the Environmental Protection Act, the Toxic Substances Control Act, the Resource Conservation and Recovery Act and other present and potential federal, state or local regulations. These and other laws govern our use, handling and disposal of various biological and chemical substances used in, and waste generated by our operations. Our research and development involves the controlled use of hazardous materials, chemicals and viruses. Although we believe that our safety procedures for handling and disposing of such materials comply with the standards prescribed by state and
federal regulations, the risk of accidental contamination or injury from these materials cannot be completely eliminated. In the event of such an accident, we could be held liable for any damages that result and any such liability could exceed our resources. Additionally, for formulations containing controlled substances, we are subject to Drug Enforcement Act regulations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There have been a number of federal and state proposals during the last few years regarding the pricing of pharmaceutical and biological products, government control and other changes to the healthcare system of the U.S. It is uncertain what legislative proposals will be adopted or what actions federal, state or private payers for medical goods and services may take in response to any healthcare reform proposals or legislation. We cannot predict the effect medical or healthcare reforms may have on our business, and no assurance can be given that any such reforms will not have a material adverse effect. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Manufacturing </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We constructed a 10,000 square foot cGMP pilot facility to produce clinical trial material at our current corporate headquarters in Rockville, MD. Construction for the pilot plant facility commenced in the fourth quarter of 2007 and was completed within 120 days of ground breaking. The total cost of the project, including demolition, construction and installation of laboratory and production equipment, was approximately $5 million. The facility had existing mechanical systems in place that were not included in the total cost. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In November 2011, we announced that we had entered into a long-term lease arrangement to occupy 74,000 square feet of manufacturing, laboratory and office space in two facilities in Gaithersburg, MD. The main facility, located at 20 Firstfield Road in Gaithersburg, MD, will become the primary commercial-scale manufacturing facility for production of our vaccines after moderate modifications that are expected to be completed in 2012. Our corporate offices will relocate to the same campus at 22 Firstfield Road. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are currently considering our plans for the Rockville, MD facility subsequent to relocation to the Gaithersburg, MD facilities. These plans may include remarketing the facility through the end of the remaining lease term of January 31, 2017. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Sources of Supply </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Most of the raw materials and other supplies required in our business are generally available from various suppliers in quantities adequate to meet our needs. In some cases, we have only qualified one supplier for certain of our manufacturing components. Where feasible, we plan to seek qualification of multiple suppliers for all critical supplies before the time we would put any of our product candidates into commercial production. Two of our major suppliers are GEHC, which supplies disposable components used in our manufacturing process, and Xcellerex, Inc., which supplies our single-use bioreactor production system and related supplies. The vendors
that supply our key manufacturing materials are or will be audited for compliance with cGMP standards based on a schedule of when such materials would be needed during our own cGMP bioprocessing efforts. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Business Development </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We believe our proprietary vaccine technology affords us a range of traditional and non-traditional commercialization options that are broader than those of existing vaccine companies. We strive to create sustainable value by working to obtain non-dilutive funding for conducting Phase III trials for both seasonal and pandemic influenza, to continue development of our vaccine product candidates until such vaccines can be licensed on a regional basis, to retain commercial rights in major markets and generate product sales revenue and, in certain markets, to commercialize our products through partners and other strategic relationships. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In addition to our aforementioned contract with HHS BARDA, some examples of our strategic relationships are our collaboration with GEHC, our joint venture with Cadila Pharmaceuticals, Ltd. and our licensing agreement with LG Life Sciences, Ltd. (LGLS). </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2007, we entered into a co-marketing agreement with GEHC for a pandemic influenza vaccine solution for select international countries. The collaboration incorporates GEHC&#146;s bioprocessing/manufacturing solutions and design expertise with Novavax&#146;s VLP manufacturing platform. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2009, we entered into a Joint Venture Agreement with Cadila Pharmaceuticals Ltd., a private company incorporated under the laws of India (Cadila), pursuant to which we and Cadila formed CPL Biologicals Private Limited, a joint venture (the JV), of which 20% is owned by us and 80% is owned by Cadila. The JV will develop and manufacture our seasonal and pandemic influenza vaccine candidates and Cadila&#146;s biogeneric products and other diagnostic products for the territory of India. We also contributed and plan to contribute to the JV technology for the development of several other VLP vaccine candidates against diseases of public health
concern in the territory. Cadila has committed to contribute approximately $8 million over three years to support the JV&#146;s operations. The JV is responsible for clinical testing and registration of products that will be marketed and sold in India. In June 2010, the JV opened its newly constructed state-of-the-art manufacturing facility, 100% funded by Cadila, to be used to produce pandemic and seasonal influenza vaccines. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In February 2011, we entered into a licensing agreement with LGLS that allows LGLS to use our VLP technology to develop and commercially sell our influenza vaccines in South Korea and certain other emerging-market countries. LGLS received an exclusive license to our influenza VLP technology in South Korea and a non-exclusive license in the other specified countries. At its own cost, LGLS is responsible for funding its clinical development of the influenza VLP vaccines and completing a manufacturing facility in South Korea. We received an upfront payment and may receive reimbursements of certain development and product costs and royalty payments
between 10 and 20% from LGLS&#146;s future commercial sales of influenza VLP vaccines. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Employees </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of March 8, 2012, we had 112 full-time employees, of whom 24 hold M.D. or Ph.D. degrees and 22 of whom hold other advanced degrees. Of our total workforce, 86 are engaged primarily in research, development and manufacturing activities and 26 are engaged primarily in executive, business development, finance and accounting and administrative functions. None of our employees are represented by a labor union or covered by a collective bargaining agreement and we consider our employee relations to be good. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">10</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Executive Officers </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our executive officers hold office until the first meeting of the Board of Directors following the Annual Meeting of Stockholders and until their successors are duly chosen and qualified, or until they resign or are removed from office in accordance with our By-laws. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table provides certain information with respect to our executive officers. </P>

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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="128"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="32"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="416"></TD>

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<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Name</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Age</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Principal Occupation and Other Business Experience During the Past Five Years</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Stanley C. Erck</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">63</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: jLeFT"><B>President and Chief Executive Officer and Director</B> of Novavax since April 2011, formerly Executive Chairman since February 2010, and a Director since June 2009. From 2000 to 2008, Mr. Erck served as President and Chief Executive Officer of Iomai Corporation, a developer of vaccines and immune system therapies, which was acquired in 2008 by Intercell AG. He also previously held leadership positions at Procept, a publicly traded immunology company, Integrated Genetics, now known as Genzyme and Baxter International. Mr. Erck also serves on the Board of Directors of BioCryst Pharmaceuticals, MaxCyte, Inc. and MdBio Foundation.</TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Frederick W. Driscoll</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">61</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: jLeFT"><B>Vice President, Chief Financial Officer and Treasurer </B>of Novavax since August 2009. Prior to joining the Company, Mr. Driscoll served as Chief Executive Officer of Genelabs Technologies, Inc. from September 2008 to January 2009, as Interim Chief Executive Officer from February 2008 to August 2008 and as Chief Financial Officer from September 2007 to February 2008. Prior to that, from 2000 to 2006, Mr. Driscoll was employed by OXIGENE, Inc., where he served as President and Chief Executive Officer from 2002 to 2006.</TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Gregory Glenn, M.D.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">58</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: jLeFT"><B>Senior Vice President, Chief Medical Officer </B>of Novavax since January 2011. Senior Vice President and Chief Scientific Officer from July 2010 to January 2011. Prior to joining the Company, Dr. Glenn was the Chief Scientific Officer and founder of IOMAI (now Intercell), an associate in international health at Johns Hopkins University&#146;s School of Public Health and a clinical and basic research scientist at Walter Reed Army Institute of Research.</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Timothy Hahn, Ph.D.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">48</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: jLeFT"><B>Senior Vice President, Manufacturing and Process Development</B> of Novavax since June 2011. Prior to joining the Company, Dr. Hahn was Vice President of Antibody Manufacturing and later Vice President of Vaccine Manufacturing at MedImmune, LLC, with responsibilities for both U.S. and non-U.S. manufacturing sites. Dr. Hahn spent more than 15 years in vaccine manufacturing with Merck &amp; Co.</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Russell P. Wilson</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">52</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: jLeFT"><B>Senior Vice President, Business Development</B> of Novavax since November 2011. Mr. Wilson was most recently the Chief Financial Officer at Supernus Pharmaceuticals beginning in 2009. He was previously Senior Vice President, Chief Financial Officer and General Counsel of Iomai Corporation, which was acquired in 2008 by Intercell AG. He was the Acting General Counsel of North American Vaccine, Inc. until its acquisition by Baxter International in 2000.</TD>

</TR>

</TABLE></DIV>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Availability of Information </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Novavax was incorporated in 1987 under the laws of the State of Delaware. Our principal executive offices are located at 9920 Belward Campus Drive, Rockville, Maryland, 20850. Our telephone number is (240) 268-2000 and our website address is <I>www.novavax.com.</I> The contents of our website are not part of this Annual Report on Form 10-K. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We make available, free of charge and through our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to any such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after filed with or furnished to the Securities and Exchange Commission. </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tRF"></a>Item 1A. RISK FACTORS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">You should carefully consider the following risk factors in evaluating our business. There are a number of risk factors that could cause our actual results to differ materially from those that are indicated by forward-looking statements. Some of the risks described relate principally to our business and the industry in which we operate. Others relate principally to the securities market and ownership of our common stock. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect us. If any of
the following risks occur, our business, financial condition or results of operations could be materially and adversely affected. You should also consider the other information included in this Annual Report on Form 10-K. </P>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We have a history of losses and our future profitability is uncertain.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our expenses have exceeded our revenue since our formation in 1987, and our accumulated deficit at December 31, 2011 was $330 million. Our revenue for the last three fiscal years was $14.7 million in 2011, $0.3 million in 2010 and $0.3 million in 2009. Prior to 2011, we recorded limited revenue from research contracts, licenses and agreements to provide vaccine candidates, services and technologies. We cannot be certain that we will be successful in entering into strategic alliances or collaborative arrangements with other companies that will result in significant revenue to offset our expenses. Our net losses for the last three fiscal years were
$19.4 million in 2011, $35.7 million in 2010 and $40.3 million in 2009. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our recent historical losses have predominantly resulted from research and development expenses for our vaccine product candidates, manufacturing-related expenses, costs related to protection of our intellectual property and for other general operating expenses. Our expenses have exceeded our revenue since inception. We believe our expenses will continue to increase, as a result of higher research and development efforts to support the development of our vaccine candidates. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Although certain specified costs associated with the development of our influenza vaccines may be reimbursed under the contract with HHS BARDA, nevertheless we expect to continue to incur significant operating expenses and anticipate that our losses will increase in the foreseeable future as we seek to: </P>

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          <TD STYLE="text-align: justify">conduct clinical trials for RSV; </TD>

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          <TD STYLE="text-align: justify">conduct pre-clinical studies for other early-stage vaccine candidates; </TD>

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          <TD STYLE="text-align: justify">comply with the FDA&#146;s manufacturing facility requirements; </TD>

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          <TD STYLE="text-align: justify">scale-up our manufacturing process for commercial-scale and cost-efficiency; and </TD>

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          <TD STYLE="text-align: justify">maintain, expand and protect our intellectual property portfolio. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a result, we expect our cumulative operating losses to increase until such time, if ever, that product sales, licensing fees, royalties, milestones, contract research and other sources generate sufficient revenue to fund our operations. We cannot predict when, if ever, we might achieve profitability and cannot be certain that we will be able to sustain profitability, if achieved. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We have limited financial resources and we are not certain that we will be able to maintain our current level of operations or be able to fund the further development of our product candidates.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We do not expect to generate revenue from product sales, licensing fees, royalties, milestones, contract research or other sources in an amount sufficient to fully fund our operations for the foreseeable future, and we will therefore use our cash resources and expect to require additional funds to maintain our operations, continue our research and development programs, commence future pre-clinical studies and clinical trials, seek regulatory approvals and manufacture and market our products. We will seek such additional funds through public or private equity or debt financings, collaborative licensing and development arrangements, non-dilutive
government contracts and grants and other sources. While we continue to apply for contracts or grants from academic institutions, non-profits and governmental entities, there are no assurances that we would be successful. We cannot be certain that adequate additional funding will be available to us on acceptable terms, </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">if at all. If we cannot raise the additional funds required for our anticipated operations, we may be required to delay significantly, reduce the scope of or eliminate one or more of our research or development programs, downsize our general and administrative infrastructure, or seek alternative measures to avoid insolvency, including arrangements with collaborative partners or others that may require us to relinquish rights to certain of our technologies, product candidates or products. If we raise additional funds through future offerings of shares of our common stock or other securities, such offerings would cause dilution of current
stockholders&#146; percentage ownership in the Company, which could be substantial. Future offerings also could have a material and adverse effect on the price of our common stock. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Capital and credit market conditions may adversely affect our access to capital, cost of capital and ability to execute our business plan as scheduled.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Access to capital markets is critical to our ability to operate. Traditionally, biopharmaceutical companies have funded their research and development expenditures through raising capital in the equity markets. Declines and uncertainties in these markets in the past have severely restricted raising new capital and have affected companies&#146; ability to continue to expand or fund existing research and development efforts. We require significant capital for research and development for our product candidates and clinical trials. The general economic and capital market conditions, both in the U.S. and worldwide, have been volatile in the past and have
adversely affected our access to capital and increased the cost of capital. There is no certainty that the capital and credit markets will be available to raise additional capital on favorable terms. If economic conditions become worse, our future cost of equity or debt capital and access to the capital markets could be adversely affected. In addition, our inability to access the capital markets on favorable terms due to our low stock price, could affect our ability to execute our business plan as scheduled. Moreover, we rely and intend to rely on third-parties, including our clinical research organizations and certain other important vendors and consultants. As a result of the global economic situation, there may be a disruption or delay in the performance of our third-party contractors and suppliers. If such third-parties are unable to adequately satisfy their contractual commitments to us in a timely manner, our business could be adversely affected. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Even with the HHS BARDA contract award, we may not be able to fully fund our influenza programs.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The HHS BARDA contract is a cost-plus-fixed-fee contract that only reimburses certain specified activities that have been previously authorized by HHS BARDA. There is no guarantee that additional activities will not be needed and, if so, that HHS BARDA will reimburse us for these activities. Additionally, we have no experience meeting the significant requirements of a federal government contractor, which includes having appropriate accounting, project tracking and earned-value management systems implemented and operational, and we may not be able to meet these requirements in a timely way or at all. Performance under the HHS BARDA contract requires
that we comply with appropriate regulations and operational mandates, with which we have minimal or no operational experience. Our ability to be regularly and fully reimbursed for our activities will depend on our ability to comply and demonstrate compliance with such requirements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>The HHS BARDA contract award does not guarantee that we will be successful in future clinical trials, that the vaccine candidates will be licensed by the FDA, or that the contract award will continue to be available throughout the contract period.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The HHS BARDA contract provides a cost-plus-fixed-fee reimbursement opportunity for certain specified clinical and development activities, but we remain fully responsible for conducting these activities. The award of the HHS BARDA contract does not guarantee that any of these activities will be successful. Our inability to be successful with certain key clinical or development activities could jeopardize our ability to get FDA licensure to sell our vaccines. In addition, the HHS BARDA contract has milestones that will be reviewed by HHS BARDA on an interim basis and if these milestones are not achieved, the HHS BARDA contract may be cancelled. </P>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our expectation that our seasonal influenza vaccine candidate will be granted accelerated approval by the FDA is not guaranteed and if we don&#146;t get accelerated approval, development of this vaccine will take longer and cost significantly more prior to BLA approval.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">FDA regulations allow for the accelerated approval of a recombinant vaccine based on surrogate endpoints for products that treat serious diseases and fill an unmet medical need, which can allow developers to obtain licensure well ahead of the timeline for demonstrating clinical results in a traditional efficacy trial. There is no guarantee the FDA will view the development of our seasonal influenza vaccine as meeting an unmet medical need, nor is there any guarantee the FDA will agree to our proposal for utilizing our surrogate endpoints as a basis for BLA approval. If our seasonal influenza vaccine does not get accelerated approval from the FDA, it
is likely that we will need to conduct larger and more expensive efficacy clinical trials and that licensure of our seasonal vaccine will be materially delayed for a year or more, assuming such licensure occurs at all. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our collaborations with regional partners, such as Cadila and LGLS, as well as contracts with international providers, expose us to additional risks associated with doing business outside the U.S., and any adverse event could have a material negative impact on our operations.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have formed a joint venture with Cadila in India, entered into a license agreement with LGLS in South Korea, and have entered into other agreements and arrangements with companies in other countries. We plan to continue to enter into collaborations or partnerships with companies, non-profit organizations and local governments in other parts of the world. Risks of conducting business outside the U.S. include: </P>

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          <TD STYLE="text-align: justify">multiple regulatory requirements could affect our ability to develop, manufacture and sell products in such local markets; </TD>

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          <TD STYLE="text-align: justify">compliance with anti-bribery laws such as the United States Foreign Corrupt Practices Act and similar anti-bribery laws in other jurisdictions; </TD>

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          <TD STYLE="text-align: justify">trade protections measures and import and export licensing requirements; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">different labor regulations; </TD>

</TR>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">changes in environmental, health and safety laws; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">exchange rates; </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">potentially negative consequences from changes in or interpretations of tax laws; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">political instability and actual or anticipated military or potential conflicts; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">economic instability, inflation, recession and interest rate fluctuations; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">minimal or diminished protection of intellectual property in some countries; and </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">possible nationalization and expropriation. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">These risks, individually or in the aggregate, could have a material adverse effect on our business, financial conditions, results of operations and cash flows. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our strategy to enter into regional relationships may hinder our ability to engage in a larger transaction.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have entered into regional collaborations to develop our product candidates in certain parts of the world, and we may enter into additional regional collaborations. Our relationships with Cadila and LGLS are examples of this strategy. These relationships are likely to involve the licensing of our technology to our partner or entering into a distribution agreement, frequently on an exclusive basis. Generally, these exclusive agreements are restricted to certain territories. Because we have entered into exclusive license and distribution agreements, larger companies may not be interested, or able, to enter into collaborations with us on a
worldwide-scale. Also, these regional relationships may make us an unattractive target for an acquisition. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We are a biopharmaceutical company and face significant risk in developing, manufacturing and commercializing our products.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We focus our research and development activities on vaccines, an area in which we have particular strengths and a technology that appears promising. The outcome of any research and development program is highly uncertain. Only a small fraction of biopharmaceutical development programs ultimately result in commercial products or even product candidates and a number of events could delay our development efforts and negatively impact our ability to obtain regulatory approval for, and to manufacture, market and sell, a product candidate. Product candidates that initially appear promising often fail to yield successful products. In many cases,
pre-clinical studies or clinical trials will show that a product candidate is not efficacious or that it raises safety concerns or has other side effects that outweigh its intended benefit. Success in pre-clinical or early clinical trials may not translate into success in large-scale clinical trials. Further, success in clinical trials will likely lead to increased investment, accelerating cumulative losses to bring such products to market. Even if clinical trial results appear positive, regulatory approval may not be obtained if the FDA does not agree with our interpretation of the results and we may face challenges when scaling-up the production process to commercial levels. Even after a product is approved and launched, general usage or post-marketing trials may identify safety or other previously unknown problems with the product, which may result in regulatory approvals being suspended, limited to narrow indications or revoked, which may otherwise prevent successful
commercialization. Intense competition in the vaccine industry could also limit the successful commercialization of our products. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Many of our competitors have significantly greater resources and experience, which may negatively impact our commercial opportunities and those of our current and future licensees.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The biotechnology and pharmaceutical industries are subject to intense competition and rapid and significant technological change. We have many potential competitors, including major pharmaceutical companies, specialized biotechnology firms, academic institutions, government agencies and private and public research institutions. Many of our competitors have significantly greater financial and technical resources, experience and expertise in: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">research and development; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">pre-clinical testing; </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">designing and implementing clinical trials; </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">regulatory processes and approvals; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">production and manufacturing; and </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">sales and marketing of approved products. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Principal competitive factors in our industry include: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the quality and breadth of an organization&#146;s technology; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">management of the organization and the execution of the organization&#146;s strategy; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the skill and experience of an organization&#146;s employees and its ability to recruit and retain skilled and experienced employees; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">an organization&#146;s intellectual property portfolio; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the range of capabilities, from target identification and validation to drug discovery and development to manufacturing and marketing; and </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the availability of substantial capital resources to fund discovery, development and commercialization activities. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">16</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Large and established companies such as Merck &amp; Co., Inc., GlaxoSmithKline plc, Novartis, Inc., sanofi pasteur, Pfizer Inc. and MedImmune, LLC (a subsidiary of AstraZeneca PLC), among others, compete in the vaccine market. In particular, these companies have greater experience and expertise in securing government contracts and grants to support their research and development efforts, conducting testing and clinical trials, obtaining regulatory approvals to market products, manufacturing such products on a broad scale and marketing approved products. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There are many seasonal influenza vaccines currently approved and marketed. Competition in the sale of these seasonal influenza vaccines is intense. Therefore, newly developed and approved products must be differentiated from existing vaccines in order to have commercial success. In order to show differentiation in the seasonal influenza market, a product must be more efficacious, particularly in older adults, and/or be less expensive and quicker to manufacture. Many of our competitors are working on new products and new generations of current products, each of which is intended to be more efficacious than products currently being marketed. Our
seasonal influenza product may not prove to be more efficacious than current products or products under development by our competitors. Further, our manufacturing system may not provide enough savings of time or money to provide the required differentiation for commercial success. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are also aware that there are as many as ten companies with active RSV vaccine programs at various stages of development. Thus, while there is no RSV vaccine currently on the market, there is likely to be significant and consistent competition as these active programs mature. Different RSV vaccines may work better for different segments of the population, so it may be difficult for a single RSV vaccine manufacturer to provide a vaccine that is marketable to multiple segments of the population. Geographic markets are also likely to vary significantly which may make it difficult to market a single RSV vaccine worldwide. Even if a manufacturer brings
an RSV vaccine to license, it is likely that competitors will continue to work on new products that could be more efficacious and/or less-expensive. Our RSV vaccine may not be as far along in development as other active RSV vaccine programs, nor as efficacious as products under development by competing companies. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Smaller or early-stage companies and research institutions may also prove to be significant competitors, particularly through collaborative arrangements with large and established pharmaceutical companies. As these companies develop their technologies, they may develop proprietary positions, which may prevent or limit our product development and commercialization efforts. We will also face competition from these parties in recruiting and retaining qualified scientific and management personnel, establishing clinical trial sites and subject registration for clinical trials and in acquiring and in-licensing technologies and products complementary to our
programs or potentially advantageous to our business. If any of our competitors succeed in obtaining approval from the FDA or other regulatory authorities for their products sooner than we do or for products that are more effective or less costly than ours, our commercial opportunity could be significantly reduced. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In order to effectively compete, we will have to make substantial investments in development, testing, manufacturing and sales and marketing or partner with one or more established companies. There is no assurance that we will be successful in gaining significant market share for any product or product candidate. Our technologies and products also may be rendered obsolete or non-competitive as a result of products introduced by our competitors to the marketplace more rapidly and at a lower cost. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>If we are unable to attract or retain key management or other personnel, we may experience delays in product development.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We depend on our senior executive officers, as well as key scientific and other personnel. The loss of these individuals could harm our business and significantly delay or prevent the achievement of research, development or business objectives. We have had several turnover situations in key executive positions and the lack of management continuity and resulting lack of long-term history with our Company along with the learning curve that executives experience when they join our management team could result in operational and administrative inefficiencies and added costs. If we were to experience additional turnover at the executive level, these risks
would be exacerbated. </P>

</DIV>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We may not be able to attract qualified individuals for other key management or other personnel positions on terms acceptable to us. Competition for qualified employees is intense among pharmaceutical and biotechnology companies, and the loss of qualified employees, or an inability to attract, retain and motivate additional highly skilled employees required for the expansion of our activities, could hinder our ability to complete clinical trials successfully and develop marketable products. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We also rely from time to time on outside advisors who assist us in formulating our research and development and clinical strategy. We may not be able to attract and retain these individuals on acceptable terms, which could have a material adverse effect on our business, financial condition and results of operations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We may have product liability exposure.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The administration of drugs or vaccines to humans, whether in clinical trials or after marketing clearances are obtained, can result in product liability claims. We maintain product liability insurance coverage in the total amount of $20 million aggregate for all claims arising from the use of products in clinical trials prior to FDA approval. Coverage is relatively expensive, and the market pricing can significantly fluctuate. Therefore, we may not be able to maintain insurance at a reasonable cost. There can be no assurance that we will be able to maintain our existing insurance coverage or obtain coverage for the use of our other products in the
future. This insurance coverage and our resources may not be sufficient to satisfy all liabilities resulting from product liability claims. A successful claim may prevent us from obtaining adequate product liability insurance in the future on commercially desirable items, if at all. Even if a claim is not successful, defending such a claim would be time-consuming and expensive, may damage our reputation in the marketplace and would likely divert management&#146;s attention. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Regardless of merit or eventual outcome, liability claims may result in: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">decreased demand for our products; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">impairment of our business reputation; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">withdrawal of clinical trial participants; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">costs of related litigation; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">substantial monetary awards to subjects or other claimants; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">loss of revenue; and </TD>

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          <TD STYLE="text-align: justify">inability to commercialize our product candidates. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We may not be able to win government, academic institution or non-profit contracts or grants.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">From time to time, we may apply for contracts or grants from academic institutions, government agencies and non-profit entities. Such contracts or grants can be highly attractive because they provide capital to fund the ongoing development of our technologies and product candidates without diluting our stockholders. However, there is often significant competition for these contracts or grants. Entities offering contracts or grants may have requirements to apply for or to otherwise be eligible to receive certain contracts or grants that our competitors may be able to satisfy that we cannot. In addition, such entities may make arbitrary decisions as to
whether to offer contracts or make grants, to whom the contracts or grants will be awarded and the size of the contracts or grants to each awardee. Even if we are able to satisfy the award requirements, there is no guarantee that we will be a successful awardee. Therefore, we may not be able to win any contracts or grants in a timely manner, if at all. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">18</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>The value of our warrants outstanding is subject to potentially material increases and decreases based on fluctuations in the price of our common stock.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In July 2008, we completed a registered direct offering of 6,686,650 units, raising approximately $17.5 million in net proceeds. Each unit consisted of one share of common stock and a warrant to purchase 0.5 shares of common stock at a price of $2.68 per unit. The warrants represent the right to acquire an aggregate of 3,343,325 shares of common stock at a price of $3.62 per share and are exercisable through July 31, 2013. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We account for the warrants as a derivative instrument, and changes in the fair value of the warrants are included under other income (expense) in the Company&#146;s statements of operations for each reporting period. At December 31, 2011, the aggregate fair value of the warrant liability included in the Company&#146;s balance sheet was $0.4 million. We use the Monte Carlo Simulation model to determine the fair value of the Warrants. As a result, the valuation of this derivative instrument is subjective, and the option-pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and probability of a
fundamental transaction (a strategic merger or sale). Changes in these assumptions can materially affect the fair value estimate. We could, at any point in time, ultimately incur amounts different than the carrying value, which could have a significant impact on our results of operations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Raising additional capital by issuing securities or through collaboration and licensing arrangements may cause dilution to existing stockholders or require us to relinquish rights to our technologies or product candidates.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">If we are unable to partner with a third-party to advance the development of one or more of our vaccine candidates, we will need to raise money through additional debt or equity financings. To the extent that we raise additional capital by issuing equity securities, our stockholders will experience immediate dilution, which may be significant. To the extent that we raise additional capital through licensing arrangements or arrangements with collaborative partners, we may be required to relinquish, on terms that may not be favorable to us, rights to some of our technologies or product candidates that we would otherwise seek to develop or commercialize
ourselves. In addition, current economic conditions may also negatively affect the desire or ability of potential collaborators to enter into transactions with us. They may also have to delay or cancel research and development projects or reduce their overall budgets. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our investments consist of auction rate securities, which present potential liquidity concerns.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, we had $5.1 million invested in three auction rate securities, which were classified as short-term investments available-for-sale and carried at their estimated fair value of $4.2 million. Auction rate securities are long-term debt instruments that provide liquidity through a competitive bidding process known as a &#147;Dutch Auction&#148; that resets the applicable interest rates at pre-determined calendar intervals. As a result of the issues that presently exist in the credit markets, we may be unable to liquidate some or all of our auction rate securities when we are in need of the cash to fund operations at prices that
are acceptable to us. Even if we are able to liquidate the investments, the sales may be at a loss. In addition, given the complexity of auction rate securities and their valuations, our estimates of their fair value may differ from the actual amount we would be able to collect in the ultimate sale. It is uncertain as to when the liquidity issues relating to these investments will improve. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PRODUCT DEVELOPMENT RISKS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Because our vaccine product development efforts depend on new and rapidly evolving technologies, we cannot be certain that our efforts will be successful.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our vaccine product development efforts depend on new, rapidly evolving technologies and on the marketability and profitability of our products. Commercialization of our vaccine products could fail for a variety of reasons, and include the possibility that: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our VLP and recombinant nanoparticle vaccine technologies, any or all of the products based on such technologies or our proprietary manufacturing process will be ineffective or unsafe, or otherwise fail to receive necessary regulatory clearances or commercial viability; </TD>

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          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">we are unable to scale-up our manufacturing capabilities in a cost-effective manner; </TD>

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          <TD STYLE="text-align: justify">the products, if safe and effective, will be difficult to manufacture on a large-scale or uneconomical to market; </TD>

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          <TD STYLE="text-align: justify">our manufacturing facility will fail to continue to pass regulatory inspections; </TD>

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          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">proprietary rights of third-parties will prevent us or our collaborators from exploiting technologies, and manufacturing or marketing products; and </TD>

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          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">third-party competitors will gain greater market share due to superior products or marketing capabilities. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We have not completed the development of vaccine products and we may not succeed in obtaining the FDA approval necessary to sell such vaccine products.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The development, manufacture and marketing of our pharmaceutical and biological products are subject to government regulation in the U.S. and other countries. In the U.S. and most foreign countries, we must complete rigorous pre-clinical testing and extensive clinical trials that demonstrate the safety and efficacy of a product in order to apply for regulatory approval to market the product. None of our vaccine products have yet gained regulatory approval in the U.S. or elsewhere. We also have product candidates in clinical trials and pre-clinical laboratory or animal studies. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The steps required by the FDA before our proposed investigational products may be marketed in the U.S. include: </P>

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          <TD STYLE="text-align: justify">performance of pre-clinical (animal and laboratory) tests; </TD>

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          <TD STYLE="text-align: justify">submissions to the FDA of an IND, which must become effective before clinical trials may commence; </TD>

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          <TD STYLE="text-align: justify">performance of adequate and well-controlled clinical trials to establish the safety and efficacy of the investigational product in the intended target population; </TD>

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          <TD STYLE="text-align: justify">performance of a consistent and reproducible manufacturing process intended for commercial use, including appropriate manufacturing data and regulatory inspections; </TD>

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          <TD STYLE="text-align: justify">submission to the FDA of a BLA or a NDA; and </TD>

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          <TD STYLE="text-align: justify">FDA approval of the BLA or NDA before any commercial sale or shipment of the product. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The processes are expensive and can take many years to complete, and we may not be able to demonstrate the safety and efficacy of our products to the satisfaction of regulatory authorities. The start of clinical trials can be delayed or take longer than anticipated for many and varied reasons, many of which are out of our control. For example, when we filed an IND for our RSV vaccine candidate in 2010, the FDA asked us questions about our chemistry, manufacturing and controls; the FDA put our planned Phase I trial on temporary clinical hold until we provided complete and appropriate answers and the hold was lifted. Safety concerns may emerge that
could lengthen the ongoing trials or require additional trials to be conducted. Promising results in early trials may not be replicated in subsequent studies. Regulatory authorities may also require additional testing, and we may be required to demonstrate that our proposed products represent an improved form of treatment over existing therapies, which we may be unable to do without conducting further clinical trials. Moreover, if the FDA or a foreign regulatory body grants regulatory approval of a product, the approval may be limited to specific indications or limited with respect to its distribution. Expanded or additional indications for approved products may not be approved, which could limit our revenue. Foreign regulatory authorities may apply similar limitations or may refuse to grant any approval. Consequently, even if we believe that pre-clinical and clinical data are sufficient to support regulatory approval for our product candidates, the FDA and foreign regulatory
authorities may not ultimately grant approval for commercial sale in any jurisdiction. If our vaccine candidates are not approved, our ability to generate revenue will be limited and our business will be adversely affected. </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>If we are unable to manufacture our vaccines in sufficient quantities, at sufficient yields or are unable to obtain regulatory approvals for a manufacturing facility for our vaccines, we may experience delays in product development, clinical trials, regulatory approval and commercial distribution.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Completion of our clinical trials and commercialization of our vaccine product candidates require access to, or development of, facilities to manufacture our product candidates at sufficient yields and at commercial-scale. We have limited experience manufacturing any of our product candidates in the volumes that will be necessary to support large-scale clinical trials or commercial sales. Efforts to establish these capabilities may not meet initial expectations as to scheduling, scale-up, reproducibility, yield, purity, cost, potency or quality. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">If we are unable to manufacture our product candidates in clinical quantities or, when necessary, in commercial quantities and at sufficient yields, then we must rely on third-parties. Other third-party manufacturers must also receive FDA approval before they can produce clinical material or commercial products. Our vaccines may be in competition with other products for access to these facilities and may be subject to delays in manufacture if third-parties give other products greater priority. We may not be able to enter into any necessary third-party manufacturing arrangements on acceptable terms, or on a timely basis. In addition, we have to enter
into technical transfer agreements and share our know-how with the third-party manufacturers, which can be time-consuming and may result in delays. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Influenza vaccines are seasonal in nature. If a vaccine is not available early enough in the influenza season, we would likely have difficulty selling the vaccine. Further, pandemic outbreaks present only short-term opportunities for us. There is no way to predict when there will be a pandemic outbreak, the strain of the influenza or how long the pandemic will last. For these reasons, any delay in the delivery of an influenza vaccine could result in lower sales volumes, lower sale prices, or no sales. Because the strain of the seasonal influenza changes annually, inventory of seasonal vaccine cannot be sold during a subsequent influenza season. Any
delay in the manufacture of our influenza vaccines could adversely affect our ability to sell the vaccines. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our reliance on contract manufacturers may adversely affect our operations or result in unforeseen delays or other problems beyond our control. Because of contractual restraints and the limited number of third-party manufacturers with the expertise, required regulatory approvals and facilities to manufacture our bulk vaccines on a commercial-scale, replacement of a manufacturer may be expensive and time-consuming and may cause interruptions in the production of our vaccine. A third-party manufacturer may also encounter difficulties in production. These problems may include: </P>

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          <TD STYLE="text-align: justify">difficulties with production costs, scale-up and yields; </TD>

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          <TD STYLE="text-align: justify">availability of raw materials and supplies; </TD>

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          <TD STYLE="text-align: justify">quality control and assurance; </TD>

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          <TD STYLE="text-align: justify">shortages of qualified personnel; </TD>

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          <TD STYLE="text-align: justify">compliance with strictly enforced federal, state and foreign regulations that vary in each country where product might be sold; and </TD>

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          <TD STYLE="text-align: justify">lack of capital funding. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a result, any delay or interruption could have a material adverse effect on our business, financial condition, results of operations and cash flows. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our vaccine products may contain adventitious agents.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Because our vaccines are produced in animal cell substrates, there are risks that infectious diseases that are unique to the animal substrates can be transmitted to human recipients. The FDA seeks to ensure that vaccine products do not contain adventitious agents or, if they do, that such adventitious agents are not harmful to the recipient. Demonstrating that adventitious agents in vaccines are not present or, if they are present, that they are not harmful, is potentially difficult and expensive. Even with significant testing, we may </P>

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<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">not be able to demonstrate to the FDA that our vaccines are either free of adventitious agents or that any adventitious agents that do occur are harmless to the recipient. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our new manufacturing facility may not be available in a timely way, which may impede or delay our ability to manufacture one or more vaccine candidates for subsequent clinical trials or obtain BLA for such vaccines.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Although we have obtained a new manufacturing facility that we believe is capable of manufacturing Phase III vaccine candidates under our influenza program, the new facility requires moderate refurbishing in order to implement and optimize our manufacturing process. This work is expected to be completed in 2012; however, there are risks associated with such refurbishment, that include but are not limited to, unforeseeable construction delays, contractor issues, subcontractor delays, licensing and permitting delays or rejections, limitations and delays on the installation of new or custom-ordered equipment, issues associated with validating equipment,
processes or other aspects of insuring cGMP manufacturing, delays or disputes related to obtaining landlord consent, and delays associated with moving equipment from our current facility to the new facility. Even if we meet all the scheduled activities associated with bringing the new facility online, there are many aspects of the project that rely on third party contractors and subcontractors and independent regulatory reviewers, and there can be no guarantee that they will meet expected timeframes. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We may not utilize our current manufacturing facility, and if so, we may not be able to defray the lease payments and operating expenses of that facility.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">With our new manufacturing facility in Gaithersburg, we expect to move out of our current facility in Rockville, Maryland in 2012. We do not yet know whether and to what extent we may need to utilize a portion of the Rockville facility after we move. The expenses of owning two manufacturing facilities are significant and while we have structured our new facility arrangement to limit our financial exposure over the next two to three years, we expect to sublease all or a portion of the Rockville facility prior to the end of our lease on January 31, 2017. However, there is no guarantee that we will be able to defray the expense of owning two
manufacturing facilities long term. Subleasing the Rockville facility may prove difficult and even if we do so, the sublease payments may not fully cover our lease payments and operating expenses. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We must identify products and product candidates for development with our technologies and establish successful third-party relationships.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The near and long-term viability of our vaccine product candidates will depend in part on our ability to successfully establish new strategic collaborations with pharmaceutical and biotechnology companies, non-profit organizations and government agencies. Establishing strategic collaborations and obtaining government funding is difficult and time-consuming. Potential collaborators may reject collaborations based upon their assessment of our financial, regulatory or intellectual property position or based on their internal pipeline; government agencies may reject contract or grant applications based on their assessment of public need, the public
interest, our products&#146; ability to address these areas, or other reasons beyond our expectations or control. If we fail to establish a sufficient number of collaborations or government relationships on acceptable terms, we may not be able to commercialize our vaccine product candidates or generate sufficient revenue to fund further research and development efforts. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Even if we establish new collaborations or obtain government funding, these relationships may never result in the successful development or commercialization of any vaccine product candidates for several reasons, including the fact that: </P>

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          <TD STYLE="text-align: justify">we may not have the ability to control the activities of our partner and cannot provide assurance that they will fulfill their obligations to us, including with respect to the license, development and commercialization of products and product candidates, in a timely manner or at all; </TD>

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          <TD STYLE="text-align: justify">such partners may not devote sufficient resources to our products and product candidates or properly maintain or defend our intellectual property rights; </TD>

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          <TD STYLE="text-align: justify">any failure on the part of our partners to perform or satisfy their obligations to us could lead to delays in the development or commercialization of our products and product candidates and affect our ability to realize product revenue; and </TD>

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          <TD STYLE="text-align: justify">disagreements, including disputes over the ownership of technology developed with such collaborators, could result in litigation, which would be time-consuming and expensive, and may delay or terminate research and development efforts, regulatory approvals and commercialization activities. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our collaborators will be subject to the same regulatory approval of their manufacturing facility and process as Novavax. Before we could begin commercial manufacturing of any of our product candidates, we and our collaborators must pass a pre-approval inspection before FDA approval and comply with the FDA&#146;s cGMP. If our collaborators fail to comply with these requirements, our product candidates would not be approved. If our collaborators fail to comply with these requirements after approval, we would be subject to possible regulatory action and may be limited in the jurisdictions in which we are permitted to sell our products. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">If we or our partners fail to maintain our existing agreements or in the event we fail to establish agreements as necessary, we could be required to undertake research, development, manufacturing and commercialization activities solely at our own expense. These activities would significantly increase our capital requirements and, given our lack of sales, marketing and distribution capabilities, significantly delay the commercialization of products and product candidates. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Because we depend on third-parties to conduct some of our laboratory testing, clinical trials, and manufacturing, we may encounter delays in or lose some control over our efforts to develop products.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are dependent on third-party research organizations to conduct some of our laboratory testing, clinical trials and manufacturing activities. If we are unable to obtain any necessary services on acceptable terms, we may not complete our product development efforts in a timely manner. We may lose some control over these activities and become too dependent upon these parties. These third-parties may not complete testing or manufacturing activities on schedule, within budget, or when we request. We may not be able to secure and maintain suitable research organizations to conduct our laboratory testing, clinical trials and manufacturing activities. We
have not manufactured any of our product candidates at a commercial level and may need to identify additional third-party manufacturers to scale-up and manufacture our products. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are responsible for confirming that each of our clinical trials is conducted in accordance with its general investigational plan and protocol. Moreover, the FDA and foreign regulatory agencies require us to comply with regulations and standards, commonly referred to as good clinical practices, for conducting, recording and reporting the results of clinical trials to assure that data and reported results are credible and accurate and that the trial participants are adequately protected. The FDA and foreign regulatory agencies also require us to comply with good manufacturing practices. Our reliance on third-parties does not relieve us of these
responsibilities and requirements. If these third-parties do not successfully carry out their contractual duties or regulatory obligations or meet expected deadlines, if the third-parties need to be replaced or if the quality or accuracy of the data they obtain is compromised or the product they manufacture is contaminated due to the failure to adhere to our clinical and manufacturing protocols or regulatory requirements or for other reasons, our pre-clinical development activities or clinical trials may be extended, delayed, suspended or terminated, and we may not be able to obtain regulatory approval of, or commercially manufacture, our product candidates. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our collaborations may not be profitable.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have entered into a co-marketing agreement with GEHC for a pandemic influenza vaccine solution for select international countries. The collaboration incorporates GEHC&#146;s bioprocessing/manufacturing solutions and design expertise with our manufacturing platform. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have formed a joint venture with Cadila in India. In connection with this joint venture, we entered into a master services agreement pursuant to which we may request services from Cadila in the areas of biologics research, pre-clinical development, clinical development, process development, manufacturing scale-up and general manufacturing related services in India. We and Cadila amended the master services agreement in July 2011 to extend the term by one year for which services can be provided by Cadila under this agreement. Under the revised terms, if, by March 2013, the amount of services provided by Cadila under the master services agreement is
less than $7.5 million, the Company will pay Cadila the portion of the </P>

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<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">shortfall amount that is less than or equal to $2.0 million and 50% of the portion of the shortfall amount that exceeds $2.0 million. Through December 31, 2011, we have purchased $0.2 million in services from Cadila pursuant to this agreement. See also the information regarding the master services agreement in Note 15 to the financial statements included herewith. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have entered into a license agreement with LGLS that allows them to use our manufacturing and production technology to develop and sell our influenza vaccines. We cannot predict when, if at all, these relationships will lead to approved products, sales, or otherwise provide revenue to the Company or become profitable. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We have limited marketing capabilities, and if we are unable to enter into collaborations with marketing partners or develop our own sales and marketing capability, we may not be successful in commercializing any approved products.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We currently have no sales, marketing or distribution capabilities. As a result, we will depend on collaborations with third-parties that have established distribution systems and sales forces. To the extent that we enter into co-promotion or other licensing arrangements, our revenue will depend upon the efforts of third-parties, over which we may have little or no control. If we are unable to reach and maintain agreements with one or more pharmaceutical companies or collaborators, we may be required to market our products directly. Developing a marketing and sales force is expensive and time-consuming and could delay a product launch. We cannot be
certain that we will be able to attract and retain qualified sales personnel or otherwise develop this capability. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our product candidates may never achieve market acceptance even if we obtain regulatory approvals.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Even if we receive regulatory approvals for the commercial sale of our product candidates, the commercial success of these product candidates will depend on, among other things, their acceptance by physicians, patients, third-party payers such as health insurance companies and other members of the medical community as a vaccine and cost-effective alternative to competing products. If our product candidates fail to gain market acceptance, we may be unable to earn sufficient revenue to continue our business. Market acceptance of, and demand for, any product that we may develop and commercialize will depend on many factors, including: </P>

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          <TD STYLE="text-align: justify">our ability to provide acceptable evidence of safety and efficacy; </TD>

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          <TD STYLE="text-align: justify">the prevalence and severity of adverse side effects; </TD>

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          <TD STYLE="text-align: justify">whether our vaccines are differentiated from other vaccines based on immunogenicity; </TD>

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          <TD STYLE="text-align: justify">availability, relative cost and relative efficacy of alternative and competing treatments; </TD>

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          <TD STYLE="text-align: justify">the effectiveness of our marketing and distribution strategy; </TD>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">publicity concerning our products or competing products and treatments; and </TD>

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          <TD STYLE="text-align: justify">our ability to obtain sufficient third-party insurance coverage or reimbursement. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In particular, there are significant challenges to market acceptance for seasonal influenza vaccines. For our seasonal vaccine to be accepted in the market, we must demonstrate differentiation from other seasonal vaccines that are currently approved and marketed. This can mean that the vaccine is more effective in certain populations, such as in older adults, or cheaper and quicker to produce. There are no assurances that our vaccine will be more efficacious than other vaccines. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">If our product candidates do not become widely accepted by physicians, patients, third-party payers and other members of the medical community, our business, financial condition and results of operations would be materially and adversely affected. </P>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">24</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>If reforms in the health care industry make reimbursement for our potential products less likely, the market for our potential products will be reduced, and we could lose potential sources of revenue.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our success may depend, in part, on the extent to which reimbursement for the costs of vaccines will be available from third-party payers such as government health administration authorities, private health insurers, managed care programs and other organizations. Over the past decade, the cost of health care has risen significantly, and there have been numerous proposals by legislators, regulators and third-party health care payers to curb these costs. Some of these proposals have involved limitations on the amount of reimbursement for certain products. Similar federal or state health care legislation may be adopted in the future and any products
that we or our collaborators seek to commercialize may not be considered cost-effective. Adequate third-party insurance coverage may not be available for us to establish and maintain price levels that are sufficient for realization of an appropriate return on our investment in product development. Moreover, the existence or threat of cost control measures could cause our corporate collaborators to be less willing or able to pursue research and development programs related to our product candidates. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">REGULATORY RISKS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We may fail to obtain regulatory approval for our products on a timely basis or comply with our continuing regulatory obligations after approval is obtained.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Delays in obtaining regulatory approval can be extremely costly in terms of lost sales opportunities, losing any potential marketing advantage of being early to market and increased trial costs. The speed with which we begin and complete our pre-clinical studies necessary to begin clinical trials, clinical trials and our applications for marketing approval will depend on several factors, including the following: </P>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">our ability to manufacture or obtain sufficient quantities of materials for use in necessary pre-clinical studies and clinical trials; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">prior regulatory agency review and approval; </TD>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">Institutional Review Board approval of the protocol and the informed consent form; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the rate of subject or patient enrollment and retention, which is a function of many factors, including the size of the subject or patient population, the proximity of subjects and patients to clinical sites, the eligibility criteria for the trial and the nature of the protocol; </TD>

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          <TD STYLE="text-align: justify">negative test results or side effects experienced by trial participants; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">analysis of data obtained from pre-clinical and clinical activities, which are susceptible to varying interpretations and which interpretations could delay, limit or prevent further studies or regulatory approval; </TD>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">the availability of skilled and experienced staff to conduct and monitor clinical trials and to prepare the appropriate regulatory applications; and </TD>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">changes in the policies of regulatory authorities for drug or vaccine approval during the period of product development. </TD>

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<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have limited experience in conducting and managing the pre-clinical studies and clinical trials necessary to obtain regulatory marketing approvals. We may not be permitted to continue or commence additional clinical trials. We also face the risk that the results of our clinical trials may be inconsistent with the results obtained in pre-clinical studies or clinical trials of similar products or that the results obtained in later phases of clinical trials may be inconsistent with those obtained in earlier phases. A number of companies in the biopharmaceutical and product development industry have suffered significant setbacks in advanced clinical
trials, even after experiencing promising results in early animal and human testing. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Regulatory agencies may require us or our collaborators to delay, restrict or discontinue clinical trials on various grounds, including a finding that the subjects or patients are being exposed to an unacceptable health risk. In addition, we or our collaborators may be unable to submit applications to regulatory agencies within the time frame we currently expect. Once submitted, applications must be approved by various regulatory agencies before we or our collaborators can commercialize the product described in the application. All </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">25</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">statutes and regulations governing the conduct of clinical trials are subject to change in the future, which could affect the cost of such clinical trials. Any unanticipated costs or delays in our clinical trials could delay our ability to generate revenue and harm our financial condition and results of operations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Failure to obtain regulatory approval in foreign jurisdictions would prevent us from marketing our products internationally.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We intend to have our product candidates marketed outside the U.S. In furtherance of this objective, we have entered into relationships with Cadila in India and LGLS in South Korea. In order to market our products in the European Union, India, Asia and many other non-U.S. jurisdictions, we must obtain separate regulatory approvals and comply with numerous and varying regulatory requirements. The approval procedure varies among countries and can involve additional testing and data review. The time required to obtain foreign regulatory approval may differ from that required to obtain FDA approval. The foreign regulatory approval process may include all
of the risks associated with obtaining FDA approval. We may not obtain foreign regulatory approvals on a timely basis, if at all. Approval by a regulatory agency, such as the FDA, does not ensure approval by any other regulatory agencies, for example in other foreign countries. However, a failure or delay in obtaining regulatory approval in one jurisdiction may have a negative effect on the regulatory approval process in other jurisdictions, including approval by the FDA. The failure to obtain regulatory approval in foreign jurisdictions could harm our business. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Even if regulatory approval is received for our product candidates, the later discovery of previously unknown problems with a product, manufacturer or facility may result in restrictions, including withdrawal of the product from the market.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Even if a product gains regulatory approval, such approval is likely to limit the indicated uses for which it may be marketed, and the product and the manufacturer of the product will be subject to continuing regulatory review, including adverse event reporting requirements and the FDA&#146;s general prohibition against promoting products for unapproved uses. Failure to comply with any post-approval requirements can, among other things, result in warning letters, product seizures, recalls, substantial fines, injunctions, suspensions or revocations of marketing licenses, operating restrictions and criminal prosecutions. Any of these enforcement
actions, any unanticipated changes in existing regulatory requirements or the adoption of new requirements, or any safety issues that arise with any approved products, could adversely affect our ability to market products and generate revenue and thus adversely affect our ability to continue our business. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We also may be restricted or prohibited from marketing or manufacturing a product, even after obtaining product approval, if previously unknown problems with the product or its manufacture are subsequently discovered and we cannot provide assurance that newly discovered or developed safety issues will not arise following any regulatory approval. With the use of any vaccine by a wide patient population, serious adverse events may occur from time to time that initially do not appear to relate to the vaccine itself, and only if the specific event occurs with some regularity over a period of time does the vaccine become suspect as having a causal
relationship to the adverse event. Any safety issues could cause us to suspend or cease marketing of our approved products, possibly subject us to substantial liabilities, and adversely affect our ability to generate revenue and our financial condition. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Because we are subject to environmental, health and safety laws, we may be unable to conduct our business in the most advantageous manner.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are subject to various laws and regulations relating to safe working conditions, laboratory and manufacturing practices, the experimental use of animals, emissions and wastewater discharges, and the use and disposal of hazardous or potentially hazardous substances used in connection with our research, including infectious disease agents. We also cannot accurately predict the extent of regulations that might result from any future legislative or administrative action. Any of these laws or regulations could cause us to incur additional expense or restrict our operations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our facilities in Maryland are subject to various local, state and federal laws and regulations relating to safe working conditions, laboratory and manufacturing practices, the experimental use of animals and the use and disposal of hazardous or potentially hazardous substances, including chemicals, microorganisms and various hazardous compounds used in connection with our research and development activities. In the U.S., </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">26</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">these laws include the Occupational Safety and Health Act, the Toxic Test Substances Control Act and the Resource Conservation and Recovery Act. We cannot eliminate the risk of accidental contamination or discharge or injury from these materials. Federal, state, and local laws and regulations govern the use, manufacture, storage, handling and disposal of these materials. We could be subject to civil damages in the event of an improper or unauthorized release of, or exposure of individuals to, these hazardous materials. In addition, claimants may sue us for injury or contamination that results from our use or the use by third-parties of these
materials, and our liability may exceed our total assets. Compliance with environmental laws and regulations may be expensive, and current or future environmental regulations may impair our research, development or production efforts. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Although we have general liability insurance, these policies contain exclusions from insurance against claims arising from pollution from chemical or pollution from conditions arising from our operations. Our collaborators are working with these types of hazardous materials in connection with our collaborations. In the event of a lawsuit or investigation, we could be held responsible for any injury we or our collaborators cause to persons or property by exposure to, or release of, any hazardous materials. However, we believe that we are currently in compliance with all applicable environmental and occupational health and safety regulations. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">INTELLECTUAL PROPERTY RISKS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Our success depends on our ability to maintain the proprietary nature of our technology.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our success in large part depends on our ability to maintain the proprietary nature of our technology and other trade secrets. To do so, we must prosecute and maintain existing patents, obtain new patents and pursue trade secret and other intellectual property protection. We also must operate without infringing the proprietary rights of third-parties or allowing third-parties to infringe our rights. We currently have or have rights to over 115 U.S. patents and corresponding foreign patents and patent applications covering our technologies. However, patent issues relating to pharmaceuticals and biologics involve complex legal, scientific and factual
questions. To date, no consistent policy has emerged regarding the breadth of biotechnology patent claims that are granted by the U.S. Patent and Trademark Office or enforced by the federal courts. Therefore, we do not know whether our patent applications will result in the issuance of patents, or that any patents issued to us will provide us with any competitive advantage. We also cannot be sure that we will develop additional proprietary products that are patentable. Furthermore, there is a risk that others will independently develop or duplicate similar technology or products or circumvent the patents issued to us. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There is a risk that third-parties may challenge our existing patents or claim that we are infringing their patents or proprietary rights. We could incur substantial costs in defending patent infringement suits or in filing suits against others to have their patents declared invalid or claim infringement. It is also possible that we may be required to obtain licenses from third-parties to avoid infringing third-party patents or other proprietary rights. We cannot be sure that such third-party licenses would be available to us on acceptable terms, if at all. If we are unable to obtain required third-party licenses, we may be delayed in or prohibited
from developing, manufacturing or selling products requiring such licenses. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Although our patent filings include claims covering various features of our products and product candidates, including composition, methods of manufacture and use, our patents do not provide us with complete protection against the development of competing products. Some of our know-how and technology is not patentable. To protect our proprietary rights in unpatentable intellectual property and trade secrets, we require employees, consultants, advisors and collaborators to enter into confidentiality agreements. These agreements may not provide meaningful protection for our trade secrets, know-how or other proprietary information. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>If we infringe or are alleged to infringe the intellectual property rights of third-parties, it will adversely affect our business, financial condition and results of operations.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our research, development and commercialization activities, including any product candidates or products resulting from these activities, may infringe or be claimed to infringe patents owned by third-parties and to which we do not hold licenses or other rights. There may be rights we are not aware of, including applications that have been filed but not published that, when issued, could be asserted against us. These third-parties could bring claims against us, and that would cause us to incur substantial expenses and, if successful against </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">27</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">us, could cause us to pay substantial damages. Further, if a patent infringement suit were brought against us, we could be forced to stop or delay research, development, manufacturing or sales of the product or biologic drug candidate that is the subject of the suit. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a result of patent infringement claims, or in order to avoid potential claims, we may choose or be required to seek a license from the third-party. These licenses may not be available on acceptable terms, or at all. Even if we are able to obtain a license, the license would likely obligate us to pay license fees or royalties or both, and the rights granted to us might be non-exclusive, which could result in our competitors gaining access to the same intellectual property. Ultimately, we could be prevented from commercializing a product, or be forced to cease some aspect of our business operations, if, as a result of actual or threatened patent
infringement claims, we are unable to enter into licenses on acceptable terms. All of the issues described above could also impact our collaborators, which would also impact the success of the collaboration and therefore us. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There has been substantial litigation and other proceedings regarding patent and other intellectual property rights in the pharmaceutical and biotechnology industries. In addition to infringement claims against us, we may become a party to other patent litigation and other proceedings, including interference proceedings declared by the U.S. Patent and Trademark Office and opposition proceedings in the European Patent Office, regarding intellectual property rights with respect to our products and technology. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We may become involved in lawsuits to protect or enforce our patents or the patents of our collaborators or licensors, which could be expensive and time-consuming.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Competitors may infringe our patents or the patents of our collaborators or licensors. As a result, we may be required to file infringement claims to counter infringement for unauthorized use. This can be expensive, particularly for a company of our size, and time-consuming. In addition, in an infringement proceeding, a court may decide that a patent of ours is not valid or is unenforceable, or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover its technology. An adverse determination of any litigation or defense proceeding could put one or more of our patents at risk of being
invalidated or interpreted narrowly and could put our patent applications at the risk of not issuing. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Interference proceedings brought by the U.S. Patent and Trademark Office may be necessary to determine the priority of inventions with respect to our patent applications or those of our collaborators or licensors. Litigation or interference proceedings may fail and, even if successful, may result in substantial costs and distraction to our management. We may not be able, alone or with our collaborators and licensors, to prevent misappropriation of our proprietary rights, particularly in countries where the laws may not protect such rights as fully as in the U.S. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. In addition, during the course of this kind of litigation, there could be public announcements of the results of hearings, motions or other interim proceedings or developments. If investors perceive these results to be negative, the market price for our common stock could be significantly harmed. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We may need to license intellectual property from third-parties and, if our right to use the intellectual property we license is affected, our ability to develop and commercialize our product candidates may be harmed.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We expect that we will need to license intellectual property from third-parties in the future and that these licenses will be material to our business. We will not own the patents or patent applications that underlie these licenses, and we will not control the enforcement of the patents. We will rely upon our licensors to properly prosecute and file those patent applications and prevent infringement of those patents. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our license agreement with Wyeth, which gives us rights to a family of patent applications covering VLP technology for use in human vaccines in certain fields of use, is non-exclusive. These applications are very significant to our business. If each milestone is achieved for any particular product candidate, we would be obligated to pay an aggregate of $14 million to Wyeth for each product candidate developed and </P>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">28</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">commercialized under the agreement. Achievement of each milestone is subject to many risks, including those described in these Risk Factors. Annual license maintenance fees under the Wyeth agreement aggregate to $0.2 million per year. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">While many of the licenses under which we have rights provide us with rights in specified fields, the scope of our rights under these and other licenses may be subject to dispute by our licensors or third-parties. In addition, our rights to use these technologies and practice the inventions claimed in the licensed patents and patent applications are subject to our licensors abiding by the terms of those licenses and not terminating them. Any of our licenses may be terminated by the licensor if we are in breach of a term or condition of the license agreement, or in certain other circumstances. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our product candidates and potential product candidates will require several components that may each be the subject of a license agreement. The cumulative license fees and royalties for these components may make the commercialization of these product candidates uneconomical. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>If patent laws or the interpretation of patent laws change, our competitors may be able to develop and commercialize our discoveries.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Important legal issues remain to be resolved as to the extent and scope of available patent protection for biopharmaceutical products and processes in the U.S. and other important markets outside the U.S., such as Europe and Japan. Foreign markets may not provide the same level of patent protection as provided under the U.S. patent system. Litigation or administrative proceedings may be necessary to determine the validity and scope of certain of our and others&#146; proprietary rights. Any such litigation or proceeding may result in a significant commitment of resources in the future and could force us to do one or more of the following: cease
selling or using any of our products that incorporate the challenged intellectual property, which would adversely affect our revenue; obtain a license from the holder of the intellectual property right alleged to have been infringed, which license may not be available on reasonable terms, if at all; and redesign our products to avoid infringing the intellectual property rights of third-parties, which may be time-consuming or impossible to do. In addition, changes in, or different interpretations of, patent laws in the U.S. and other countries may result in patent laws that allow others to use our discoveries or develop and commercialize our products. We cannot provide assurance that the patents we obtain or the unpatented technology we hold will afford us significant commercial protection. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">RISKS RELATED TO OUR COMMON STOCK AND ORGANIZATIONAL STRUCTURE </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Because our stock price has been and will likely continue to be highly volatile, the market price of our common stock may be lower or more volatile than expected.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our stock price has been highly volatile. The stock market in general and the market for biopharmaceutical companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. From January 1, 2011 through December 31, 2011, the closing sale price of our common stock has been as low as $1.18 per share and as high as $2.96 per share. The market price of our common stock may be influenced by many factors, including: </P>

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          <TD STYLE="text-align: justify">future announcements about our Company or our collaborators or competitors, including the results of testing, technological innovations or new commercial products; </TD>

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          <TD STYLE="text-align: justify">clinical trial results; </TD>

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          <TD STYLE="text-align: justify">depletion of our cash reserves; </TD>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">sale of equity securities or issuance of additional debt; </TD>

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          <TD STYLE="text-align: justify">announcement by us of significant strategic partnerships, collaborations, joint ventures, capital commitments or acquisitions; </TD>

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          <TD STYLE="width: 21px"></TD>

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          <TD STYLE="text-align: justify">changes in government regulations; </TD>

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</TABLE>

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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">developments in our relationships with our collaboration partners; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">announcements relating to health care reform and reimbursement levels for new vaccines; </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">29</P>

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<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">sales of substantial amounts of our stock by existing stockholders (including stock by insiders or 5% stockholders); </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">development, spread or new announcements related to pandemic influenza; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">litigation; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">public concern as to the safety of our products; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">significant set-backs or concerns with the industry or the market as a whole; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">regulatory inquiries, reviews and potential action, including from the FDA or the Securities and Exchange Commission; and </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the other factors described in this Risk Factors section. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The stock market has experienced extreme price and volume fluctuations that have particularly affected the market price for many emerging and biopharmaceutical companies. These fluctuations have often been unrelated to the operating performance of these companies. These broad market fluctuations may cause the market price of our common stock to be lower or more volatile than expected. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>We have never paid dividends on our capital stock, and we do not anticipate paying any such dividends in the foreseeable future.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have never paid cash dividends on our common stock. We currently anticipate that we will retain all of our earnings for use in the development of our business and do not anticipate paying any cash dividends in the foreseeable future. As a result, capital appreciation, if any, of our common stock would be the only source of gain for stockholders until dividends are paid, if at all. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Provisions of our Certificate of Incorporation and By-laws, Delaware law, and our Shareholder Rights Plan could delay or prevent the acquisition of the Company, even if such acquisition would be beneficial to stockholders, and could impede changes in our Board.</I></B> </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our organizational documents could hamper a third-party&#146;s attempt to acquire, or discourage a third-party from attempting to acquire control of, the Company. We also have adopted a shareholder rights plan, or &#147;poison pill,&#148; that empowers our Board to delay or negotiate, and thereby possibly thwart, any tender offer or takeover attempt the Board opposes, and we expect to extend, amend, or replace this plan during the coming year. Stockholders who wish to participate in these transactions may not have the opportunity to do so. These provisions also could limit the price investors are willing to pay in the future for our securities and
make it more difficult to change the composition of our Board in any one year. These provisions include the right of the Board to issue preferred stock with rights senior to those of common stock without any further vote or action by stockholders, the existence of a staggered Board with three classes of directors serving staggered three-year terms and advance notice requirements for stockholders to nominate directors and make proposals. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company also is afforded the protections of Section 203 of the Delaware General Corporation Law, which will prevent us from engaging in a business combination with a person who acquires at least 15% of our common stock for a period of three years from the date such person acquired such common stock, unless advance board or stockholder approval was obtained. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Any delay or prevention of a change of control transaction or changes in our Board of Director or management could deter potential acquirers or prevent the completion of a transaction in which our stockholders could receive a substantial premium over the then current market price for their shares. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">30</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tPRO"></a>Item 2. PROPERTIES </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We lease approximately 51,200 square feet in Rockville, Maryland, which serves as our corporate headquarters and includes administrative offices, vaccine research and development, as well as a manufacturing facility. In 2011, we entered into a long-term lease arrangement for 74,000 square feet of manufacturing, laboratory and office space in two facilities in Gaithersburg, MD. We continue to lease approximately 32,900 square feet of administrative office and research and development space at our former corporate headquarters in Malvern, Pennsylvania, all of which is currently subleased. A summary of our current facilities is set forth below. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="136"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Property<BR>Location</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Approximate<BR>Square Footage</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Rockville, MD</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,200</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Current corporate headquarters and vaccine research and development and manufacturing facility</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gaithersburg, MD</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: left" ROWSPAN=1 COLSPAN=1>Future corporate headquarters and vaccine research and development and manufacturing facility</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Malvern, PA</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>32,900</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Former corporate headquarters and research and development</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total square footage</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>158,100</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Malvern, PA sublease</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(32,900</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net square footage</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>125,200</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tLP"></a>Item 3. LEGAL PROCEEDINGS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In September 2011, we settled the lawsuits we had initiated in 2010 against former Novavax Directors, Mitchell Kelly and Denis O&#146;Donnell; these settlements had no significant impact on our financial position or results of operations. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">31</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART II </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tMRCE"></a>Item 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our common stock trades on The NASDAQ Global Market under the symbol &#147;NVAX.&#148; The following table sets forth the range of high and low closing sale prices for our common stock as reported on The NASDAQ Global Market for each quarter in the two most recent years: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="426"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="44"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Quarter Ended</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>High</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Low</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.71</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>September 30, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.13</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>June 30, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.61</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>March 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.96</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.15</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.67</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>September 30, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.01</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>June 30, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>March 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.02</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On March 8, 2012, the last sale price reported on The NASDAQ Global Market for our common stock was $1.31. Our common stock was held by approximately 485 stockholders of record as of March 8, 2012, one of which is Cede &amp; Co., a nominee for Depository Trust Company (or DTC). All of the shares of common stock held by brokerage firms, banks and other financial institutions as nominees for beneficial owners are deposited into participant accounts at DTC, and are therefore considered to be held of record by Cede &amp; Co. as one stockholder. We have not paid any cash dividends on our common stock since our inception. We do not anticipate declaring or
paying any cash dividends in the foreseeable future. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities Authorized for Issuance under our Equity Compensation Plans </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information regarding our equity compensation plans, including both stockholder approved plans and non-stockholder approved plans, is included in Item 12 of this Annual Report on Form 10-K. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">32</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The graph below compares the cumulative total stockholders return on our common stock for the last five fiscal years with the cumulative total return on the NASDAQ Composite Index and the NASDAQ Pharmaceutical Index (which includes Novavax) over the same period, assuming the investment of $100 in our common stock, the NASDAQ Composite Index and the NASDAQ Pharmaceutical Index on December 31, 2006, and reinvestments of all dividends. </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*<BR>Among Novavax, Inc., the NASDAQ Composite Index<BR> and the NASDAQ Pharmaceutical Index </H1>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><IMG SRC="v304706_chrt-line.jpg" ALIGN="MIDDLE" ALT="[GRAPHIC MISSING]"> </P>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">*</TD>

          <TD STYLE="text-align: justify">$100 invested on 12/31/06 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Value of $100 invested on December 31, 2006 in stock or index, including reinvestment of dividends, for fiscal years ended December 31: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="192"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>12/31/06</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>12/31/07</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>12/31/08</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>12/31/09</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>12/31/10</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>12/31/11</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Novavax, Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>81.22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46.10</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64.88</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59.27</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30.73</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NASDAQ Composite Index</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>110.38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65.58</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95.27</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>112.22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>110.58</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>NASDAQ Pharmaceutical Index</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95.32</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90.11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99.36</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105.18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>114.32</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">This graph is not &#147;soliciting material,&#148; is not deemed &#147;filed&#148; with the Securities and Exchange Commission and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">33</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tSFD"></a>Item 6. SELECTED FINANCIAL DATA </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table sets forth selected financial data for each of the years in the five-year period ended December 31, 2011, which has been derived from our audited financial statements. The information below should be read in conjunction with our financial statements and notes thereto and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; included elsewhere in this Annual Report on Form 10-K. These historical results are not necessarily indicative of results that may be expected for future periods. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="244"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=19>For The Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2007</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=19><FONT STYLE="font-weight: normal">(in thousands, except per share amounts)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Statements of Operations Data:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,688</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>343</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>325</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,064</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,513</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34,784</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(28,590</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Income (loss) from discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>273</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(6,175</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(34,511</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(34,765</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Basic and diluted net loss per share:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss per share from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (0.51</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Income (loss) per share from discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.10</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Basic and diluted net loss per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1> (0.51</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.57</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Weighted average shares used in computing basic and diluted net loss per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>113,610</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>104,768</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>85,555</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>68,174</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>61,101</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="244"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=19>As of December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2007</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=19><FONT STYLE="font-weight: normal">(in thousands)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Balance Sheet Data:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash and short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,309</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,676</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,950</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,900</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,489</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total current assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,109</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,337</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,096</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49,016</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Working capital<sup>&#040;1&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,530</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,071</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,476</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,379</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,810</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,576</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>74,844</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,605</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>76,625</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91,291</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Long-term debt, less current portion</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>320</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>406</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>480</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,629</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accumulated deficit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(329,656</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(310,292</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(274,584</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(234,238</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(199,727</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total stockholders&#146; equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,849</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,050</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,952</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>42,948</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>63,065</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: justify">Working capital is computed as the excess of current assets over current liabilities. </TD>

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</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">34</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tMDAFC"></a>Item 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Certain statements contained or incorporated by reference herein constitute forward-looking statements. In some cases, these statements can be identified by the use of forward-looking terminology such as &#147;expect(s),&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;could,&#148; &#147;should,&#148; &#147;feel(s),&#148; &#147;believe(s),&#148; &#147;will,&#148; &#147;would,&#148; &#147;may,&#148; &#147;can,&#148; &#147;anticipate(s),&#148; &#147;potential&#148; and similar expressions or the negative of these terms. Such forward-looking statements are subject to risks and uncertainties that 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. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Forward-looking statements in this Annual Report on Form 10-K include, without limitation, statements regarding: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">potential benefits, regulatory approval and commercialization of our vaccine candidates; </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectation that we will have adequate capital resources available to operate at planned levels for at least the next twelve months; </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expected 2012 capital expenditures; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations for future revenue under the contract with HHS BARDA and funding requirements and capital raising activity, including possible proceeds from our At Market Issuance Sales Agreement; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations on financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding operating expenses, use of cash, and the fluctuations in expenses and capital requirements associated with pre-clinical studies, clinical trials and other research and development activities; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations on clinical development and anticipated milestones, including under the contract with HHS BARDA and our planned clinical trials; </TD>

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</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations that our product candidates will prove to be safe and effective; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations that our multivalent seasonal influenza VLP vaccine could potentially address an unmet medical need in older adults or children; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations that our RSV vaccine could potentially address unmet medical needs; </TD>

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</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectation that we will utilize the amount of services that is required to be provided by Cadila Pharmaceuticals Limited (Cadila) under the master services agreement; </TD>

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</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations regarding payments to Wyeth; </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations for the use of results from our Pandemic H1N1 clinical trial in Mexico to support the development of our influenza vaccines in other countries, including the U.S.; </TD>

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</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the impact of new accounting pronouncements; and </TD>

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</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">our expectations concerning payments under existing license agreements. </TD>

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</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include, but are not limited to, those described under Item 1A. Risk Factors of this Annual Report on Form 10-K. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company assumes no obligation to update any such forward-looking statements, except as required by law. We caution readers not to place considerable reliance on the forward-looking statements contained in this Annual Report on Form 10-K. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">35</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Overview </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Novavax, Inc., a Delaware corporation (&#147;Novavax,&#148; the &#147;Company,&#148; &#147;we,&#148; or &#147;us&#148;), was incorporated in 1987, and is a clinical-stage biopharmaceutical company focused on developing novel recombinant vaccines to address a broad range of infectious diseases. Our goal is to become a profitable vaccine company that is aggressively driving towards development, licensure and commercialization of important vaccines worldwide. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our technology platform is based on proprietary recombinant vaccine technology that includes VLPs and recombinant nanoparticle vaccines combined with a single-use bioprocessing production system. Our vaccine candidates are genetically engineered three-dimensional nanostructures that incorporate immunologically important recombinant proteins. Our product pipeline targets a variety of infectious diseases and our vaccine candidates are currently in or have completed clinical trials that target pandemic influenza (H5N1), seasonal influenza and RSV. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">CPL Biologicals Private Limited (the JV), our joint venture formed in 2009 between us and Cadila, of which 20% is owned by us and 80% is owned by Cadila. The JV will develop and manufacture our pandemic and seasonal influenza vaccine candidates and Cadila&#146;s biogeneric products and other diagnostic products for the territory of India. In June 2010, the JV opened its newly constructed state-of-the-art manufacturing facility, 100% funded by Cadila, to be used to produce pandemic and seasonal influenza vaccines, as well as other vaccine candidates. The JV is actively developing a rabies vaccine candidate that was genetically engineered by Novavax;
it recently completed initial pre-clinical immunogenicity studies on this vaccine candidate and is progressing with pre-clinical toxicology studies. Because we do not control the JV, we account for our investment using the equity method. Since the carrying value of our contribution was nominal and there is no guarantee or commitment to provide future funding, we have not recorded nor do we expect to record losses related to this investment in the future. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A current summary of our significant research and development programs and status of development follows: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="269"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="269"></TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Program</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1><DIV STYLE="text-align: left">Development Phase</DIV></TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Pandemic Influenza (H1N1)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Phase II (ended)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Pandemic Influenza (H5N1)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Phase II</TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Seasonal Influenza</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Phase II</TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Respiratory Syncytial Virus (RSV)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Phase I</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Rabies (through JV)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Pre-clinical</TD>

</TR>

</TABLE></DIV>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HHS BARDA Contract Award for Recombinant Influenza Vaccines </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In February 2011, we were awarded a contract from HHS BARDA valued at $97 million for the first 36 month base-period, with an HHS BARDA option for an additional period of 24 months valued at $82 million, for a total contract value of up to $179 million. The HHS BARDA contract award provides significant funding for our ongoing clinical development and product scale-up of both our seasonal and pandemic influenza vaccine candidates. This is a cost-plus-fixed-fee contract in which HHS BARDA will reimburse us for direct contract costs incurred plus allowable indirect costs and a fee earned in the further development of our seasonal and pandemic (H5N1)
influenza vaccines. During 2011, we recognized revenue of approximately $15 million, made significant progress in product characterization and production scale-up and are progressing forward with our multi-year clinical development program. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pandemic Influenza (H1N1) </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2009 and 2010, we dedicated significant resources to demonstrate our ability to develop a recombinant VLP vaccine against this latest pandemic influenza strain. We produced a non-cGMP H1N1 VLP vaccine candidate within 3 weeks after the genetic sequence of the novel H1N1 virus was announced and manufactured a cGMP vaccine candidate within 11 weeks of the announcement. We conducted a Phase II clinical trial in Mexico, in collaboration with Laboratorio Avi-Mex S.A. de C.V. and GE Healthcare; and published the final data results last year and presented at the World Health Organization (WHO) Meeting for the Evaluation of Pandemic Influenza Vaccines in
Clinical Trials. Our results showed that our H1N1 VLP vaccine exceeded the immunogenicity criteria for seasonal influenza vaccine licensure at all dose levels, </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">36</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">including the lowest 5&#956;g dose and that a single administration of the VLP vaccine induced high levels of HAI titers in subjects without pre-existing detectable immunity to H1N1 influenza. Although H1N1 influenza is no longer considered a pandemic and is being addressed as an active strain in the determination of ongoing seasonal influenza strains, we nevertheless expect that the data from our H1N1 clinical trials will be used to support our pandemic (H5N1) and seasonal influenza VLP vaccine programs in the U.S. and in other countries. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pandemic Influenza (H5N1) </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have made significant progress in the development of our vaccine that targets the H5N1 influenza strain. In 2007, we released results from an important pre-clinical study in which ferrets that received our H5N1 vaccine candidate were protected from a lethal challenge of the H5N1 virus. After filing an IND, we initiated a Phase I/IIa clinical trial. We released interim data from the first portion of this clinical trial in December 2007. These interim results demonstrated that our pandemic influenza vaccine can generate a protective immune response. We conducted the second portion of the Phase I/IIa trial in 2008 to gather additional subject
immunogenicity and safety data and determine a final dose through the completion of this clinical trial. In August 2008, we reported favorable results from this clinical trial, which demonstrated strong neutralizing antibody titers across all three doses tested. The vaccine was well-tolerated at all dose levels as compared with placebo, and no serious adverse events were reported. The vaccine also induced robust HAI responses, which have been shown to be important for protection against influenza disease. In conjunction with our HHS BARDA contract, in 2012, we expect to launch two Phase I trials of our vaccine candidate in combination with several alternative adjuvant candidates. These trials will evaluate the safety and tolerability of the vaccines in the presence and absence of adjuvants; the ability of VLP vaccine antigens with and without adjuvants to generate antibody levels that fulfill the FDA&#146;s criteria for accelerated approval, and the ability of these vaccines to provide
an expanded number of doses and possible cross-protection against other virus strains to the U.S. population. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Seasonal Influenza </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are actively developing our VLP vaccine that targets the seasonal influenza virus. In April 2010, we reported the final results of our Phase II trial in older adults (60 years of age or older) in a dose-ranging study comparing our seasonal trivalent (three strain) influenza VLP vaccine with a commercially available inactivated trivalent influenza vaccine (TIV). The results showed that the vaccine was both safe and immunogenic against the 2009-2010 seasonal influenza virus strains in older adults. The CDC has indicated that currently approved seasonal influenza vaccines may be suboptimally effective in preventing hospitalization for pneumonia and
influenza in older adults; however, we believe that some features of our seasonal influenza VLP vaccine have the potential to offer improved efficacy. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2012, we initiated a seasonal influenza Phase II dose-ranging trial using both trivalent and quadrivalent (four strains) formulations. We developed a quadrivalent formulation of our seasonal influenza vaccine candidate as many influenza vaccine manufacturers move from trivalent to quadrivalent formulations, an industry move that has been acknowledged by WHO and the FDA. At the conclusion of the trial, we will select the optimal quadrivalent dose and expect to initiate a dose-confirmatory Phase II trial in the second half of 2012. A Phase III registration trial is expected to begin in late 2013. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Respiratory Syncytial Virus (RSV) </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have developed a recombinant nanoparticle vaccine to prevent RSV. In pre-clinical studies, we have demonstrated positive results in models designed to test the safety and efficacy of our RSV vaccine candidate. In December 2010, we initiated a blinded, placebo-controlled, dose-escalating Phase I trial to assess the safety and tolerability of aluminum phosphate-adjuvanted and unadjuvanted formulations of our RSV vaccine candidate. A secondary objective of the study was to evaluate total and neutralizing anti-RSV antibody responses and assess the impact of the adjuvant. The study enrolled 150 healthy adults 18 to 49 years old who were allocated to
six cohorts that included four dose levels of vaccine. The primary safety findings were local pain and tenderness at the site of injection, the majority of which were mild in nature with no dose-related increase observed. There were no observed vaccine-related serious adverse events or trends for related systemic side effects. The antibody response to the RSV F protein was significantly increased compared to </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">37</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">placebo (p&lt;0.001) in all groups and increased by 19-fold in the highest-dose group at day 60. A significant dose-response pattern was observed. High rates of seroconversion were seen at all doses including a rate of 100% at the highest-dose-adjuvant group. In 2012, we expect to initiate two separate dose-ranging Phase II trials in older adults and women of child bearing age. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">License Agreement with LGLS </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In February 2011, we entered into a licensing agreement with LGLS that allows LGLS to use our VLP technology to develop and commercially sell our influenza vaccines in South Korea and certain other emerging-market countries. LGLS received an exclusive license to our influenza VLP technology in South Korea and a non-exclusive license in the other specified countries. At its own cost, LGLS is responsible for funding its clinical development of the influenza VLP vaccines and completing a manufacturing facility in South Korea. We received an upfront payment and may receive reimbursements of certain development and product costs and royalty payments
between 10 and 20% from LGLS&#146;s future commercial sales of influenza VLP vaccines. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At Market Sales </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2010, we entered into an At Market Issuance Sales Agreement, under which we could sell an aggregate of $50 million in gross proceeds of our common stock. Our Board of Directors has authorized the sale of up to 25 million shares of our common stock pursuant to the At Market Issuance Sales Agreement. During 2011, we sold 6,001,841 shares of our common stock at a range of $1.25-$2.75 and received net proceeds of $11.8 million (with $0.8 million received in early 2012) under the At Market Issuance Sales Agreement. Since entering into the At Market Issuance Sales Agreement through March 8, 2012, we have sold 21,053,564 shares of our common stock
and received gross proceeds of $42.1 million. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Critical Accounting Policies and Use of Estimates </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates, particularly estimates relating to accounting for revenue, the valuation of our short-term investments, stock-based compensation, long-lived assets, goodwill and valuation of our warrants and net deferred tax assets have a material impact on our financial statements and are discussed in detail throughout our
analysis of the results of operations discussed below. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We base our estimates on historical experience and various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities and equity that are not readily apparent from other sources. Actual results and outcomes could differ from these estimates and assumptions. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenue </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We currently derive revenue from a cost-plus-fixed-fee contract in which HHS BARDA will reimburse us for direct contract costs incurred plus allowable indirect costs and a fee earned in the further development of our seasonal and pandemic (H5N1) influenza vaccines. Revenue on this cost-plus-fixed-fee contract is recognized as costs are incurred plus allowable indirect costs and the fee earned. Billings under the contract are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, overhead and general and administrative expenses not exceeding certain limits. These indirect rates will be subject to audit by HHS
BARDA on an annual basis. When the final determination of the allowable costs for any year has been made, revenue and billings may be adjusted accordingly. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">38</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Short-Term Investments </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our short-term investments are classified as available-for-sale securities and are carried at fair value. Unrealized gains and losses on these securities, if determined to be temporary, are included in accumulated other comprehensive income (loss) in stockholders&#146; equity. We assess the recoverability of our short-term investments and, if an impairment is indicated, we measure the amount of such impairment by comparing the fair value to the carrying value. Other-than-temporary impairments are included in the statements of operations. In 2007, we invested in auction rate securities as part of our cash management program. Since that time,
uncertainties in the credit markets have prevented us from liquidating certain holdings of auction rate securities as the amount of securities submitted for sale during the auction has exceeded the amount of purchase orders. Although an event of an auction failure does not necessarily mean that a security is impaired, we consider various factors to assess the fair value and the classification of the securities as short-term investments. Fair value was determined with the assistance of an independent valuation firm using two valuation methods&nbsp;&#151;&nbsp;a discounted cash flow method and a market comparable method. Certain factors used in these methods include, but are not necessarily limited to, comparable securities traded on secondary markets, timing of the failed auction, specific security auction history, quality of underlying collateral, rating of the security and the bond insurer, our ability and intent to retain the securities for a period of time to allow for anticipated
recovery in the market value and other factors. We recorded an other-than-temporary impairment charge of $1.3 million related to these securities in 2009, which was partially offset by realized gains of $0.8 million relating to redemptions of several auction rate securities. Since that time, changes in the fair value of our auction rate securities have been included in other comprehensive income on the balance sheets. At December 31, 2011, we have recorded $0.8 million in unrealized gains on the auction rate securities held by us at year-end. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Stock-Based Compensation </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We account for our stock-based compensation in accordance with Accounting Standards Codification (ASC) 718, <I>Compensation-Stock Compensation</I>. This standard requires us to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. Employee stock-based compensation is estimated at the date of grant based on the award&#146;s fair value using the Black-Scholes option-pricing model and is recognized as an expense on a straight-line basis over the requisite service period for those awards expected to vest. The Black-Scholes option-pricing model requires the use of
certain assumptions, the most significant of which are our estimates of the expected volatility of the market price of our common stock and the expected term of the award. Our estimate of the expected volatility is based on historical volatility over the look-back period corresponding to the expected term. The expected term represents the period during which our stock-based awards are expected to be outstanding. In 2011, we estimated this amount based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements, and expectation of future employee behavior, including post-vesting exercise and forfeiture history. We review our valuation assumptions at each grant date and, as a result, our assumptions in future periods may change. Also, the accounting estimate of stock-based compensation expense is reasonably likely to change from period to period as further stock options are granted and adjustments are made for stock option
cancellations. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Impairments of Long-Lived Assets </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We account for the impairment of long-lived assets by performing a periodic evaluation of the recoverability of the carrying value of long-lived assets and whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Examples of events or changes in circumstances that indicate that the recoverability of the carrying value of an asset should be assessed include, but are not limited to, the following: a significant decrease in the market value of an asset, a significant change in the extent or manner in which an asset is used, a significant physical change in an asset, a significant adverse change in
legal factors or in the business climate that could affect the value of an asset, an adverse action or assessment by a regulator, an accumulation of costs significantly in excess of the amount originally expected to acquire or construct an asset, a current period operating or cash flow loss combined with a history of operating or cash flow losses and/or a projection or forecast that demonstrates continuing losses associated with an asset used for the purpose of producing revenue. We consider historical performance and anticipated future results in our evaluation of potential impairment. Accordingly, when indicators of </P>

</DIV>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">impairment are present, we evaluate the carrying value of these assets in relation to the operating performance of the business and future undiscounted cash flows expected to result from the use of these assets. Impairment losses are recognized when the sum of expected future cash flows is less than the assets&#146; carrying value. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Goodwill </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Goodwill originally resulted from a business acquisition in 2000. Assets acquired and liabilities assumed were recorded at their fair values; the excess of the purchase price over the identifiable net assets acquired is recorded as goodwill. Goodwill is not amortized, but is subject to impairment tests annually, or more frequently should indicators of impairment arise. We utilize the market approach and, if considered necessary, the income approach to determine if we have an impairment of our goodwill. The market approach serves as the primary approach and is based on market value of invested capital. The concluded fair value significantly exceeded
the carrying value of our goodwill at December 31, 2011 and 2010. The income approach is used as a confirming look to the market approach. Goodwill impairment is deemed to exist if the carrying value of a reporting unit exceeds its estimated fair value, which we test annually at December 31. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Given the current economic conditions and the uncertainties regarding their impact on us, there can be no assurance that the estimates and assumptions made for purposes of our goodwill impairment testing will prove to be accurate predictions of the future, or that any change in the assumptions or the current economic conditions will not trigger more frequently than on an annual basis. If our assumptions are not achieved or economic conditions deteriorate further, we may be required to record goodwill impairment charges in future periods. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Warrant Accounting </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We account for warrants in accordance with applicable accounting guidance in ASC 815, <I>Derivatives and Hedging</I>, as derivative liabilities. As such, warrants have been classified as a non-current liability in the Company&#146;s statements of operations. In compliance with applicable accounting standards, registered warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We use the Monte Carlo Simulation model to determine the fair value of the warrants. As a result, the valuation of warrants is subjective, and the
option-pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and probability of a fundamental transaction (a strategic merger or sale). Changes in these assumptions can materially affect the fair value estimate. We could, at any point in time, ultimately incur amounts significantly different than the carrying value. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income Taxes </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We recognize deferred tax assets and liabilities for expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. Income tax receivables and liabilities, and deferred tax assets and liabilities, are recognized based on the amounts that more likely than not would be sustained upon ultimate settlement with taxing authorities. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Developing our provision for income taxes and analyzing our tax position requires significant judgment and knowledge of federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and any valuation allowances that may be required for deferred tax assets. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We assess the likelihood of realizing our deferred tax assets to determine whether an income tax valuation allowance is required. Based on such evidence that can be objectively verified, we determine whether it is more likely than not that all or a portion of the deferred tax assets will be realized. The main factors that we consider include: cumulative losses in recent years; income/losses expected in future years; the applicable statute of limitations; and potential limitations on available net operating loss and tax credit carryforwards. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Tax benefits associated with uncertain tax positions are recognized in the period in which one of the following conditions is satisfied: (1) the more likely than not recognition threshold is satisfied; (2) the position is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the taxing authority to examine and challenge the position has expired. Tax benefits associated with an uncertain tax position are reversed in the period in which the more likely than not recognition threshold is no longer satisfied. </P>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">40</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A valuation allowance is established when necessary to reduce net deferred tax assets to the amount expected to be realized. We concluded that the realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, our net deferred tax assets have been fully offset by a valuation allowance. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Recent Accounting Guidance Not Yet Adopted </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-05, <I>Comprehensive Income (Topic 220): Presentation of Comprehensive Income</I> (ASU 2011-05). This guidance is intended to increase the prominence of other comprehensive income in financial statements by presenting it in either a single-statement or two-statement approach. This ASU is effective for us beginning January 1, 2012. The adoption of ASU 2011-05 will not have a material effect on our financial statements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In September 2011, the FASB issued ASU 2011-08, <I>Intangibles&nbsp;&#151;&nbsp;Goodwill and Other (Topic 350): Testing Goodwill for Impairment </I>(ASU 2011-08)<I>,</I> to give both public and non-public entities the option to qualitatively determine whether they can bypass the two-step goodwill impairment test. Under the new guidance, if an entity chooses to perform a qualitative assessment and determines that it is more likely than not (a more than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, it would then perform Step 1 of the annual goodwill impairment test in ASC 350-20 and, if necessary, proceed to
Step 2. Otherwise, no further evaluation would be necessary. The decision to perform a qualitative assessment is made at the reporting unit level, and an entity with multiple reporting units may utilize a mix of qualitative assessments and quantitative tests among its reporting units. The amended guidance is effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December 15, 2011, although early adoption is permitted. The adoption of ASU 2011-08 will not have a material effect on our financial statements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Results of Operations for Fiscal Years 2011, 2010 and 2009 </B>(amounts in tables are presented in thousands, except per share information) </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following is a discussion of the historical financial condition and results of operations of Novavax, Inc. and should be read in conjunction with the financial statements and notes thereto set forth in this Annual Report on Form 10-K. Additional information concerning factors that could cause actual results to differ materially from those in our forward-looking statements is described under Item 1A. Risk Factors of this Annual Report on Form 10-K. </P>

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2010<BR> to 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2009<BR> to 2010</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Revenue:<BR></TD>

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          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

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          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

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          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total contract revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,688</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>343</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>325</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,345</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenue for 2011 was $14.7 million as compared to $0.3 million for 2010, an increase of $14.4 million. Revenue for 2011 is comprised of services performed under the HHS BARDA contract that was awarded in February 2011 and revenue for 2010 resulted from work under other government contracts. For 2012, we expect to generate significant revenue as we continue to perform under the HHS BARDA contract. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenue for 2010 and 2009 was $0.3 million. Contract revenue resulted from work under other government contracts. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Costs and Expenses:</U> </H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="220"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2010 to 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2009 to 2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Costs and Expenses:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of contract revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,003</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,003</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research and development</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,885</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,780</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,147</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,252</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>General and administrative</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,379</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,805</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,928</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>574</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,123</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total costs and expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>36,267</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>38,837</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>37,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(2,570</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,129</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">41</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cost of Contract Revenue </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cost of contract revenue increased to $7.0 million for 2011 due to the development work performed under the HHS BARDA contract that was awarded in February 2011. These costs include direct costs of salaries, laboratory supplies, consultants and subcontractors and other direct costs associated with our process development, manufacturing, clinical, regulatory and quality assurance activities under research contracts. For 2012, we expect a significant increase in the cost of contract revenue as we plan to conduct multiple clinical trials, including the manufacture of such clinical materials, under the HHS BARDA contract. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Research and Development Expenses </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Research and development expenses decreased to $17.9 million for 2011 from $28.0 million for 2010, a decrease of $10.1 million, or 36%. These expenses include salaries, laboratory supplies, consultants and subcontractors and other expenses associated with our process development, manufacturing, clinical, regulatory and quality assurance activities for internally funded programs. In addition, indirect costs such as, fringe benefits and overhead expenses, are also included in research and development expenses. The decrease in research and development expenses was primarily due to work performed under the HHS BARDA contract and as such, is being
recorded as cost of contract revenue, and to a lesser extent lower outside-testing costs (including outsourced clinical trial costs, sponsored research and consulting agreements) as a result of fewer clinical trials on-going during 2011. For 2012, we expect a significant decrease in research and development expenses due to our focus on the HHS BARDA contract, partially offset by two anticipated clinical trials in RSV (an internally funded program at this time). </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Research and development expenses increased to $28.0 million for 2010 from $25.8 million for 2009, an increase of $2.2 million, or 9%. The increase in expense was primarily due to higher employee-related costs of $1.4 million and increased depreciation expense of $0.2 million. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Costs and Expenses by Functional Area </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We track our cost of contract revenue and research and development expenses by the type of costs incurred in identifying, developing, manufacturing and testing vaccine candidates. We evaluate and prioritize our activities according to functional area and therefore believe that project-by-project information would not form a reasonable basis for disclosure to our investors. At December 31, 2011, we had 88 employees dedicated to our research and development programs. Historically, we did not account for internal research and development expenses by project, since our employees work time is spread across multiple programs and our internal manufacturing
clean-room facility produces multiple vaccine candidates. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following summarizes our cost of contract revenue and research and development expenses by functional area for the year ended December 31 (in millions). </P>

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          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="448"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Manufacturing</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vaccine Discovery</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Clinical &amp; Regulatory</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total cost of contract revenue and research and development expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>24.9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We do not provide forward-looking estimates of costs and time to complete our research programs due to the many uncertainties associated with vaccine development. As we obtain data from pre-clinical studies and clinical trials, we may elect to discontinue or delay trials in order to focus our resources on more promising vaccine candidates. Completion of trials may take several years or more, but the length of time can vary substantially depending upon the phase, size of trial, primary and secondary endpoints and the intended use of the vaccine candidate. The cost of clinical trials may vary significantly over the life of a project as a result of a
variety of factors, including: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the number of patients who participate in the trials; </TD>

</TR>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the number of sites included in the trials; </TD>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">if trial locations are domestic, international or both; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the time to enroll patients; </TD>

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</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">42</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the duration of treatment and follow-up; </TD>

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</TABLE>

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<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the safety and efficacy profile of the vaccine candidate; and </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">the cost and timing of, and the ability to secure, regulatory approvals. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a result of these uncertainties, we are unable to determine with any significant degree of certainty the duration and completion costs of our research and development projects or when, and to what extent, we will generate future cash flows from our research projects. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">General and Administrative Expenses </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">General and administrative expenses increased to $11.4 million in 2011 from $10.8 million for 2010, an increase of $0.6 million, or 5%. The increase in expenses was primarily due to higher employee-related costs, including severance expenses, partially offset by lower professional fees. For 2012, we expect a moderate increase in general and administrative expenses primarily due to costs associated with our new manufacturing, laboratory and office facility prior to our occupancy, which is expected to occur in 2012. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">General and administrative expenses decreased to $10.8 million in 2010 from $11.9 million for 2009, a decrease of $1.1 million, or 9%. The decrease in expenses was primarily due to lower professional fees of $0.9 million. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Other Income (Expense):</U> </H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2010<BR> to 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2009<BR> to 2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Other Income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>136</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>189</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>285</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(53</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(96</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(786</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>777</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>485</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(459</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>485</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Impairment of short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,338</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,338</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Realized gains on short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>848</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(848</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Change in fair value of warrant liability</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,474</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,671</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,972</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>803</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,643</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total other income (expense)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,627</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,336</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(2,963</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>291</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,299</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We had total other income of $2.6 million for 2011 compared to total other income of $2.3 million for 2010, a change of $0.3 million. Other income decreased to less than $0.1 million for 2011 primarily resulting from the receipt of grants under our application of qualifying therapeutic discovery project credits in 2010. We are required to calculate the fair value of our warrant liability at each reporting period. For 2011, the change in fair value of the warrant liability resulted in a $0.8 million increase in total other income (expense) as compared to 2010. We will continue to mark the warrant liability to fair value at each reporting period until
the warrants are either exercised or otherwise expire. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We had total other income of $2.3 million for 2010 compared to total other expense of $3.0 million for 2009, a change of $5.3 million. Interest expense decreased $0.8 million to less than $0.1 million for 2010 from $0.8 million for 2009 as a result of our payment of the convertible notes in 2009. Other income increased to $0.5 million for 2010 primarily resulting from the receipt of grants under our application of qualifying therapeutic discovery project credits. In 2009, we recorded an impairment of $1.3 million relating to our auction rate securities, which was partially offset by realized gains of $0.8 million relating to redemptions of several
auction rate securities. For 2010, the change in fair value of the warrant liability resulted in a $3.6 million increase in total other income (expense) as compared to 2009. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">43</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Income Tax:</U> </H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="220"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2010 to 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2009 to 2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Income Tax:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax expense (benefit)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>412</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> (450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>862</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2011, we incurred a foreign withholding tax related to a payment received in accordance with a license agreement. In 2010, we recorded a deferred income tax benefit of $0.5 million related to a refundable income tax credit received and grants received as a result of qualifying therapeutic discovery projects under Internal Revenue Code Section 48D. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Net Loss:</U> </H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="169"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2010<BR> to 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2009<BR> to 2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Loss:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,344</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,638</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 0.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1> 0.13</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Weighted average shares outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>113,610</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>104,768</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,555</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,842</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net loss for 2011 was $19.4 million, or $0.17 per share, as compared to $35.7 million, or $0.34 per share, for 2010, a decreased net loss of $16.3 million. The decreased net loss was primarily due to revenue recognized under the HHS BARDA agreement, as well as lower research and development spending as a result of fewer clinical trials on-going during 2011. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net loss for 2010 was $35.7 million, or $0.34 per share, as compared to $40.3 million, or $0.47 per share, for 2009, a decreased net loss of $4.6 million. The decreased net loss, excluding the $3.6 million favorable impact from the change in fair value of warrant liability, was primarily due to increased total other income and lower general and administrative expenses, partially offset by higher research and development spending to support our clinical trials related to our H1N1 and seasonal influenza vaccine candidates. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The increase in weighted average shares outstanding for 2011 and 2010 is primarily a result of sales of our common stock in the aggregate of 6,001,841 shares in 2011 and 10,513,849 shares in 2010, as well as sales of our common stock in 2009, respectively. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Liquidity Matters and Capital Resources </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our future capital requirements depend on numerous factors including, but not limited to, the commitments and progress of our research and development programs, the progress of pre-clinical and clinical testing, the time and costs involved in obtaining regulatory approvals, the costs of filing, prosecuting, defending and enforcing patent claims and other intellectual property rights and manufacturing costs. We plan to continue to have multiple vaccines and products in various stages of development, and we believe our operating expenses and capital requirements will fluctuate depending upon the timing of certain events, such as the scope, initiation,
rate and progress of our pre-clinical studies and clinical trials and other research and development activities. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, we had $14.1 million in cash and cash equivalents and $4.2 million in short-term investments as compared to $8.1 million and $23.6 million, respectively, at December 31, 2010. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">44</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table summarizes cash flows for the years ended December 31, 2011 and 2010 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="318"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Change 2010<BR> to 2011</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Summary of Cash Flows:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net cash (used in) provided by:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(23,629</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(32,852</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,223</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,543</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(21,273</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,816</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Financing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,129</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,429</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(12,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net increase (decrease) in cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,043</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(30,696</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,739</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents at beginning of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,757</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(30,696</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>14,104</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,043</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net cash used in operating activities decreased to a cash usage of $23.6 million for 2011 as compared to $32.9 million for 2010. The decrease in cash usage was primarily due to a decreased net loss as a result of revenue recognized under the HHS BARDA contract, partially offset by the timing of our customer and vendor payments. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011 and 2010, our investing activities consisted of purchases and maturities of short-term investments and capital expenditures. In 2011, we utilized our short-term investments to fund operations and increase our cash balances. In 2010, we purchased short-term investments to increase our rate of return on our investments. Capital expenditures for 2011 and 2010 were $0.6 million and $1.6 million, respectively. The decrease in capital expenditures was primarily due to the purchase of laboratory equipment relating to our production scale-up in 2010. For 2012, we expect our level of capital expenditures to increase in connection with the scale-up
of our new manufacturing, laboratory and office facility. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The decrease in our financing activities consists primarily of lower sales of our common stock. We received net proceeds of $11.0 million in 2011 as compared to $23.1 million in 2010 from the sale of our common stock through our At Market Issuance Sales Agreement. We continue to sell our common stock under our At Market Issuance Sales Agreement and since December 31, 2011 through March 8, 2012, we have sold an additional 5.2 million shares for $7.2 million in net proceeds. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In November 2011, we entered into lease agreements, under which we will lease our new manufacturing, laboratory and office space in Gaithersburg, Maryland. The lease agreements provide that, among other things, as of January 1, 2012, we sublease from the current facility tenant, and subsequently lease from the landlord approximately 74,000 total square feet, with rent payments for such space commencing April 1, 2014. Under the terms of one of the lease agreements, the Landlord will provide us with a tenant improvement allowance of $2.5 million and an additional tenant improvement allowance of $3 million dollars, which additional tenant improvement
allowance would be paid back to the Landlord during the remainder of the term of such lease agreement (collectively, the Improvement Allowance). Since December 31, 2011 through March 8, 2012, we have been funded $1.3 million under the Improvement Allowance. In addition, we entered into an agreement with the current facility tenant to purchase laboratory equipment to be used at the space and $0.5 million is owed under the agreement as of December 31, 2011. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have entered into agreements with outside providers to support our clinical development. As of December 31, 2011, $3.2 million remains unpaid on certain of these agreements in the event our outside providers complete their services in 2012. However, under the terms of the agreements, we have the option to terminate, but we would be obligated to pay the provider for all costs incurred through the effective date of termination. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have licensed certain rights from Wyeth. The Wyeth license, which provides for an upfront payment, annual license fees, milestone payments and royalties on any product sales, is a non-exclusive, worldwide license to a family of patent applications covering VLP technology for use in human vaccines in certain fields; the license may be terminated by Wyeth only for cause and may be terminated by us only after we have provided ninety (90) days notice that we have absolutely and finally ceased activity, including through any </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">45</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">affiliate or sublicense, related to the manufacturing, development, marketing or sale of products covered by the license. We do not expect to make a milestone payment to Wyeth in the next twelve months. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with our JV with Cadila, we entered into a master services agreement, which we and Cadila amended in July 2011 to extend the term by one year for which services can be provided by Cadila under this agreement. Under the recently revised terms, if, by March 2013, the amount of services provided by Cadila under the master services agreement is less than $7.5 million, the Company will pay Cadila the portion of the shortfall amount that is less than or equal to $2.0 million and 50% of the portion of the shortfall amount that exceeds $2.0 million. Through December 31, 2011, we have purchased $0.2 million in services from Cadila pursuant to
this agreement. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Based on our cash and cash equivalents and short-term investment balances as of December 31, 2011, anticipated revenue under the contract with HHS BARDA that was awarded in February 2011, possible proceeds from the sales of our common stock under our At Market Issuance Sales Agreement and our current business operations, we believe we have adequate capital resources available to operate at planned levels for at least the next twelve months. Additional capital will be required in the future to develop our vaccine candidates through clinical development, manufacturing and commercialization. Our ability to generate revenue under the HHS BARDA contract
is subject to our performance under the contract; our ability to raise funds under our At Market Issuance Sales Agreement is subject to both our business performance and market conditions. Further we will seek additional capital through further public or private equity offerings, debt financing, additional strategic alliance and licensing arrangements, non-dilutive government contracts, collaborative arrangements or some combination of these financing alternatives. Any capital raised by an equity offering will likely be substantially dilutive to the existing stockholders and any licensing or development arrangement may require us to give up rights to a product or technology at less than its full potential value. Other than our At Market Issuance Sales Agreement and the Improvement Allowance, we have not secured any additional commitments for new financing nor can we provide any assurance that new financing will be available on commercially acceptable terms, if at all. If we are unable
to perform under the HHS BARDA contract or obtain additional capital, we will assess our capital resources and will likely be required to delay, reduce the scope of, or eliminate one or more of our product research and development programs, downsize our organization or reduce our general and administrative infrastructure. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Contractual Obligations </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table summarizes our contractual obligations as of December 31, 2011 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="220"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Less than<BR> One Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1&nbsp;&#150;&nbsp;3<BR> Years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3&nbsp;&#150;&nbsp;5<BR> Years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>More than<BR> 5 Years</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Contractual Obligations:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating leases</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,624</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,680</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,948</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Notes payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>320</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Purchase obligations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,800</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,500</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total contractual obligations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>39,744</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,200</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>10,328</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7,948</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>15,268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our purchase obligations include our anticipated timing of future purchases for services pursuant to the master services agreement with Cadila and $0.5 million related to an equipment purchase agreement associated with our new manufacturing, laboratory and office space. We are required to purchase from Cadila through March 2013 services for biologic research, pre-clinical development, clinical development, process development, manufacturing scale-up and general manufacturing related services. As of December 31, 2011, our remaining obligation to Cadila under the master services agreement is $7.3 million. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Off-Balance Sheet Arrangements </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are not involved in any off-balance sheet agreements that have or are reasonably likely to have a material future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">46</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tQQDAMR"></a>Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The primary objective of our investment activities is to preserve our capital until it is required to fund operations while at the same time maximizing the income we receive from our investments without significantly increasing risk. As of December 31, 2011, we had cash and cash equivalents of $14.1 million, short-term investments of $4.2 million and working capital of $18.5 million. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our exposure to market risk is primarily confined to our investment portfolio. As of December 31, 2011, our short-term investments were classified as available-for-sale. We do not believe that a change in the market rates of interest would have any significant impact on the realizable value of our investment portfolio. Changes in interest rates may affect the investment income we earn on our investments when they mature and the proceeds are reinvested into new investments and, therefore, could impact our cash flows and results of operations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2007, we invested in auction rate securities as part of our cash management program. Short-term investments at December 31, 2011 are comprised of investments in three auction rate securities with a par value of $5.1 million and a fair value of $4.2 million. We recorded an other-than-temporary impairment charge of $1.3 million related to these securities in 2009, which was partially offset by realized gains of $0.8 million in 2009 relating to redemptions of several auction rate securities. At December 31, 2011, we have recorded $0.8 million in unrealized gains on the auction rate securities included in other comprehensive income on the balance
sheet. These investments are classified within current assets because we may need to liquidate these securities within the next year to fund our ongoing operations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Interest and dividend income is recorded when earned and included in interest income. Premiums and discounts, if any, on short-term investments are amortized or accreted to maturity and included in interest income. The specific identification method is used in computing realized gains and losses on the sale of our securities. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are headquartered in the U.S. where we conduct the vast majority of our business activities. Accordingly, we have not had any material exposure to foreign currency rate fluctuations. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We do not have material debt and, as such, do not believe that we are exposed to any material interest rate risk as a result of our borrowing activities. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tFSSD"></a>Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The information required by this item is set forth on pages F-<a href="#tFSSDIF">1</a> to F-<a href="#tFSSDE">26</a>. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tCDAAFD"></a>Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">None. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tCP"></a>Item 9A. CONTROLS AND PROCEDURES </H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Evaluation of Disclosure Controls and Procedures </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The term &#147;disclosure controls and procedures&#148; (defined in SEC Rule 13a-15(e)) refers to the controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Securities Exchange Act of 1934 (the Exchange Act) is recorded, processed, summarized and reported, within time periods specified in the rules and forms of the Securities and Exchange Commission. &#147;Disclosure controls and procedures&#148; include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that
it files or submits under the Exchange Act is accumulated and communicated to the company&#146;s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s management, with the participation of the chief executive officer and the chief financial officer, has evaluated the effectiveness of the Company&#146;s disclosure controls and procedures as of the end of the period covered by this annual report (the Evaluation Date). Based on that evaluation, the Company&#146;s chief executive officer and chief financial officer have concluded that, as of the Evaluation Date, such controls and procedures were effective. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">47</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Management&#146;s Report on Internal Control over Financial Reporting </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act, as a process designed by, or under the supervision of, the Company&#146;s principal executive officer and principal financial officer and effected by the Company&#146;s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles (GAAP). Such internal control includes those policies and procedures that: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&#146;s assets that could have a material effect on the financial statements. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2011. In making this assessment, our management used the criteria set forth in <I>Internal Control&nbsp;&#151;&nbsp;Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its assessment, our management had determined that, as of December 31, 2011, out internal controls over financial reporting is effective based on those criteria. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Grant Thornton LLP has issued an attestation report on our internal control over financial reporting. This report is included in the Reports of Independent Registered Public Accounting Firm in Item 15. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Changes in Internal Control over Financial Reporting </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our management, including our chief executive officer and chief financial officer, has evaluated any changes in our internal control over financial reporting that occurred during the quarterly period ended December 31, 2011, and has concluded that there was no change that occurred during the quarterly period ended December 31, 2011 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tOI"></a>Item 9B. OTHER INFORMATION </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">None. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">48</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART III </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tDEOCG"></a>Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We incorporate herein by reference the information concerning our directors, officers and corporate governance to be included in our definitive Proxy Statement for our 2012 Annual Meeting of Stockholders scheduled to be held on June 11, 2012 (the 2012 Proxy Statement). We expect to file the 2012 Proxy Statement within 120 days after the close of the fiscal year ended December 31, 2011. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tEC"></a>Item 11. EXECUTIVE COMPENSATION </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We incorporate herein by reference the information concerning executive compensation to be contained in the 2012 Proxy Statement. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tSOCBO"></a>Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We incorporate herein by reference the information concerning security ownership of certain beneficial owners and management and related stockholder matters to be contained in the 2012 Proxy Statement. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table provides our equity compensation plan information as of December 31, 2011. Under these plans, our common stock may be issued upon the exercise of options. See also the information regarding our stock options in Note 11 to the financial statements included herewith. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity Compensation Plan Information </H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="192"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="128"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Plan Category</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Securities to<BR> be Issued Upon Exercise<BR> of Outstanding Options,<BR> Warrants and Rights<BR> (a)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted-Average<BR> Exercise Price of<BR> Outstanding Options,<BR> Warrants and Rights<BR> (b)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Securities<BR> Remaining Available for<BR> Future Issuance Under<BR> Equity Compensation<BR> Plans (Excluding Securities<BR> Reflected in Column (a)) (c)</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity compensation plans approved by security holders<sup>&#040;1&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,887,396</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.36</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,311,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity compensation plans not approved by security holders</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: justify">Includes our 2005 Stock Incentive Plan and 1995 Stock Option Plan. </TD>

</TR>

</TABLE>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tCRRTDI"></a>Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We incorporate herein by reference the information concerning certain related party transactions set forth in Note 16 to our financial statements included herewith. We incorporate herein by reference the information concerning certain other relationships and related transactions and director independence to be contained in the 2012 Proxy Statement. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tPAFS"></a>Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We incorporate herein by reference the information concerning principal accountant fees and services to be contained in the 2012 Proxy Statement. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">49</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART IV </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tEFSS"></a>Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES </H2>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 20px; text-align: left">(a)</TD>

          <TD STYLE="text-align: justify">The following documents are filed as part of the Annual Report on Form 10-K: </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 41px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: justify"><I><U>Index to Financial Statements</U></I> </TD>

</TR>

</TABLE>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="510"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="28"></TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftRIRPAF">Reports of Independent Registered Public Accounting Firm</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftRIRPAF">F-2</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftBS">Balance Sheets as of December 31, 2011 and 2010</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftBS">F-4</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftSO">Statements of Operations for the years ended December 31, 2011, 2010 and 2009</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftSO">F-5</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftSSE">Statements of Stockholders&#146; Equity for the years ended December 31, 2011, 2010 and 2009</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftSSE">F-6</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftSCF">Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftSCF">F-7</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftNFS">Notes to Financial Statements</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftNFS">F-8</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 41px"></TD>

          <TD STYLE="width: 20px; text-align: left">(2)</TD>

          <TD STYLE="text-align: justify"><I><U>Financial Statement Schedules</U></I> </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Schedule II&nbsp;&#151;&nbsp;Valuation and Qualifying Accounts </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">All other financial statement schedules are omitted because they are not applicable, not required under the instructions or all the information required is set forth in the financial statements or notes thereto. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 41px"></TD>

          <TD STYLE="width: 20px; text-align: left">(3)</TD>

          <TD STYLE="text-align: justify"><I><U>Exhibits</U></I> </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Exhibits marked with a single asterisk (*) are filed herewith. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Exhibits marked with a double plus sign (&#134;&#134;) refer to management contracts, compensatory plans or arrangements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Confidential treatment has been granted for portions of exhibits marked with a double asterisk (**). </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">All other exhibits listed have previously been filed with the Commission and are incorporated herein by reference. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="532"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.1</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 1996, filed March 21, 1997), as amended by the Certificate of Amendment dated December 18, 2000 (Incorporated by reference to Exhibit 3.4 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2000, filed March 29, 2001), as further amended by the Certificate of Amendment dated July 8, 2004 (Incorporated by reference to Exhibit 3.1 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, filed August 9, 2004), as further amended by the Certificate of Amendment dated May 13, 2009 (Incorporated by reference to Exhibit 3.1 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.2</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated By-Laws of the Company, as amended on August 2, 2007 (Incorporated by reference to Exhibit 3.2 to the Company&#146;s Current Report on Form 8-K, filed August 8, 2007)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Specimen stock certificate for shares of common stock, par value $.01 per share (Incorporated by reference to Exhibit 4.1 to the Company&#146;s Registration Statement on Form 10, File No. 0-26770, filed September 14, 1995)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.2</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Rights Agreement, dated as of August 8, 2002, by and between the Company and Equiserve Trust Company, which includes the Form of Summary of Rights to Purchase Series D Junior Participating Preferred Stock as Exhibit A, the Form of Right Certificate as Exhibit B and the Form of Certificate of Designation of Series D Junior Participating Preferred Stock as Exhibit C (Incorporated by reference to Exhibit 4.1 to the Company&#146;s Current Report on Form 8-K, filed August 9, 2002) (File No. 000-26770) </TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">50</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="532"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.3&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Registration Rights Agreement between Novavax, Inc. and Satellite Overseas (Holdings) Limited, dated March 31, 2009 (Incorporated by reference to Exhibit 10.2 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.4&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.1 to the Company&#146;s Current Report on Form 8-K, filed July 30, 2008)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Novavax, Inc. 1995 Stock Option Plan, as amended (Incorporated by reference to Appendix A of the Company&#146;s Definitive Proxy Statement filed March 31, 2003 in connection with the Annual Meeting held on May 7, 2003) (File No. 000-26770)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Novavax, Inc. Amended and Restated 2005 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 of the Company&#146;s Quarterly Report for the quarter ended June 30, 2011, filed August 9, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.3&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement of Stanley C. Erck, dated as of February 15, 2010 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed June 1, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.4&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement of Stanley C. Erck, dated as of June 22, 2011 (Incorporated by reference to Exhibit 10.2 to the Company&#146;s Quarterly Report for the quarter ended June 30, 2011, filed August 9, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.5&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Employment Agreement of Rahul Singhvi, effective July 20, 2009 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed July 22, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.6&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment to Amended and Restated Employment Agreement of Rahul Singhvi, dated May 27, 2010 (Incorporated by reference to Exhibit 10.2 to the Company&#146;s Current Report on Form 8-K, filed June 1, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.7*&#134;&#134;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Severance Agreement of Rahul Singhvi, dated as of April 19, 2011</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.8&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement between Novavax, Inc. and Frederick Driscoll dated August 6, 2009 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed August 7, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.9&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement of John Trizzino dated July 16, 2009 (Incorporated by reference to Exhibit 10.15 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2009, filed March 16, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.10&#134;&#134;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement of Gregory Glenn dated July 1, 2010 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed July 6, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.11&#134;&#134;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement of Russell Wilson dated November 7, 2011 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed November 14, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>&nbsp;10.12*&#134;&#134;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement of Timothy Hahn dated June 22, 2011</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>&nbsp;10.13&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Novavax, Inc. Amended and Restated Change in Control Severance Benefit Plan, (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K, filed January 5, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>&nbsp;10.14&#134;&#134;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Indemnity Agreement, as of January 1, 2010 (Incorporated by reference to Exhibit 10.19 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2009, filed March 16, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.15&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Lease Agreement, dated as of July 15, 2004, between Liberty Property Limited Partnership and the Company (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Quarterly Report in Form 10-Q for the quarter ended June 30, 2004, filed August 9, 2004)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.16&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Sublease Agreement, dated April 28, 2006, by and between the Company and Sterilox Technologies, Inc. (now PuriCore, Inc.) (Incorporated by reference to Exhibit 10.3 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, filed August 14, 2006) </TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">51</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="532"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.17&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment dated as of October 25, 2006 to the Sublease Agreement, dated April 28, 2006, by and between the Company and Sterilox Technologies, Inc. (now PuriCore, Inc.) (Incorporated by reference to Exhibit 10.3 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, filed November 14, 2006)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.18&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Second Amendment to Sublease Agreement between Novavax, Inc. and PuriCore, Inc., dated April 22, 2009 (Incorporated by reference to Exhibit 10.3 to the Company&#146;s Quarterly Report for the quarter ended June 30, 2009, filed August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.19&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Third Amendment to Sublease Agreement between Novavax, Inc. and PuriCore, Inc., dated December 29, 2010 (Incorporated by reference to Exhibit 10.24 to the Company&#146;s Annual Report for the year ended December 31, 2010, filed March 28, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.20&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Lease Agreement between GP Rock One, LLC and Novavax, Inc., dated as of May 7, 2007 (Incorporated by reference to Exhibit 10.4 to the Company&#146;s Quarterly Report for the quarter ended June 30, 2008, filed August 11, 2008)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.21&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">First Amendment to Lease Agreement between GP Rock One, LLC and Novavax, Inc., dated as of May 30, 2008 (Incorporated by reference to Exhibit 10.5 to the Company&#146;s Quarterly Report for the quarter ended June 30, 2008, filed August 11, 2008)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.22&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Second Amendment to Lease Agreement between BMR-9920 Belward Campus Q, LLC (formerly GP Rock One, LLC) and Novavax, Inc., dated as of June 26, 2008 (Incorporated by reference to Exhibit 10.6 to the Company&#146;s Quarterly Report for the quarter ended June 30, 2008, filed August 11, 2008)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.23*&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Lease Agreement for space at 20 Firstfield between ARE-20/22/1300 Firstfield Quince Orchard, LLC and Novavax, Inc., dated as of November 18, 2011</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.24*&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Sublease Agreement for space at 20 Firstfield between Intercell USA, Inc. and Novavax, Inc., dated as of October 21, 2011 and effective as of November 18, 2011</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.25*&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Lease Agreement for space at 22 Firstfield between ARE-20/22/1300 Firstfield Quince Orchard, LLC and Novavax, Inc., dated as of November 18, 2011</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.26**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Contract, effective as of February 24, 2011, between the Company and HHS/OS/ASPR/BARDA (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2011, filed November 4, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.27**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">License Agreement, entered in February 25, 2011, effective as of December 9, 2010, between the Company and LG Life Sciences, Ltd. (Incorporated by reference to Exhibit 10.2 to the Company&#146;s Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2011, filed November 4, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.28**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">License Agreement, dated July 5, 2007, between the Company and Wyeth Holdings Corporation (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, filed August 9, 2007)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.29**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment No. 1 to License Agreement, effective as of March 17, 2010, between the Company and Wyeth Holdings Corporation (Incorporated by reference to Exhibit 10.49 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed August 6, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.30&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Investor Rights Agreement dated July 29, 2008 (Incorporated by reference to Exhibit 10.2 to the Company&#146;s Current Report on Form 8-K, filed July 30, 2008)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.31&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">At Market Issuance Sales Agreement, dated March 15, 2010, by and between Novavax, Inc. and McNicoll, Lewis and Vlak, LLC (Incorporated by reference to Exhibit 10.37 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2009, filed March 16, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.32&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Stock Purchase Agreement between Novavax, Inc. and Satellite Overseas (Holdings) Limited, dated March 31, 2009 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) </TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">52</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="532"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.33**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Joint Venture Agreement between Novavax Inc. and Cadila Pharmaceuticals Limited, dated as of June 29, 2009 (Incorporated by reference to Exhibit 10.4 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.34**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Master Services Agreement between Novavax, Inc. and Cadila Pharmaceuticals Limited, dated as of June 29, 2009 (Incorporated by reference to Exhibit 10.5 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.35&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment to Master Services Agreement between Novavax, Inc. and Cadila Pharmaceuticals Limited dated July 27, 2011 (Incorporated by reference to Exhibit 10.1 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed on November 8, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.36**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Supply Agreement between Novavax, Inc. and CPL Biologicals Limited, dated as of June 29, 2009 (Incorporated by reference to Exhibit 10.6 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.37**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Technical Services Agreement between Novavax, Inc. and CPL Biologicals Limited, dated as of June 29, 2009 (Incorporated by reference to Exhibit 10.7 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.38**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Seasonal / Other License Agreement between Novavax, Inc. and CPL Biologicals Limited, dated as of June 29, 2009 (Incorporated by reference to Exhibit 10.8 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.39**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Option to Obtain License between Novavax, Inc. and CPL Biologicals Limited, dated as of June 29, 2009 (Incorporated by reference to Exhibit 10.9 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 10, 2009)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.40**</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">H1N1 License to Agreement between Novavax, Inc. and CPL Biologicals Private Limited, dated October 6, 2009 (Incorporated by reference to Exhibit 10.45 to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2010)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Code of Business Conduct and Ethics (Incorporated by reference to Exhibit 14 to the Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed on August 9, 2011)</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>23.1*&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>31.1*&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification of chief executive officer pursuant to Rule 13a-14(a) or 15d-14(e) of the Securities Exchange Act</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>31.2*&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification of chief financial officer pursuant to Rule 13a-14(a) or 15d-14(e) of the Securities Exchange Act</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>32.1*&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification of chief executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>32.2*&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification of chief financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">53</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SIGNATURES </H1>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to the requirements of Section 13 or 15(d) 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. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="312"></TD>

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<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left"><B>NOVAVAX, INC.</B></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left"><P STYLE="padding-left: 20pt; text-indent: -20pt; margin-bottom: -12pt">By:</P><P STYLE="margin-top: 0pt; padding-left: 20pt">/s/ Stanley C. Erck<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">President and Chief Executive Officer<BR> and Director</P></TD></TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Date: March 14, 2012 </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="184"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="288"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Name</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Title</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Date</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Stanley C. Erck<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Stanley C. Erck</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">President and Chief Executive Officer and<BR> Director (Principal Executive Officer)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Frederick W. Driscoll<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Frederick W. Driscoll</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Vice President, Chief Financial Officer and<BR> Treasurer (Principal Financial Officer and<BR> Principal Accounting Officer)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>s/ James F. Young<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">James F. Young</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chairman of the Board of Directors</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Richard H. Douglas<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Richard H. Douglas</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Gary C. Evans<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Gary C. Evans</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ John O. Marsh, Jr.<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">John O. Marsh, Jr.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Michael A. McManus<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Michael A. McManus</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Rajiv Modi<BR><IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Rajiv Modi</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 14, 2012</TD>

</TR>

</TABLE></DIV>

</DIV>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tFSSDIF"></a>INDEX TO FINANCIAL STATEMENTS<BR> Years ended December 31, 2011, 2010 and 2009<BR> &nbsp;&nbsp;<BR>Contents </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="552"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="40"></TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftRIRPAF">Reports of Independent Registered Public Accounting Firm</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftRIRPAF">F-2</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftBS">Balance Sheets as of December 31, 2011 and 2010</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftBS">F-4</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftSO">Statements of Operations for the years ended December 31, 2011, 2010 and 2009</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftSO">F-5</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftSSE">Statements of Stockholders&#146; Equity for the years ended December 31, 2011, 2010 and 2009</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftSSE">F-6</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftSCF">Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftSCF">F-7</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftNFS">Notes to Financial Statements</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftNFS">F-8</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Schedule II&nbsp;&#151;&nbsp;Valuation and Qualifying Accounts<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-1</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftRIRPAF"></a>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Board of Directors and Shareholders of<BR> Novavax, Inc. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have audited the accompanying balance sheets of Novavax, Inc. (a Delaware corporation) (the &#147;Company&#148;) as of December 31, 2011 and 2010, and the related statements of operations, stockholders&#146; equity, and cash flows for each of the three years in the period ended December 31, 2011. Our audits of the basic financial statements included the financial statement schedule listed in the index appearing under Item 15(a)(2). These financial statements and financial statement schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedule
based on our audits. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Novavax, Inc. as of December 31, 2011 and 2010, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company&#146;s internal control over financial reporting as of December 31, 2011, based on criteria established in <I>Internal Control&nbsp;&#151;&nbsp;Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 14, 2012 expressed an unqualified opinion thereon. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">/s/ Grant Thornton LLP </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">McLean, Virginia<BR> March 14, 2012 </P>

</DIV>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Board of Directors and Shareholders of<BR> Novavax, Inc. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have audited Novavax, Inc.&#146;s (a Delaware Corporation) internal control over financial reporting as of December 31, 2011, based on criteria established in <I>Internal Control&nbsp;&#151;&nbsp;Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Novavax Inc.&#146;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#146;s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion
on Novavax Inc.&#146;s internal control over financial reporting based on our audit. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In our opinion, Novavax, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in <I>Internal Control&nbsp;&#151;&nbsp;Integrated Framework</I> issued by COSO. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the balance sheets of Novavax, Inc. as of December 31, 2011 and 2010, and the related statements of operations, stockholders&#146; equity, and cash flows for each of the three years in the period ended December 31, 2011 and our report dated March 14, 2012 expressed an unqualified opinion on those financial statements. </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">/s/ Grant Thornton LLP </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">McLean, VA<BR> March 14, 2012 </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-3</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftBS"></a>NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>BALANCE SHEETS </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="624" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="440"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=7><FONT STYLE="font-weight: normal">(in thousands, except share and<BR> per share information)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=9>ASSETS<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current assets:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,104</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Short-term investments available-for-sale</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,615</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts receivables</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,965</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>54</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unbilled receivables</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,836</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prepaid expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,441</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,342</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other current assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,558</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>265</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total current assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,109</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,337</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Property and equipment, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,857</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,206</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goodwill</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,141</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,141</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other non-current assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>469</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>160</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>66,576</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>74,844</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=9>LIABILITIES AND STOCKHOLDERS&#146; EQUITY<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current liabilities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,645</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,572</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accrued expenses and other current liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,528</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,273</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current portion of notes payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred rent</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>386</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>341</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total current liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,579</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,266</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Warrant liability</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,842</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,500</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-current portion of notes payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>320</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred rent</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,980</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,366</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,727</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,794</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commitments and contingences</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stockholders&#146; equity:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Preferred stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Common stock, $0.01 par value, 200,000,000 shares authorized; and 117,480,867 shares issued and 117,025,437 shares outstanding at December 31, 2011 and 111,492,014 shares issued and 111,036,584 shares outstanding at December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,175</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,115</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Additional paid-in capital</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>383,948</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>371,477</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Notes receivable from former directors</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,572</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accumulated deficit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(329,656</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(310,292</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Treasury stock, 455,430 shares, cost basis</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Accumulated other comprehensive income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>832</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>772</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total stockholders&#146; equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>53,849</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>59,050</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total liabilities and stockholders&#146; equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>66,576</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>74,844</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR>The accompanying notes are an integral part of these financial statements. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-4</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftSO"></a>NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>STATEMENTS OF OPERATIONS </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>For the Years ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=11><FONT STYLE="font-weight: normal">(in thousands, except per share information)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Contract revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14,688</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>343</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>325</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Costs and expenses:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of contract revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,003</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research and development</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,885</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,780</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>General and administrative</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,379</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,805</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,928</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total costs and expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36,267</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,837</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>37,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from operations before other income (expense)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(21,579</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(38,494</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(37,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income (expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>136</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>189</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>285</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(786</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>485</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Impairment of short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,338</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Realized gains on short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>848</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Change in fair value of warrant liability</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,474</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,671</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,972</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from operations before income tax</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(18,952</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(36,158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Income tax expense (benefit)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>412</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Basic and diluted net loss per share:</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Basic and diluted weighted average number of common shares outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>113,610</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>104,768</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>85,555</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR>The accompanying notes are an integral part of these financial statements. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-5</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftSSE"></a>NOVAVAX, INC.<BR>&nbsp;&nbsp;<BR>STATEMENTS OF STOCKHOLDERS&#146; EQUITY<BR> For the Years ended December 31, 2011, 2010 and 2009 </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="168"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="44"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="48"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="40"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="168"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="44"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="48"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="40"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>Common Stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Additional<BR> Paid-in<BR> Capital</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Notes<BR> Receivable<BR> From Former<BR> Directors</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Accumulated<BR> Deficit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Treasury<BR> Stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Accumulated<BR> Other<BR> Comprehensive<BR> Income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Total<BR> Stockholders&#146;<BR> Equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Comprehensive<BR> Loss</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=35><FONT STYLE="font-weight: normal">(in thousands, except share information)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>69,220,021</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>692</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>280,516</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(1,572)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(234,238)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(2,450)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>&#151;</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>42,948</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-cash compensation costs for stock options and restricted stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,533</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,533</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercise of stock options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>546,832</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>947</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>952</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Restricted stock issued as compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of common stock to Cadila, net of issuance costs of $406</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,500,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>125</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,469</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,594</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of common stock to Rovi,<BR> net of issuance costs of $23</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,094,891</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,966</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,977</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Conversion of convertible debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,056,939</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,629</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,660</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of common stock under ATM, net of issuance costs of $682</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,489,207</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,930</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,005</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of common stock, net of issuance costs of $1,631</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,800,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,741</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20,809</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized gain (loss) on short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>820</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>820</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>820</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Comprehensive loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(39,526)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>100,717,890</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>1,007</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>346,731</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(1,572)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(274,584)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(2,450)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>820</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>69,952</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-cash compensation cost for stock options and restricted stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,339</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,339</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercise of stock options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>261,942</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>423</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>426</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Restricted stock issued as compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Restricted stock cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,667</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of common stock under ATM, net of issuance costs of $468</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,513,849</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,984</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,089</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized gain (loss) on short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(48</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(48</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(48</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Comprehensive loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(35,756)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>111,492,014</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>1,115</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>371,477</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(1,572)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(310,292)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>(2,450)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>772</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><B>59,050</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-cash compensation costs for stock options and restricted stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,047</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,047</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercise of stock options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>198,679</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>177</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>179</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Restricted stock issued as compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cancellation of common stock issued to former directors</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(261,667</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,519</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,572</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of common stock under ATM, net of issuance costs of $246</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,001,841</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,767</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,827</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized gain (loss) on short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Comprehensive loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(19,304)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>117,480,867</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>1,175</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>383,948</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>&#151;</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(329,656)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>(2,450)</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>832</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ --><B>$</B></TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1><B>53,849</B></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR>The accompanying notes are an integral part of these financial statements. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-6</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftSCF"></a>NOVAVAX, INC.<BR>&nbsp;&nbsp;<BR> STATEMENTS OF CASH FLOWS </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="372"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>For the Years ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=11><FONT STYLE="font-weight: normal">(in thousands)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Operating Activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,346</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Reconciliation of net loss to net cash used in operating activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Change in fair value of warrant liability</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,474</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,671</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,972</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,613</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,372</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,194</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amortization of deferred financing costs</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>147</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amortization of debt discount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>222</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss on disposal of property and equipment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Impairment of long-lived assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>360</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>162</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amortization of net premiums on short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>317</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>247</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred rent</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(341</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(282</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(279</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-cash stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,047</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,339</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,533</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net impairment of short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>490</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Changes in operating assets and liabilities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts receivables</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,911</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>204</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unbilled receivables</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,836</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prepaid expenses and other assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,854</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(312</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts payable and accrued expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,686</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,912</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,547</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,500</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(150</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>150</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net cash used in operating activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(23,629</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(32,852</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(32,830</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Investing Activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital expenditures</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(610</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,556</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(745</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Purchases of short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,082</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(38,717</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Proceeds from maturities of short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>21,235</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,100</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net cash provided by (used in) by investing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>18,543</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(21,273</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,355</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financing Activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Principal payments of notes payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(15,043</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from settlement of notes receivable from former directors</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net proceeds from sales of common stock, net of offering costs of $0.2 million, $0.5 million and $2.7 million, respectively</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,980</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,089</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,385</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Proceeds from the exercise of stock options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>179</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>426</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>952</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net cash provided by financing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,129</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,429</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,294</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net increase (decrease) in cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,043</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(30,696</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,819</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents at beginning of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>38,757</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>26,938</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>14,104</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>38,757</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Supplemental disclosure of non-cash activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Conversion of convertible debt and accrued interest to<BR> common stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7,660</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Equipment purchases included in accounts payable and<BR> accrued expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>418</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>66</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Settlement of notes receivable from former directors</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,522</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Sale of common stock under the At Market Issuance Sales Agreement not settled at year-end</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>847</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Supplemental disclosure of cash flow information:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Cash interest payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>817</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR>The accompanying notes are an integral part of these financial statements. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-7</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 1&nbsp;&#151;&nbsp;Organization </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftNFS"></a>Novavax, Inc. (the &#147;Company&#148;) is a clinical-stage biopharmaceutical company focused on developing novel recombinant vaccines to address a broad range of infectious diseases. The Company&#146;s goal is to become a profitable vaccine company that is aggressively driving towards development, licensure and commercialization of important vaccines worldwide. The Company&#146;s technology platform is based on proprietary recombinant vaccine technology that includes virus-like particles (&#147;VLPs&#148;) and recombinant nanoparticle vaccines combined with a single-use bioprocessing production system. These vaccine candidates
are genetically engineered three-dimensional nanostructures that incorporate immunologically important recombinant proteins. The Company&#146;s product pipeline targets a variety of infectious diseases and its vaccine candidates are currently in or have completed clinical trials that target pandemic influenza (H5N1), seasonal influenza and respiratory syncytial virus (&#147;RSV&#148;). </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2009, the Company formed a joint venture with Cadila Pharmaceuticals Limited named CPL Biologicals Private Limited to develop and manufacture vaccines, biological therapeutics and diagnostics in India. The joint venture is owned 20% by the Company and 80% by Cadila Pharmaceuticals Limited (see Note 5). </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 2&nbsp;&#151;&nbsp;Liquidity Matters </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s vaccine candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical and clinical testing, and regulatory approval prior to commercial use. The Company&#146;s research and development efforts may not be successful and any potential vaccine candidates may not prove to be safe and effective in clinical trials. Even if developed, these vaccine candidates may not receive regulatory approval or be successfully introduced and marketed at prices that would permit the Company to operate profitably. The commercial launch of any vaccine is subject to significant
risks including, but not limited to, manufacturing scale-up and market acceptance. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Since its inception, the Company has incurred, and continues to incur, significant losses from operations. At December 31, 2011, the Company had cash and cash equivalents of $14.1 million and short-term investments with a fair value of $4.2 million. Since December 31, 2011 through March 8, 2012, the Company has sold 5.2 million shares under its At Market Issuance Sales Agreement for $7.2 million in net proceeds. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Based on the Company&#146;s cash and cash equivalents and short-term investments balances as of December 31, 2011, anticipated revenue under the contract with the Department of Health and Human Services, Biomedical Advanced Research and Development Authority (&#147;HHS BARDA&#148;) that was awarded in February 2011, possible proceeds from sales of the Company&#146;s common stock under its At Market Issuance Sales Agreement and its current business operations, the Company believes it has adequate capital resources available to operate at planned levels for at least the next twelve months. Additional capital will be required in the future to develop
its vaccine candidates through clinical development, manufacturing and commercialization. The Company&#146;s ability to generate revenue under the HHS BARDA contract is subject to its performance under the contract; its ability to raise funds under its At Market Issuance Sales Agreement is subject to both its business performance and market conditions. Further, the Company may seek additional capital through public or private equity offerings, debt financing, strategic alliance and licensing arrangements, non-dilutive government contracts, collaborative arrangements, or some combination of these financing alternatives. Any capital raised by an equity offering, whether public or private, will likely be substantially dilutive to the existing stockholders and any licensing or development arrangement may require the Company to give up rights to a product or technology at less than its full potential value. Other than the Company&#146;s At Market Issuance Sales Agreement and the Improvement
Allowance (see Note 15), the Company has not secured any additional commitments for new financing, nor can the Company provide any assurance that financing will be available on commercially acceptable terms, if at all. If the Company is unable to perform under the HHS BARDA contract or obtain additional capital, it will assess its capital resources and will likely </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-8</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 2&nbsp;&#151;&nbsp;Liquidity Matters &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">be required to delay, reduce the scope of, or eliminate one or more of its research and development programs, and/or downsize the organization, including its general and administrative infrastructure. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies </H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Use of Estimates </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash and Cash Equivalents </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash and cash equivalents consist of highly liquid investments with maturities of three months or less from the date of purchase. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Short-Term Investments </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Short-term investments at December 31, 2011 consist of three auction rate securities. All marketable securities had original maturities greater than 90 days, but less than one year. In 2009, the Company recorded other-than-temporary impairment charges related to its auction rate securities of $1.3 million because of the uncertainties in the credit markets and management&#146;s belief these securities could not be sold at par value, but are saleable at a discount from their par value. In 2009, the Company realized gains of $0.8 million relating to redemptions of several auction rate securities from its portfolio. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2007, the Company had invested in auction rate securities as part of its cash management program. Uncertainties in the credit markets have prevented the Company from liquidating certain holdings of auction rate securities as the amount of securities submitted for sale during the auction has exceeded the amount of purchase orders. Although an event of an auction failure does not necessarily mean that a security is impaired, the Company considered various factors to assess the fair value and the classification of the securities as short-term investments. Fair value was determined through an independent valuation using two valuation
methods&nbsp;&#151;&nbsp;a discounted cash flow method and a market comparable method. Certain factors used in these methods include, but are not necessarily limited to, comparable securities traded on secondary markets, timing of the failed auction, specific security auction history, quality of underlying collateral, rating of the security and the bond insurer, the Company&#146;s ability and intent to retain the securities for a period of time to allow for anticipated recovery in the market value and other factors. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has classified its short-term investments as available-for-sale since the Company may need to liquidate these securities within the next year. The available-for-sale securities are carried at fair value and unrealized gains and losses on these securities, if determined to be temporary, are included in accumulated other comprehensive income (loss) in stockholders&#146; equity. Short-term investments are evaluated periodically to determine whether a decline in value is &#147;other-than-temporary.&#148; The term &#147;other-than-temporary&#148; is not intended to indicate a permanent decline in value. Rather, it means that the prospects for
a near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria, such as the magnitude and duration of the decline, as well as the Company&#146;s ability to hold the securities until market recovery, to predict whether the loss in value is other-than-temporary. If a decline in value is determined to be other-than-temporary, the value of the security is reduced and the impairment is recorded in the statements of operations. The specific identification method is used in computing realized gains and losses on sale of the Company&#146;s securities. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-9</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Short-term investments classified as available-for-sale as of December 31, 2011 and 2010 were comprised of (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>December 31, 2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amortized<BR> Cost</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Gross<BR> Unrealized<BR> Gains</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Gross<BR> Unrealized<BR> Losses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair Value</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amortized<BR> Cost</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Gross<BR> Unrealized<BR> Gains</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Gross<BR> Unrealized<BR> Losses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair Value</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Auction rate securities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>832</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>773</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Corporate debt securities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,470</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,469</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>832</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>22,843</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>773</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23,615</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Concentration of Credit Risk </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Financial instruments, which possibly expose the Company to concentration of credit risk, consist primarily of cash and cash equivalents and short-term investments. The Company&#146;s investment policy limits investments to certain types of instruments, including auction rate securities, high-grade corporate debt securities and money market instruments, places restrictions on maturities and concentrations in certain industries and requires the Company to maintain a certain level of liquidity. At times, the Company maintains cash balances in financial institutions, which may exceed federally insured limits. The Company has not experienced any losses
relating to such accounts and believes it is not exposed to a significant credit risk on its cash and cash equivalents. The carrying value of cash and cash equivalents approximates their fair value based on their short-term maturities at December 31, 2011 and 2010. As discussed below, the fair value of short-term investments is based upon Level 2 data. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Fair Value Measurements </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company applies Accounting Standards Codification (&#147;ASC&#148;) Topic 820, <I>Fair Value Measurements and Disclosures</I>, for financial and non-financial assets and liabilities. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ASC 820 discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The statement utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">Level 1:&nbsp;&nbsp;Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">Level 2:&nbsp;&nbsp;Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: justify">Level 3:&nbsp;&nbsp;Unobservable inputs that reflect the reporting entity&#146;s own assumptions. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-10</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Financial assets and liabilities measured a fair value on a recurring basis as of December 31, 2011 and 2010 are summarized below (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="192"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Fair Value at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Fair Value at December 31, 2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Level 1</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Level 2</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Level 3</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Level 1</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Level 2</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Level 3</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><U>Assets</U><BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Corporate debt securities and auction rate securities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23,615</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Short-term investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23,615</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1><U>Liabilities</U><BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Warrant liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,842</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table summarizes the activity of Level 3 inputs measured on a recurring basis for the year ended December 31, 2011 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="418"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair Value Measurements<BR> of Warrants Using<BR> Significant Unobservable<BR> Inputs (Level 3)</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,842</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Change in fair value of Warrant liability</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,474</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The amounts in the Company&#146;s balance sheet for accounts receivable, accounts payable and notes payable approximate fair value due to their short-term nature. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Accounts Receivable </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Accounts receivable arise primarily from the Company&#146;s contract with HHS BARDA and are reported at amounts expected to be collected in future periods. No allowance for doubtful accounts is deemed necessary. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Property and Equipment </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally three to ten years. Amortization of leasehold improvements is provided over the shorter of the estimated useful lives of the improvements or the term of the lease. Repairs and maintenance costs are expensed as incurred. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Goodwill and Intangible Assets </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Goodwill originally resulted from a business acquisition in 2000. Assets acquired and liabilities assumed were recorded at their fair values; the excess of the purchase price over the identifiable net assets acquired was recorded as goodwill. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests annually or more frequently should indicators of impairment arise. The Company utilizes primarily the market approach and, if considered necessary, the income approach to determine if it has an impairment of its goodwill. The market approach is based on market value of invested capital. When
utilized, the income approach is used as a confirming look to the market approach. Goodwill impairment is deemed to exist if the carrying value of the reporting unit exceeds its estimated fair value. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011 and 2010, the Company used the market approach to determine if the Company had an impairment of its goodwill. Step one of the impairment test states that if the fair value of a reporting unit exceeds its carrying amount, goodwill is considered not to be impaired. The fair value of the Company&#146;s reporting unit was substantially higher than the carrying value, resulting in no impairment to goodwill at December 31, 2011 and 2010. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-11</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity Method Investment </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has an equity investment in CPL Biologicals Private Limited. The Company accounts for this investment using the equity method (see Note 5). Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company&#146;s proportionate share of earnings or losses and distributions up to the amount initially invested or advanced. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Long-Lived Assets </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company accounts for the impairment of its long-lived assets in accordance with ASC 360, <I>Property, Plant and Equipment</I>. This financial standard requires a periodic evaluation of the recoverability of the carrying value of long-lived assets whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company considers historical performance and anticipated future results in its evaluation of potential impairment. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of these assets in relation to the operating performance of the business and
future undiscounted cash flows expected to result from the use of these assets. Impairment losses are recognized when the sum of expected future cash flows is less than the assets&#146; carrying value, and losses are determined based upon the excess carrying value of the assets over its fair value. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenue Recognition </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company performs research and development for U.S. government agencies. The Company recognizes revenue under research contracts when a contract has been executed, the contract price is fixed and determinable, delivery of services or products has occurred and collection of the contract price is considered probable. Revenue is earned under cost reimbursable and fixed price contracts. Direct contract costs are expensed as incurred. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Under cost reimbursable contracts, the Company is reimbursed for allowable costs and paid a fixed fee. Revenue on cost reimbursable contracts is recognized as costs are incurred plus a portion of the fee earned. Revenue for fixed price arrangements are recognized under the proportional performance method based upon the ratio of costs incurred to achieve contract milestones to total estimated cost. Losses on contracts, if any, are recognized in the period in which they become known. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For upfront payments and licensing fees related to contract research or technology, the Company follows provisions of ASC 605, <I>Revenue Recognition,</I> in determining if these payments and fees represent the culmination of a separate earnings process or if they should be deferred and recognized as revenue over the life of the related agreement. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cost of Contract Revenue </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cost of contract revenue includes direct costs of salaries, laboratory supplies, consultants and subcontractors and other direct costs associated with the Company&#146;s process development, manufacturing, clinical, regulatory and quality assurance activities under research contracts. Cost of contract revenue does not include allocations of indirect costs. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Stock-Based Compensation </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company accounts for stock-based compensation related to grants of stock options and restricted stock awards at fair value. The Company recognizes compensation expense related to such awards on a straight-line basis over the requisite service period (generally the vesting period) of the equity awards that are expected to vest, which typically occurs ratably over periods ranging from six months to four years. See Note 11 for a further discussion on stock-based compensation. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-12</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The expected term of stock options granted was based on the Company&#146;s historical option exercise experience and post-vesting forfeiture experience using the historical expected term from the vesting date. The expected volatility of the options granted was determined using historical volatilities based on stock prices over a look-back period corresponding to the expected term. The risk-free interest rate was determined using the yield available for zero-coupon U.S. government issues with a remaining term equal to the expected term of the options. The forfeiture rate was determined using historical pre-vesting forfeiture rates since the inception
of the plans. The Company has never paid a dividend, and as such, the dividend yield is zero. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Restricted stock awards to employees and directors have been recorded as compensation expense over the expected vesting period based on the fair value at the award date and the number of shares ultimately expected to vest using the straight-line method of amortization. The Company accounts for share-based awards issued to non-employees by determining the fair value of equity awards given as consideration for services rendered to be recognized as compensation expense over the shorter of the vesting or service periods. In cases where an equity award is not fully vested, such equity award must be revalued on each subsequent reporting date until vesting
is complete with a cumulative catch-up adjustment recognized for any changes in its estimated fair value. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Research and Development Expenses </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Research and development expenses include salaries, laboratory supplies, consultants and subcontractors and other expenses associated with the Company&#146;s process development, manufacturing, clinical, regulatory and quality assurance activities for internally funded programs. In addition, indirect costs such as, fringe benefits and overhead expenses, are also included in research and development expenses. These expenses exclude costs associated with cost of contract revenue. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Warrant Accounting </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company accounts for the Warrants in accordance with applicable accounting guidance in ASC 815, <I>Derivatives and Hedging</I>, as derivative liabilities. As such, the Warrants have been classified as a non-current liability in the Company&#146;s balance sheets. The term of the Warrants expire July 31, 2013. In compliance with applicable accounting standards, registered warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. The Company uses the Monte Carlo Simulation model to determine the fair value of the Warrants,
which requires the input of subjective assumptions, including the expected stock price volatility and probability of a fundamental transaction (a strategic merger or sale). </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The fair value of the Warrants as of December 31 was estimated with the following assumptions: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="402"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Underlying price of common stock per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.26</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.43</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercise price per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.62</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.62</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Risk-free interest rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.85</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend yield</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Volatility</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expected term (in years)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.58</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.58</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Probability of a fundamental transaction</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0%&nbsp;&#150;&nbsp;5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0%&nbsp;&#150;&nbsp;5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The revaluation of the estimated fair value of Warrants at each subsequent balance sheet date results in a change in the carrying value of the liability, which is recorded as &#147;change in fair value of warrant liability&#148; in the statements of operations. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-13</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income Taxes </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company accounts for income taxes in accordance with ASC Topic 740, <I>Income Taxes</I>. Under the liability method, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in
income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce net deferred tax assets to the amount expected to be realized. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Tax benefits associated with uncertain tax positions are recognized in the period in which one of the following conditions is satisfied: (1) the more likely than not recognition threshold is satisfied; (2) the position is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the taxing authority to examine and challenge the position has expired. Tax benefits associated with an uncertain tax position are reversed in the period in which the more likely than not recognition threshold is no longer satisfied. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Interest and penalties related to income tax matters are recorded as income tax expense. At December 31, 2011 and 2010, the Company had no accruals for interest or penalties related to income tax matters. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net Loss per Share </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net loss per share is computed using the weighted average number of shares of common stock outstanding. All outstanding warrants, stock options and unvested restricted stock awards totaling 11,284,054, 9,344,635 and 9,428,319 shares at December 31, 2011, 2010 and 2009, respectively, are excluded from the computation for 2011, 2010 and 2009, as their effect is anti-dilutive. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Segment Information </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company manages its business as one operating segment: developing novel, recombinant vaccines. The Company does not operate separate lines of business with respect to its vaccine candidates. Accordingly, the Company does not have separately reportable segments as defined by ASC 280, <I>Segment Reporting</I>. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Recent Accounting Pronouncements </H3>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 44px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Recently Adopted</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2010-06, <I>Fair Value Measurements and Disclosures (Topic 820)&nbsp;&#151;&nbsp;Improving Disclosures about Fair Value Measurements</I>, which amends Topic 820 to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements related to Level 3 measurements. ASU 2010-06 also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. The ASU was effective for the
first reporting period beginning after December 15, 2009, except for the requirements to provide the Level 3 activity of purchases, sales, issuances and settlements on a gross basis, which was effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Early adoption was permitted. The 2011 adoption for the requirement to provide the Level 3 activity did not have a material impact on the Company&#146;s financial statements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In September 2009, ASU 2009-13, <I>Revenue Recognition</I> (Topic 605)&nbsp;&#151;&nbsp;<I>Multiple-Deliverable Revenue Arrangements</I>, was issued and changed the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit. Specifically, this guidance amends the criteria in Subtopic 605-25, <I>Revenue Recognition</I>&nbsp;&#151;&nbsp;<I>Multiple-Element Arrangements,</I> for separating consideration in multiple-deliverable arrangements. This guidance establishes a selling price </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-14</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 3&nbsp;&#151;&nbsp;Summary of Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">hierarchy for determining the selling price of a deliverable, which is based on: (a) vendor-specific objective evidence; (b) third-party evidence; or (c) estimates. This guidance also eliminates the residual method of allocation and requires that arrangement consideration be allocated at the inception of the arrangement to all deliverables using the relative selling price method. In addition, this guidance significantly expands required disclosures related to a vendor&#146;s multiple-deliverable revenue arrangements. ASU 2009-13 became effective prospectively for multiple deliverable revenue arrangements entered into, or materially modified, on or
after January 1, 2011. The adoption of this ASU did not have a material impact on the Company&#146;s financial statements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2010, ASU 2010-17, <I>Revenue Recognition&nbsp;&#151;&nbsp;Milestone Method </I>(Topic 605)<I>: Milestone Method of Revenue Recognition&nbsp;&#151;&nbsp;a consensus of the FASB Emerging Issues Task Force</I>, was issued and amended the accounting for revenue arrangements under which a vendor satisfies its performance obligations to a customer over a period of time, when the deliverable or unit of accounting is not within the scope of other authoritative literature and when the arrangement consideration is contingent upon the achievement of a milestone. The amendment defines a milestone and clarifies whether an entity may recognize
consideration earned from the achievement of a milestone in the period in which the milestone is achieved. ASU 2010-17 became effective prospectively for milestones achieved within research and development arrangements on or after January 1, 2011. The adoption of this ASU did not have a material impact on the Company&#146;s financial statements. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 44px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Not Yet Adopted</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In June 2011, the FASB issued ASU 2011-05, <I>Comprehensive Income (Topic 220): Presentation of Comprehensive Income</I> (&#147;ASU 2011-05&#148;). This guidance is intended to increase the prominence of other comprehensive income in financial statements by presenting it in either a single-statement or two-statement approach. This ASU is effective for the Company beginning January 1, 2012. The adoption of ASU 2011-05 will not have a material effect on the Company&#146;s financial statements. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In September 2011, the FASB issued ASU 2011-08, <I>Intangibles&nbsp;&#151;&nbsp;Goodwill and Other (Topic 350): Testing Goodwill for Impairment </I>(&#147;ASU 2011-08&#148;)<I>,</I> to give both public and nonpublic entities the option to qualitatively determine whether they can bypass the two-step goodwill impairment test. Under the new guidance, if an entity chooses to perform a qualitative assessment and determines that it is more likely than not (a more than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, it would then perform Step 1 of the annual goodwill impairment test in ASC 350-20 and, if necessary,
proceed to Step 2. Otherwise, no further evaluation would be necessary. The decision to perform a qualitative assessment is made at the reporting unit level, and an entity with multiple reporting units may utilize a mix of qualitative assessments and quantitative tests among its reporting units. The amended guidance is effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December 15, 2011, although early adoption is permitted. The adoption of ASU 2011-08 will not have a material effect on the Company&#146;s financial statements. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 4&nbsp;&#151;&nbsp;U.S. Government Agreement and Collaboration </H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">HHS BARDA Contract Award for Recombinant Influenza Vaccines </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In February 2011, the Company was awarded a contract from HHS BARDA valued at $97 million for the first 36 month base-period, with an HHS BARDA option for an additional period of 24 months valued at $82 million, for a total contract value of up to $179 million. The HHS BARDA contract award provides significant funding for the Company&#146;s continued ongoing clinical development and product scale-up of both its seasonal and pandemic influenza vaccine candidates. This is a cost-plus-fixed-fee contract in which HHS BARDA will reimburse the Company for direct contract costs incurred plus allowable indirect costs and a fee earned in the further
development of its seasonal and pandemic (H5N1) influenza vaccines. Billings under the contract are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, overhead and general and administrative expenses not exceeding certain limits. These indirect rates are subject </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-15</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 4&nbsp;&#151;&nbsp;U.S. Government Agreement and Collaboration &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">to audit by HHS BARDA on an annual basis. When the final determination of the allowable costs for any year has been made, revenue and billings may be adjusted accordingly. During 2011, the Company recognized revenue of $14.7 million, made significant progress in product characterization and production scale-up and are progressing forward with its multi-year clinical development program. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">License Agreement with LG Life Sciences, Ltd. </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In February 2011, the Company entered into a License Agreement with LG Life Sciences, Ltd. (&#147;LGLS&#148;) that allows LGLS to use the Company&#146;s VLP technology to develop and commercially sell influenza vaccines exclusively in South Korea and non-exclusively in certain other specified countries. At its own cost, LGLS is responsible for funding its clinical development of the influenza VLP vaccines and completing a manufacturing facility in South Korea. The term of the License Agreement is expected to terminate in 2027. Payments to the Company under the License Agreement include an upfront payment, reimbursements of certain development and
product costs and royalty payments between 10 and 20% from LGLS&#146;s future commercial sales of influenza VLP vaccines. The upfront payment has been deferred and will be recognized as revenue when certain obligations in the agreement are satisfied. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 5&nbsp;&#151;&nbsp;Joint Venture </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2009, the Company entered into a Joint Venture Agreement with Cadila Pharmaceuticals Ltd., a private company incorporated under the laws of India (&#147;Cadila&#148;) pursuant to which the Company and Cadila formed CPL Biologicals Private Limited, a joint venture (the &#147;JV&#148;), of which 20% is owned by the Company and 80% is owned by Cadila. The JV will develop and manufacture the Company&#146;s seasonal influenza and pandemic vaccine candidates and Cadila&#146;s biogeneric products and other diagnostic products for the territory of India. The JV has the right to negotiate a definitive agreement for rights to certain future Company
products (other than RSV) and certain future Cadila products in India, prior to the Company or Cadila licensing such rights to a third party. The Company has the right to negotiate the licensing of vaccines developed by the JV using Novavax&#146;s technology for commercialization in every country except for India and vaccines developed by the JV using Cadila&#146;s technology for commercialization in certain other countries, including the U.S. Cadila has committed to contribute approximately $8 million over three years to support the JV&#146;s operations. In connection with the Joint Venture Agreement, in March 2009, the Company also entered into a license agreement, an option to enter into a license agreement, a technical services agreement and a supply agreement with the JV and a master services agreement with Cadila. Because the Company does not control the JV, the Company accounts for its investment using the equity method. Since the carrying value of the Company&#146;s
contribution was nominal and there is no guarantee or commitment to provide future funding, the Company has not recorded nor expects to record losses related to this investment in the future. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Also in March 2009, the Company entered into a Stock Purchase Agreement with Satellite Overseas (Holdings) Limited (&#147;SOHL&#148;), a subsidiary of Cadila, pursuant to which SOHL purchased 12.5 million shares of the Company&#146;s common stock at the market price of $0.88 per share, resulting in net proceeds of approximately $10.6 million. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-16</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 6&nbsp;&#151;&nbsp;Other Financial Information </H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Prepaid Expenses </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Prepaid expenses consist of the following at December 31 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="410"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Laboratory supplies</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,616</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>784</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other prepaid expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>825</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>558</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Prepaid expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,441</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,342</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Property and Equipment, net </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Property and equipment is comprised of the following at December 31 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="410"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Construction in progress</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>522</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Machinery and equipment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,131</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,697</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Leasehold improvements</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,548</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,531</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Computer software and hardware</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>669</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>554</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,404</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12,304</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less accumulated depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,547</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,098</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Property and equipment, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,857</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,206</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Depreciation and amortization expense was approximately $1.6 million, $1.4 million and $1.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Accrued Expenses and Other Current Liabilities </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Accrued expenses and other current liabilities consist of the following at December 31 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="410"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Employee benefits and compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,283</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,293</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research and development accruals</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,421</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other accrued expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>535</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Accrued interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>32</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Accrued expenses and other current liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,528</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,273</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 7&nbsp;&#151;&nbsp;Warrant Liability </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In July 2008, the Company completed a registered direct offering of 6,686,650 units, raising approximately $17.5 million in net proceeds. Each unit consisted of one share of common stock and a warrant to purchase 0.5 shares of common stock (the &#147;Warrants&#148;) at a price of $2.68 per unit. The Warrants represent the right to acquire an aggregate of 3,343,325 shares of common stock at an exercise price of $3.62 per share and are exercisable through July 31, 2013. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011, 2010 and 2009, the Company recorded as other income (expense) in its statements of operations a change in fair value of warrant liability of $2.5 million, $1.7 million and ($2.0) million, respectively. As of December 31, 2011, the warrant liability recorded on the balance sheet was $0.4 million and all Warrants remain outstanding as of that date under this offering. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-17</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 8&nbsp;&#151;&nbsp;Long-Term Debt </H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Notes Payable </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Notes payable consist of the following at December 31 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="418"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="48"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Opportunity Grant Fund notes payable; non-interest bearing; principal only payments due in monthly installments of $6,667 through April 2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Loan agreements; bear interest at 3% per annum; repayment is conditional</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>320</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>400</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less current portion</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Long-term portion</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>320</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Opportunity Grant Fund Note Payable </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In April 2007, the Company entered into a Settlement and Release Agreement with the Commonwealth of Pennsylvania, whereby the Company agreed to repay the original grant of $400,000 associated with its former corporate headquarters and product development activities in Malvern, Pennsylvania in 60 monthly installments of $6,667 each starting May 2007. Interest does not accrue on the outstanding balance. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Loan Agreements </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In May 2008, the Company entered into loan agreements with the State of Maryland and Montgomery County whereby the repayment of the loan amounts and accrued interest is conditioned upon the Company meeting the capital investment and employment requirements during the term of the loans through 2014, as amended. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Aggregate future minimum principal payments on long-term debt at December 31, 2011 are as follows (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="482"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total minimum principal payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>320</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 9&nbsp;&#151;&nbsp;Sales of Common Stock </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2010, the Company entered into an At Market Issuance Sales Agreement under which the Company may sell an aggregate of $50 million of gross proceeds of the Company&#146;s common stock. The Company&#146;s Board of Directors authorized the sale of up to 25 million shares of common stock pursuant to the At Market Issuance Sales Agreement. In 2011, the Company sold 6,001,841 shares at sales prices ranging from $1.25&nbsp;&#150;&nbsp;$2.75 and received net proceeds of $11.8 million (with $0.8 million received in early 2012) under the At Market Issuance Sales Agreement. In 2010, the Company sold 10,513,849 shares at a range of
$2.10&nbsp;&#150;&nbsp;$2.55 and received net proceeds of $23.1 million under the At Market Issuance Sales Agreement. Since entering into the At Market Issuance Sales Agreement in March 2010, the Company has sold 21,053,564 shares and received gross proceeds of $42.1 million through March 8, 2012. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-18</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 10&nbsp;&#151;&nbsp;Stockholders&#146; Equity </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On August 7, 2002, the Company adopted a Shareholder Rights Plan, which provides for the issuance of rights to purchase shares of Series D Junior Participating Preferred Stock, par value $0.01 per share (the &#147;Preferred Shares&#148;), of the Company. Under the Shareholder Rights Plan, the Company distributed one preferred share purchase right (a &#147;Right&#148;) for each outstanding share of common stock of the Company. The Rights were distributed to stockholders of record on August 16, 2002. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Each Right entitles the holder to purchase from the Company one-thousandth of a Preferred Share at a price of $40, subject to adjustment. The Rights become exercisable, with certain exceptions, 10 business days after any party, without prior approval of the Board of Directors, acquires or announces an offer to acquire beneficial ownership of 15% or more of the Company&#146;s outstanding common stock. In the event that any party acquires 15% or more of the Company&#146;s outstanding common stock, the Company enters into a merger or other business combination, or if a substantial amount of the Company&#146;s assets are sold after the time that the
Rights become exercisable, the Rights provide that the holder will receive, upon exercise, shares of the common stock of the surviving or acquiring company, as applicable, having a market value of twice the exercise price of the Right. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Rights expire August 7, 2012, and are redeemable by the Company at a price of $0.00025 per Right at any time prior to the time that any party acquires 15% or more of the Company&#146;s outstanding common stock. Until the earlier of the time that the Rights become exercisable, are redeemed or expire, the Company will issue one Right with each new share of common stock issued. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 11&nbsp;&#151;&nbsp;Stock-Based Compensation </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has granted equity awards under several plans. Under the 2005 Stock Incentive Plan (the &#147;2005 Plan&#148;), equity awards may be granted to officers, directors, employees, consultants and advisors to the Company and any present or future subsidiary. The 2005 Plan, approved in May 2005 and amended in June 2007 and June 2011 by the Company&#146;s stockholders, currently authorizes the grant of equity awards for up to 14,312,192 shares of common stock, which included, at the time of approval of the 2005 Plan, a maximum 5,746,468 shares of common stock subject to stock options outstanding under the Company&#146;s 1995 Stock Option Plan
(the &#147;1995 Plan&#148;) that may revert to and become issuable under the 2005 Plan if such options should expire or otherwise terminate unexercised. The term of the Company&#146;s 1995 Plan has expired. Outstanding stock options remain in existence in accordance with their terms and no new awards will be made under the 1995 Plan. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Under the 2005 Plan and the 1995 Plan, incentive stock options, having a maximum term of 10 years, can be or were granted at no less than 100% of the fair value of the Company&#146;s common stock at the time of grant and are generally exercisable over periods ranging from six months to four years. There is no minimum exercise price for non-statutory stock options. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company recorded stock-based compensation expense in the statements of operations as follows (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="342"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research and development</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>610</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>335</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>539</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>General and administrative</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,437</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>994</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total stock-based compensation expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,047</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,339</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,533</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-19</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 11&nbsp;&#151;&nbsp;Stock-Based Compensation &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Stock Options Awards </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following is a summary of option activity under the 2005 Plan and the 1995 Plan for the year ended December 31, 2011: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="210"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2005 Stock Incentive Plan</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>1995 Stock Option Plan</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Stock Options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted-<BR>Average<BR> Exercise Price</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Stock Options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted-<BR>Average<BR> Exercise Price</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Outstanding at January 1, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,214,794</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>579,850</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,625,400</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.08</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(198,679</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.90</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Canceled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,228,769</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2.54</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(105,200</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7.81</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Outstanding at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7,412,746</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2.22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>474,650</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4.38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Vested and expected to vest at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,653,550</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2.25</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>474,650</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4.38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Shares exercisable at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,705,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2.39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>474,650</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4.38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Shares available for grant at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,311,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The fair value of the stock options granted for the years ended December 31, 2011, 2010 and 2009, was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="210"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="96"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="96"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Weighted average fair value of options granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>&#36;1.14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>&#36;1.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>&#36;1.29</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Risk-free interest rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0.48&#37;&nbsp;&#150;&nbsp;1.91&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0.93&#37;&nbsp;&#150;&nbsp;2.89&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>1.56&#37;&nbsp;&#150;&nbsp;3.19&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividend yield</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Volatility</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>73.3&#37;&nbsp;&#150;&nbsp;81.0&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>97.0&#37;&nbsp;&#150;&nbsp;108.0&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>85.7&#37;&nbsp;&#150;&nbsp;119.5&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expected term (in years)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>3.26&nbsp;&#150;&nbsp;4.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>3.06&nbsp;&#150;&nbsp;6.26</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>3.89&nbsp;&#150;&nbsp;7.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expected forfeiture rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>0&nbsp;&#150;&nbsp;23.15&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>21.07&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>21.07&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The aggregate intrinsic value and weighted-average remaining contractual term of stock options exercisable as of December 31, 2011 was approximately $0.2 million and 3.8 years, respectively. The aggregate intrinsic value and weighted-average remaining contractual term of options vested and expected to vest as of December 31, 2011 was $0.3 million and 7.0 years, respectively. The aggregate intrinsic value represents the total intrinsic value (the difference between the Company&#146;s closing stock price on the last trading day of 2011 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option
holders had all option holders exercised their options on December 31, 2011. This amount is subject to change based on changes to the fair market value of the Company&#146;s common stock. The aggregate intrinsic value of options exercised for 2011, 2010 and 2009 was $0.3 million, $0.3 million and $0.9 million, respectively. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-20</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 11&nbsp;&#151;&nbsp;Stock-Based Compensation &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Restricted Stock Awards </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Under the 2005 Plan, the Company granted restricted stock awards subject to certain performance-based or time-based vesting conditions which, if not met, would result in forfeiture of the shares and reversal of any previously recognized related stock-based compensation expense. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following is a summary of restricted stock awards activity for the year ended December 31, 2011: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Per Share<BR> Weighted-<BR>Average<BR> Grant-Date<BR> Fair Value</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Outstanding at January 1, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>56,666</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Restricted stock granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Restricted stock vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(53,333</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.30</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Restricted stock forfeited</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Outstanding at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>53,333</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1.63</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, there was approximately $3.0 million of total unrecognized compensation expense (net of estimated forfeitures) related to unvested options and restricted stock awards. This unrecognized compensation expense is expected to be recognized over a weighted average period of 1.6 years. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 12&nbsp;&#151;&nbsp;Employee Benefits </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company maintains a defined contribution 401(k) retirement plan, pursuant to which employees who have completed 90 days of service may elect to contribute up to 100% of their compensation on a tax deferred basis up to the maximum amount permitted by the Internal Revenue Code of 1986, as amended. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company currently matches 25% of the first 6% of the participants&#146; deferral. Contributions to the 401(k) plan vest equally over a three-year period. The Company has expensed, net of forfeitures, approximately $88,000, $71,000 and $37,000 in 2011, 2010 and 2009, respectively. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 13&nbsp;&#151;&nbsp;Therapeutic Tax Credit </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2010, the Company submitted applications for qualifying therapeutic discovery project credits under &sect;48D of the Internal Revenue Code, as amended (the &#147;Code&#148;), as added to the Code by section 9023(a) of the Patient Protection and Affordable Care Act of 2010, and was awarded grants totaling $1.0 million, of which $0.2 million was refunded due to a shortfall in qualified expenses relating to one of its applications. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 14&nbsp;&#151;&nbsp;Income Taxes </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company recorded a current income tax expense for foreign taxes of $0.4 million in 2011, and a deferred federal income tax benefit of $0.5 million in 2010. The components of the income tax provision (benefit) are as follows (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="354"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="48"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="48"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current U.S.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current foreign</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>412</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net provision</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>412</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-21</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 14&nbsp;&#151;&nbsp;Income Taxes &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Deferred tax assets (liabilities) consist of the following at December 31 (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net operating losses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116,492</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99,999</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research tax credits</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,904</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,924</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,974</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,290</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total deferred tax assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>126,370</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(350</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(209</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total deferred tax liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(350</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(209</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net deferred tax assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>126,020</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less valuation allowance</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(126,020</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(108,004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Deferred tax assets, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The differences between the U.S. federal statutory tax rate and the Company&#146;s effective tax rate are as follows: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="342"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Statutory federal tax rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>State income taxes, net of federal benefit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research and development credit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expiration of net operating losses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Change in valuation allowance</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>43</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>36</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Realization of net deferred tax assets is dependent on the Company&#146;s ability to generate future taxable income, which is uncertain. Accordingly, a full valuation allowance was recorded against these assets as of December 31, 2011 and 2010 as management believes it is more likely than not that the assets will not be realizable. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011, the Company incurred a $0.4 million foreign withholding tax related to a payment received in accordance with a license agreement. This withholding tax gives rise to an increase to the U.S. net operating loss for which a full valuation allowance has been recorded. During the year ended December 31, 2010, as a result of new legislation allowing for the partial refund of research and development credits, the Company requested and received a refund of approximately $0.1 million. In addition, during the year ended December 31, 2010, the Company received grants totaling $0.8 million for qualifying therapeutic discovery projects under Internal
Revenue Code Section 48D. The combination of the refundable research and development credits and the Internal Revenue Code Section 48D grant resulted in the Company recording a deferred federal income tax benefit of $0.5 million during the year ended December 31, 2010. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, the Company had tax return reported federal net operating losses and tax credits available as follows (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="478"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Federal net operating losses expiring through the year 2031</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>287,533</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Research tax credits expiring through the year 2031</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,523</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Alternative-minimum tax credit (no expiration)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-22</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 14&nbsp;&#151;&nbsp;Income Taxes &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The Company has not performed a detailed analysis to determine whether an ownership change under Section 382 of the Internal Revenue Code occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of net operating loss carryforwards and credits attributable to periods before the change and could result in a reduction in the total net operating losses and credits
available. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Beginning in 2006, the windfall equity-based compensation deductions are tracked, but will not be recorded to the balance sheet until management determines more likely than not that such amounts will be utilized. During 2011 and 2010, the Company had $0.1 million and $0 million, respectively, of windfall stock compensation deductions. If and when realized, the tax benefit associated with these deductions will be credited to additional paid-in capital. These excess benefit deductions are included in the total federal net operating losses disclosed above. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Tabular Reconciliation of Unrecognized Tax Benefits (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="478"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrecognized tax benefits as of January 1, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,859</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross increases&nbsp;&#150;&nbsp;tax positions in prior period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross decreases&nbsp;&#150;&nbsp;tax position in prior period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(54</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross increases&nbsp;&#150;&nbsp;current-period tax positions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Increases (decreases) from settlements</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Unrecognized tax benefits as of December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,910</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross increases&nbsp;&#150;&nbsp;tax positions in prior period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross decreases&nbsp;&#150;&nbsp;tax position in prior period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(35</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross increases&nbsp;&#150;&nbsp;current-period tax positions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Increases (decreases) from settlements</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Unrecognized tax benefits as of December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,875</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">To the extent these unrecognized tax benefits are ultimately recognized, it would affect the annual effective income tax rate. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company files income tax returns in the U.S. federal jurisdiction and in various states. The Company had tax net operating losses and credit carryforwards that are subject to examination for a number of years beyond the year in which they are generated for tax purposes. Since a portion of these carryforwards may be utilized in the future, many of these attribute carryforwards remain subject to examination. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2011 and December 31, 2010, the Company had no accruals for interest or penalties related to income tax matters. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-23</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 15&nbsp;&#151;&nbsp;Commitments and Contingencies </H2>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Operating Leases </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company conducts its operations from leased facilities, under operating leases with terms expiring through 2023, in Rockville/Gaithersburg, Maryland. The leases obligate the Company to also pay building operating costs. In November 2011, the Company entered into lease agreements, under which the Company will lease its new manufacturing, laboratory and office space in Gaithersburg, Maryland. The lease agreements provide that, among other things, as of January 1, 2012, the Company subleases from the current facility tenant, and subsequently leases from the landlord approximately 74,000 total square feet, with rent payments for such space commencing
April 1, 2014. Under the terms of one lease agreement, the Landlord will provide the Company with a tenant improvement allowance of $2.5 million and an additional tenant improvement allowance of $3 million dollars, which additional tenant improvement allowance is paid back to the Landlord during the remainder of the term of such lease agreement (collectively, the &#147;Improvement Allowance&#148;). Since December 31, 2011 through March 8, 2012, the Company has been funded $1.3 million under the Improvement Allowance. In addition, the Company entered into an agreement with the current facility tenant to purchase laboratory equipment to be used at the space. The Company is currently considering its plans for the Rockville, Maryland facility subsequent to relocation to the Gaithersburg, Maryland facilities, which plans include remarketing the facility through the end of the remaining lease term of January 31, 2017. The Company also leased space in Malvern, Pennsylvania, its former
corporate headquarters, under an operating lease with a term expiring in 2014. The Company has subleased this facility under an amended sublease agreement expiring in 2014. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Future minimum rental commitments under non-cancelable leases as of December 31, 2011 are as follows (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Operating<BR> Leases</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Sublease</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Net Operating<BR> Leases</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,680</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(288</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,392</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,179</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(295</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,884</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,549</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(201</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,348</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2015</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,925</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,925</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2016</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,023</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,023</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Thereafter</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total minimum lease payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>31,624</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(784</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>30,840</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Total rent expenses approximated $1.6 million, $1.6 million and $1.5 million for the years ended December 31, 2011, 2010 and 2009, respectively. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Purchase Obligations </H3>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2009, the Company and Cadila entered into a master services agreement pursuant to which the Company may request services from Cadila in the areas of biologics research, pre-clinical development, clinical development, process development, manufacturing scale-up and general manufacturing related services in India. In July 2011, the Company and Cadila amended the master services agreement to extend the term by one year for which services can be provided by Cadila under this agreement. Under the revised terms, if, by March 31, 2013, the amount of services provided by Cadila is less than $7.5 million, the Company will pay Cadila the portion of
the shortfall amount that is less than or equal to $2.0 million and 50% of the portion of the shortfall amount that exceeds $2.0 million. When calculating the shortfall, the amount of services provided by Cadila includes amounts that have been paid under all project plans, the amounts that will be paid under ongoing executed project plans and amounts for services that had been offered to Cadila, that Cadila was capable of performing, but exercised its right not to accept such project. The term of the master services agreement is five years, but may be terminated by either party if there is a material breach that is not cured </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-24</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 15&nbsp;&#151;&nbsp;Commitments and Contingencies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">within 30 days of notice or, at any time after three years, provided that 90 days prior notice is given to the other party. As of December 31, 2011, the Company&#146;s remaining obligation to Cadila under the master services agreement is $7.3 million. </P>

<H3 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Contingencies </H3>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 44px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>License Agreement with Wyeth Holdings Corporation</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company entered into a license agreement in 2007 with Wyeth Holdings Corporation, a subsidiary of Pfizer Inc. (&#147;Wyeth&#148;). The license is a non-exclusive, worldwide license to a family of patent applications covering VLP technology for use in human vaccines in certain fields. The agreement provides for an upfront payment, annual license fees, milestone payments and royalties on any product sales. If each milestone is achieved for any particular vaccine candidate, the Company would be obligated to pay an aggregate of $14 million to Wyeth for each product developed and commercialized under the agreement. Annual license maintenance fees
under the agreement total $0.2 million per annum. The royalty to be paid by the Company under the agreement, if a product is approved by the FDA for commercialization, will be based on single digit percentage of net sales. Payments under the agreement to Wyeth as of December 31, 2011 aggregated $5.1 million. The agreement will remain effective as long as at least one claim of the licensed patent rights cover the manufacture, sale or use of any product unless terminated sooner at the Company&#146;s option or by Wyeth for an uncured breach by the Company. </P>

<H4 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 44px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><U>Employment Agreements</U> </H4>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has entered into employment agreements with certain of its executive officers and key employees. The employment agreements have one year terms that automatically renew annually and provide for base salaries and other incentives. The agreements include a provision whereby if the Company terminates the employment of such an employee other than for cause, including pursuant to a change of control under its severance plan, or the employee leaves the Company for good reason, such employee shall be entitled to receive payment of existing salary and benefits for a period that ranges from 12 to 24 months. </P>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 16&nbsp;&#151;&nbsp;Related Party Transactions </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Dr. Rajiv Modi, a director of Novavax, is also a managing director of Cadila. The Company and Cadila have formed a joint venture called CPL Biologicals Private Limited, of which the Company owns 20% and Cadila owns 80%. The Company and Cadila also have entered into a master services agreement, pursuant to which Cadila may perform certain research, development and manufacturing services for the Company up to $7.5 million. A subsidiary of Cadila owns 12.5 million shares of the Company&#146;s outstanding common stock. Since entering into the master services agreement and through December 31, 2011, the Company has incurred $0.2 million under the
agreement. During 2010, the Company was reimbursed by the JV for travel and administrative costs and services provided to the JV totaling $0.2 million. The reimbursement of these costs and services was recorded as a reduction to operating expenses. In addition, in 2010, the Company purchased from the JV laboratory equipment for $0.2 million. At December 31, 2011, the Company recorded $0.1 million as a payable to Cadila. </P>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In September 2011, the Company executed agreements with Mr. Mitchell Kelly and Dr. Denis O&#146;Donnell, two of the Company&#146;s former directors, to settle litigation initiated by the Company in 2010 to collect on outstanding notes to the Company, and in each case the lawsuit was dismissed with prejudice and the pledged shares of Common Stock were surrendered to the Company. As reflected on the Company&#146;s balance sheet, the remaining notes receivable were eliminated with a corresponding reduction in common stock and additional paid-in capital as of December 31, 2011. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-25</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC.<BR> &nbsp;&nbsp;<BR>NOTES TO FINANCIAL STATEMENTS<BR> December 31, 2011, 2010 and 2009 </H1>

<H2 STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Note 17&nbsp;&#151;&nbsp;Quarterly Financial Information (Unaudited) </H2>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tFSSDE"></a>The Company&#146;s unaudited quarterly information for the years ended December 31, 2011 and 2010 is as follows: </P>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="210"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>Quarter Ended</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>March 31</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>June 30</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>September 30</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>December 31</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=15><FONT STYLE="font-weight: normal">(in thousands, except per share data)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>2011:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>834</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,001</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,008</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,845</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(7,453</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(4,993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(3,212</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(3,705</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.07</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.04</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.03</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.03</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="210"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>Quarter Ended</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>March 31</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>June 30</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>September 30</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>December 31</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=15><FONT STYLE="font-weight: normal">(in thousands, except per share data)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>2010:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>110</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>175</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(10,343</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(8,857</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(10,222</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(6,286</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.10</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.09</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.10</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.06</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The net income (loss) per share was calculated for each three-month period on a stand-alone basis. As a result, the sum of the net income (loss) per share for the four quarters may not equal the net income (loss) per share for the respective twelve-month period.</P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">F-26</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">NOVAVAX, INC. </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SCHEDULE II&nbsp;&#151;&nbsp;VALUATION AND QUALIFYING ACCOUNTS<BR> December 31, 2011, 2010 and 2009<BR> (in thousands) </H1>

<P STYLE="text-indent:0pt; text-align: justify; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="312"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Balance at<BR> Beginning<BR> of Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Additions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Deductions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Balance at<BR> End of Year</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Net Deferred Tax Asset Valuation Allowance:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,016</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>126,020</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94,853</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,151</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>108,004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,799</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,054</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94,853</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

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<TYPE>EX-10.7
<SEQUENCE>2
<FILENAME>v304706_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS
AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS
RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS AGREEMENT (the &ldquo;Release Agreement&rdquo;)<B> </B>is made and entered into by
Rahul Singhvi (</FONT>&ldquo;<FONT STYLE="font-size: 10pt">Employee</FONT>&rdquo;<FONT STYLE="font-size: 10pt">) and Novavax, Inc.
</FONT>(&ldquo;Employer&rdquo; or the &ldquo;Company&rdquo;) <FONT STYLE="font-size: 10pt">as of April 19, 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Employer
and Employee entered into that certain Amended and Restated Employment Agreement, dated as of July 20, 2009, as amended (the &ldquo;Employment
Agreement&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Employer
and Employee will terminate their employment relationship effective as of April 19, 2010 and pursuant to a letter (the &ldquo;Termination
Letter&rdquo;) to Employee from Stanley C. Erck, President and Chief Executive Officer of the Company, dated April 19, 2010 (the
&ldquo;Termination Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>NOW</B></FONT>,<FONT STYLE="font-size: 10pt"><B>
THEREFORE</B>, in consideration of the </FONT>premises<FONT STYLE="font-size: 10pt"> and the mutual promises set forth herein,
Employee agrees as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Consideration.
</B>Employee is entering into this Release Agreement in consideration of Employer&rsquo;s offer of separation pay (in the gross
<FONT STYLE="font-family: Times New Roman, Times, Serif">amount of $681,831), as well as other good and valuable consideration
including the transfer of ownership of Employee&rsquo;s Apple laptop computer and mobile phone. Employee hereby accepts the severance
offer</FONT>,<FONT STYLE="font-family: Times New Roman, Times, Serif"> and agrees to be bound by this Release Agreement.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>General
Release of Claims. </B>For himself and his heirs, executors, administrators, assigns, agents and beneficiaries, if any, Employee
does hereby agree to execute and be bound by the following general release of Claims (&ldquo;Release&rdquo;):</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>I, Rahul Singhvi,
waive, release, and forever discharge Employer (as defined below) of and from any and all Claims (as defined below) arising from
the beginning of time up to and including the date of this Release. I agree not to file a lawsuit or arbitration to assert any
such Claim. Further, I agree that should any other person, organization or entity file a lawsuit or arbitration to assert any such
Claim, I will not seek or accept any personal relief in such action.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; font-variant: normal; text-align: right; text-indent: 0.5in"><U>/s/ RS</U> [Initial]</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision of this Release, the following are <B><U>not</U></B> barred by the Release: (i) Claims relating to the validity
of this Release Agreement; (ii) Claims by either party to enforce this Release Agreement; and (iii) Claims which legally may not
be waived. In addition, this Release will <B><U>not</U></B> operate to limit or bar Employee&rsquo;s right to file an administrative
charge of discrimination with the Equal Employment Opportunity Commission (EEOC) and to participate in an investigation by the
EEOC, although the Release does bar Employee&rsquo;s right to recover any personal relief if Employee or anyone on his behalf seeks
to file a subsequent lawsuit or arbitration on the same basis as the charge of discrimination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the purpose of this Release, &ldquo;Claims&rdquo; </FONT>include<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> without
limitation all actions</FONT>, rights<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> or demands of any kind that Employee
now has, or may have or claim to have in the future. More specifically, Claims include rights, causes of action, damages, penalties,
losses, attorneys&rsquo; fees, costs, expenses, obligations, agreements, judgments and all other liabilities of any kind or description
whatsoever, either in law or in equity, whether known or unknown, suspected or unsuspected. The nature of Claims covered by this
Release includes, without limitation, all actions or demands in any way based on my employment with Employer, the terms and conditions
of such employment or my separation from employment. More specifically, all of the following are among the types of Claims which
are waived and barred by this<FONT STYLE="color: red"><STRIKE> </STRIKE></FONT>Release </FONT>as and<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
to the extent allowable under applicable law:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Contract claims, whether express or implied;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Tort claims, such as for defamation or emotional distress;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Claims under federal, state and municipal laws, regulations, </FONT>ordinances<FONT STYLE="font-size: 10pt">
or court decisions of any kind including, but not limited to, any action under the Maryland Wage Payment and Collection law as
codified at Ann. Code. Md. Labor and Employment, 3-501, <I>et seq</I>.;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Claims of discrimination, harassment or retaliation, whether based on race, color, religion, gender,
sex, age, sexual orientation, handicap and/or disability, national origin, whistleblowing or any other legally protected class;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
as amended, the Americans with Disabilities Act, the Family and Medical Leave Act, and similar state and local statutes, laws and
ordinances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Claims under the Employee Retirement Income Security Act, the Occupational Safety and Health Act,
the False Claims Act, and similar state and local statutes, laws and ordinances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Claims for wrongful discharge; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Claims for attorneys&rsquo; fees, including litigation expenses and/or costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
foregoing description of Claims is intended to be illustrative </FONT>rather than<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
exhaustive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the purpose
of this Release, &ldquo;Employer&rdquo; includes without limitation Novavax, Inc. and its respective past, present and future parents,
owners, affiliates, subsidiaries, divisions, predecessors, successors, assigns, employee benefit plans and trusts, if any. It also
includes all past, present and future managers, members, principals, directors, officers, partners, agents, employees (except Rahul
Singhvi), attorneys, representatives, consultants, associates, fiduciaries, plan sponsors, administrators and trustees of each
of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Restrictive
Covenants</U>.</B> Employee acknowledges and reaffirms his obligations under Sections 9, 10, 11and 12 of the Employment Agreement
regarding the <FONT STYLE="font-family: Times New Roman, Times, Serif">business of </FONT>Employer, the assignment of intellectual
property, confidentiality, non-competition and non-solicitation<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Additional
Covenants</U>.</B> In addition to the covenants and obligations contained in the Employment Agreement, Employee further agrees
as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
to engage in any activities or make any statements that may disparage or reflect negatively on Employer or any of its respective
directors, officers, managers or employees;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
to </FONT>disclose<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> the terms and conditions of this Release Agreement </FONT>or
any<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> matters concerning or relating hereto or to Employee&rsquo;s separation
from Employer, except (1) the fact of Employee&rsquo;s termination and (2) the terms and conditions of this Release Agreement to
Employee&rsquo;s legal counsel and financial advisor, if any</FONT>, subject to their agreement not to disclose any of same to
others<FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
acknowledges and reaffirms the Non-Disclosure, Proprietary In</FONT>formation<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
and Invention Assignment Agreement executed between Employer and Employee. In addition to existing contractual and common law obligations
to do so, Employee agrees to keep and not to disclose any and all confidential information (whether written, graphic, oral, committed
to memory or otherwise in his possession), including, without limitation, such information regarding the operations, licensing
and collaborative transactions, product status, strategies and potential plans and personnel information of Employer, </FONT>and
agrees to maintain the foregoing in strict confidence<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> so long as </FONT>such<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
information has not been published in a manner generally available to the public.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Consideration
Period</U>. </B>Employee acknowledges that he has<FONT STYLE="font-family: Times New Roman, Times, Serif"> carefully read and understands
the provisions of this Release Agreement. Employee has been provided with a consideration period consisting of twenty-one (21)
calendar days to consider the terms of this Release Agreement from the date this Release Agreement </FONT>was <FONT STYLE="font-family: Times New Roman, Times, Serif">first
presented to him on April 19, 2011. Employee agrees to notify Employer of</FONT> his<FONT STYLE="font-family: Times New Roman, Times, Serif">
acceptance of this Release Agreement by delivering a signed and notarized copy to Employer, addressed to the attention of John
Herrmann, Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850 on or before May 10, 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee
understands that he may take the entire consideration period to consider this Release</FONT> <FONT STYLE="font-size: 10pt">Agreement.
Employee acknowledges that if he signs and returns this Release</FONT> <FONT STYLE="font-size: 10pt">Agreement before the end of
the consideration period, he will have knowingly and voluntarily waived his right to consider the Release</FONT> <FONT STYLE="font-size: 10pt">Agreement
for the full consideration period and that he </FONT>will have<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> executed
this Release</FONT> <FONT STYLE="font-size: 10pt">Agreement voluntarily and with full knowledge of its significance, meaning and
binding effect. Employee may return this Release</FONT> <FONT STYLE="font-size: 10pt">Agreement in less than the full consideration
period only if his decision to shorten it was knowing and voluntary and was not induced in any way by Employer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Revocation
Period</U>.</B> Employee has seven calendar days from the date he signs this Release Agreement to revoke it if he chooses to do
so. If Employee elects to revoke, he must give written notice of such revocation to Employer by delivering notice of such revocation<FONT STYLE="font-family: Times New Roman, Times, Serif">
to John Herrmann, Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850 in such a manner that it is actually received
within the seven (7) calendar day period. Employee understands that if he revokes this Release Agreement, he will not be entitled
to the benefits offered as consideration for this Release Agreement.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Advice
to Consult Legal Representative</U>. </B>Employer recommends that Employee consult with an attorney of his own choosing, at his
own expense, with regard to entering into this Release Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Severability</U>.</B>
If any provision of this Release Agreement is or shall be declared invalid or unenforceable by a court of competent jurisdiction,
then such provision will be modified only to the extent necessary to cure such invalidity, with a view to enforcing the parties&rsquo;
intention as set forth in this Release Agreement to the fullest <FONT STYLE="font-family: Times New Roman, Times, Serif">extent
permissible. All remaining provisions of this Release Agreement shall not be affected thereby, and shall remain in full force and
effect.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Choice
of Law</U>.</B> This Release Agreement shall be governed by the laws of the State of Maryland, without giving effect to the<FONT STYLE="font-family: Times New Roman, Times, Serif">
choice of law principles of any state, except to the extent superseded by federal law (<U>e.g.</U>, ERISA).</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Employee
Certification; Validity of Agreement</U>. </B>Employee certifies<FONT STYLE="font-family: Times New Roman, Times, Serif"> that
</FONT>he has<FONT STYLE="font-family: Times New Roman, Times, Serif"> carefully read this Release Agreement and </FONT>has<FONT STYLE="font-family: Times New Roman, Times, Serif">
executed it voluntarily and with full knowledge and understanding of its significance, meaning and binding effect. </FONT>Employee<FONT STYLE="font-family: Times New Roman, Times, Serif">
further </FONT>declares<FONT STYLE="font-family: Times New Roman, Times, Serif"> that </FONT>he is<FONT STYLE="font-family: Times New Roman, Times, Serif">
competent to understand the content and effect of this Release Agreement</FONT>,<FONT STYLE="font-family: Times New Roman, Times, Serif">
and that </FONT>his<FONT STYLE="font-family: Times New Roman, Times, Serif"> decision to enter into this Release Agreement has
not been influenced in any way by fraud, duress, coercion, mistake or misleading information. </FONT>Employee has<FONT STYLE="font-family: Times New Roman, Times, Serif">
not relied on any information except what is set forth in this Release Agreement. </FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Effective
Date</U>.</B> Employee understands<FONT STYLE="font-family: Times New Roman, Times, Serif"> that this Release Agreement shall not
become effective or enforceable until the expiration of the revocation period set forth above, provided that </FONT>he does<FONT STYLE="font-family: Times New Roman, Times, Serif">
not</FONT> timely<FONT STYLE="font-family: Times New Roman, Times, Serif"> elect to revoke it.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Breach
of Agreement</U></B>. If Employee breaches any of the obligations set forth in this Release Agreement, in addition to all of the
remedies available to Employer, Employee will reimburse Employer all amounts paid to Employee as severance, viz., <FONT STYLE="font-family: Times New Roman, Times, Serif">the</FONT>
gross<FONT STYLE="font-family: Times New Roman, Times, Serif"> amount of $681,831 </FONT>(said amount not to include any earned<FONT STYLE="font-family: Times New Roman, Times, Serif">
salary paid </FONT>hereafter <FONT STYLE="font-family: Times New Roman, Times, Serif">to Employee through the last date of employment
and all accrued and unused vacation time</FONT>)<FONT STYLE="font-family: Times New Roman, Times, Serif">. Employee further agrees
that upon any breach of this Release Agreement by Employee, Employee will reimburse Employer for all expenses incurred in connection
with any legal action necessary to enforce this Release Agreement </FONT>as well as any expenses incurred<FONT STYLE="font-family: Times New Roman, Times, Serif">
as a result of Employee&rsquo;s breach of this Release Agreement, including attorney&rsquo;s fees and costs. (As required </FONT>under<FONT STYLE="font-family: Times New Roman, Times, Serif">
the regulations issued by the EEOC, the foregoing sentence does not apply with respect to a claim </FONT>asserted pursuant to the
Older Workers Benefit Protection Act)<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">IN WITNESS WHEREOF, and with the intention of
being legally bound hereby, Employee has executed this Release Agreement on the 26th day of April, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; tab-stops: right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; tab-stops: right 6.5in; text-autospace: none">/s/ Rahul Singhvi</TD>
    <TD STYLE="width: 25%; tab-stops: right 6.5in; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none">Rahul Singhvi</TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>3
<FILENAME>v304706_ex10-12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EMPLOYMENT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Employment Agreement (this &ldquo;Agreement&rdquo;)
is dated as of <B>June 22, 2011</B>, between <B>Novavax, Inc.</B>, a Delaware corporation having its principal office at 9920 Belward
Campus Drive, Rockville, MD 20850, and <B>Timothy J. Hahn </B>(&ldquo;Executive&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">WHEREAS, Executive will commence
employment with the Company on a date to be determined pursuant to an offer letter dated June 22, 2011, now therefore the Company
and Executive hereby agree as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employment</B>.
The Company hereby employs Executive and Executive hereby accepts employment as <B>Senior Vice President, Manufacturing</B> upon
the terms and conditions hereinafter set forth. As used throughout this Agreement, &ldquo;Company&rdquo; shall mean and include
any and all of its present and future subsidiaries and any and all subsidiaries of a subsidiary. Executive warrants and represents
that he is free to enter into and perform this Agreement and is not subject to any employment, confidentiality, non-competition
or other agreement which prohibits, restricts, or would be breached by either his acceptance or his performance of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Duties</B>.
During the Term (as hereinafter defined), Executive shall devote his full business time to the performance of services as <B>Senior
Vice President, Manufacturing</B> of Novavax, Inc., performing such services, assuming such responsibilities and exercising such
authority as are set forth in the Bylaws of the Company for such offices and assuming such other duties and responsibilities as
prescribed by the Company&rsquo;s President and CEO (&ldquo;CEO&rdquo;) and/or the Company&rsquo;s &ldquo;Board of Directors.&rdquo;
During the Term, Executive&rsquo;s services shall be completely exclusive to the Company and he shall devote his entire business
time, attention and energies to the business of the Company and the duties which the Company shall assign to him from time to time.
Executive agrees to perform his services faithfully and to the best of his ability and to carry out the policies and directives
of the Company. Notwithstanding the foregoing, it shall not be a violation of this Agreement for the Executive to serve as a director
of any company whose products do not compete with those of the Company and to serve as a director, trustee, officer, or consultant
to a charitable or non-profit entity; provided that such service does not adversely affect Executive&rsquo;s ability to perform
his obligations hereunder. Executive agrees to take no action which is in bad faith and prejudicial to the interests of the Company
during his employment hereunder. Notwithstanding the location where Executive shall be based, as set forth in this Agreement, he
also may be required from time to time to perform duties hereunder for reasonably short periods of time outside of said area.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Term</B>.
The term of this Agreement shall be the period of time beginning June 27, 2011 and shall continue for so long as Executive shall
be an at-will employee of the Company hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Compensation</B>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Base
Compensation</B>. For all Executive&rsquo;s services and covenants under this Agreement, the Company shall pay Executive an annual
salary, which is <B>$275,000</B> as of the date of this Agreement, established by the Board of Directors or an authorized committee
thereof (in accordance with established management processes) and payable in accordance with the Company&rsquo;s payroll policy
as constituted from time to time. The Company may withhold from any amounts payable under this Agreement all required federal,
state, city or other taxes and all other deductions as may be required pursuant to any law or government regulation or ruling.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Bonus
Program</B>. The Company agrees to pay the Executive a performance and incentive bonus in respect of Executive&rsquo;s employment
with the Company each year in an amount determined by the CMO, the CEO and Board of Directors (or any committee of the Board of
Directors authorized to make that determination) to be appropriate based upon Executive&rsquo;s, and the Company&rsquo;s, achievement
of certain specified goals, with a target bonus of <B>35%</B>, or any other percentage determined by the Board of Directors, of
Executive&rsquo;s base salary during the year to which the bonus relates. Such bonus shall be payable no later than two and one-half
months following the year for which the bonus applies. The bonus shall be paid out partly in cash and partly in shares of restricted
stock, in the discretion of the Board of Directors.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock
Awards</B>. Subject to approval by the Board of Directors (or any committee of the Board of Directors authorized to make that determination),
the Company will grant Executive stock options to purchase 200,000 shares of the Company&rsquo;s Common Stock ($.01 par value)
at an exercise price equal to the closing price of the Company&rsquo;s Common Stock on the later date of Executive&rsquo;s date
of hire or the date of such Board of Directors&rsquo; approval. Stock options described above will vest as to one-fourth of the
award on each of the first four (4) anniversaries of Executive&rsquo;s date of employment or Board of Directors&rsquo; approval.
Executive will be eligible for additional stock awards based upon performance subject to the approval of the CEO and the Board
of Directors.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Reimbursable
Expenses</B>. Executive shall be entitled to reimbursement for reasonable expenses incurred by him in connection with the performance
of his duties hereunder in accordance with such procedures and policies for executive officers as the Company has heretofore or
may hereafter establish. The amount of expenses eligible for reimbursement during any calendar year shall not affect the expenses
eligible for reimbursement in any other calendar year, and the reimbursement of an eligible expense shall be made as soon as practicable
after Executive submits the request for reimbursement, but not later than December 31 following the calendar year in which the
expense was incurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits</B>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
shall be entitled to four weeks of paid vacation time per year starting from the date of commencement of employment, calculated
and administered in accordance with Company policies for executive officers in effect from time to time. The Executive shall be
entitled to all other benefits associated with normal full time employment in accordance with Company policies.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to approval by the Board of Directors (or any committee of the Board of Directors authorized to make that determination), Executive
shall be entitled to participate in the Company&rsquo;s Change of Control Severance Benefit Plan adopted by August 10, 2005, as
amended and restated on July 26, 2006 and as further amended on December 31, 2008 and June 15, 2011 (the &ldquo;Change of Control
Severance Benefit Plan&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
of Employment</B>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
any other provision of this Agreement, Executive&rsquo;s employment may be terminated, without such action constituting a breach
of this Agreement:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>By
the Company, for &ldquo;Cause,&rdquo; as defined in Section 7(b) below;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>By
the Company, without Cause</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>By
the Company, upon 30 days&rsquo; notice to Executive, if he should be prevented by illness, accident or other disability (mental
or physical) from discharging his duties hereunder for one or more periods totaling three consecutive months during any twelve-month
period;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>By
the Executive with &ldquo;Good Reason&rdquo;, as defined in Section 7(c) below, within 30 days of the occurrence or commencement
of such Good Reason;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>By
the Executive without Good Reason upon 30 days prior written notice; or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>By
the event of Executive&rsquo;s death during the Term.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Cause&rdquo;
shall mean (i) Executive&rsquo;s failure or refusal to perform in all material respects the services required of him hereby, (ii)
Executive&rsquo;s failure or refusal to carry out any proper and material direction by the CMO, the CEO or the Board of Directors
with respect to the services to be rendered by him hereunder or the manner of rendering such services, (iii) Executive&rsquo;s
misconduct in the performance of his duties hereunder, (iv) Executive&rsquo;s commission of an act of fraud, embezzlement or theft
or a felony involving moral turpitude, (v) Executive&rsquo;s use or disclosure of confidential information (as defined in Section
10 of this Agreement), other than for the benefit of the Company in the course of rendering services to the Company or (vi) Executive&rsquo;s
engagement in any activity prohibited by Section 11 or 12 of this Agreement. For purposes of this Section 7, the Company shall
be required to provide Executive a specific written warning with regard to any occurrence of subsections (b)(i), (ii) and (iii)
above, which warning shall include a statement of corrective actions and a 30 day period for the Executive to respond to and implement
such actions, prior to any termination of employment by the Company pursuant to Section 7(a)(i) above.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Good
Reason&rdquo; shall mean the Company&rsquo;s material reduction or diminution of Executive&rsquo;s responsibilities and authority,
other than for Cause, without his consent.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Separation
Pay</B>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Executive&rsquo;s execution and delivery to the company of the Company&rsquo;s standard form of Separation and Release Agreement,
the Company shall pay Executive an amount equal to the Separation Pay upon the occurrence of the applicable Separation Event but
in no case later than two and one-half months following the year in which the Separation Event occurs. Separation Pay shall be
payable in accordance with the Company&rsquo;s payroll policy as constituted from time to time, and shall be subject to withholding
of all applicable federal, state and local taxes and any other deductions required by applicable law. In the event of Executive&rsquo;s
death, the Company&rsquo;s obligation to pay further compensation hereunder shall cease forthwith, except that Executive&rsquo;s
legal representative shall be entitled to receive his fixed compensation for the period up to the last day of the month in which
such death shall have occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8(a) above shall not apply should Executive receive severance benefits under the Company&rsquo;s Change in Control Severance Benefit
Plan.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Separation
Pay&rdquo; shall mean a lump sum amount equal to <B>twelve</B> months of Executive&rsquo;s then effective salary.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Separation
Event&rdquo; shall mean:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company&rsquo;s termination of Executive&rsquo;s employment by the Company without Cause, during the Term; or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: black">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
termination of Executive&rsquo;s employment by the Executive for Good Reason.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>All
Business to be Property of the Company; Assignment of Intellectual Property</B>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Executive
agrees that any and all presently existing business of the Company and all business developed by him or any other employee of the
Company including without limitation all contracts, fees, commissions, compensation, records, customer or client lists, agreements
and any other incident of any business developed, earned or carried on by Executive for the Company is and shall be the exclusive
property of the Company, and (where applicable) shall be payable directly to the Company.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Executive
hereby acknowledges that any plan, method, data, know-how, research, information, procedure, development, invention, improvement,
modification, discovery, design, process, software and work of authorship, documentation, formula, technique, trade secret or intellectual
property right whatsoever or any interest therein whether patentable or non-patentable, patents and applications therefor, trademarks
and applications therefor or copyrights and applications therefor (herein sometimes collectively referred to as &ldquo;Intellectual
Property&rdquo;) made, conceived, created, invested, developed, reduced to practice and/or acquired by Executive solely or jointly
with others during the Term is the sole and exclusive property of the Company, as work for hire, and that he has no personal right
in any such Intellectual Property. Executive hereby grants to the Company (without any separate remuneration or compensation other
than that received by him from time to time in the course of his employment) his entire right, title and interest throughout the
world in and to, all Intellectual Property, which is made, conceived, created, invested, developed, reduced to practice and/or
acquired by him solely or jointly with others during the Term.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Executive
shall cooperate fully with the Company, both during and after his employment with or engagement by the Company, with respect to
the procurement, maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the United
States and foreign countries) relating to Intellectual Property. Without limiting the foregoing, Executive agrees that to the extent
copyrightable, any such original works of authorship shall be deemed to be &quot;works for hire&quot; and that the Company shall
be deemed the author thereof under the U.S. Copyright Act, provided that in the event and to the extent such works are determined
not to constitute &quot;works for hire&quot; as a matter of law, Executive hereby irrevocably assigns and transfers to the Company
all right, title and interest in such works, including but not limited to copyrights thereof. Executive shall sign all papers,
including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments
of priority rights and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and
interests in any Intellectual Property (at the Company&rsquo;s expense) and agrees that these obligations are binding upon his
assigns, executors, administrators and other legal representatives. To that end, Executive shall provide current contact information
to the Company including, but not limited to, home address, telephone number and email address, and shall update his contact information
whenever necessary.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Confidentiality</B>.
Executive acknowledges his obligation of confidentiality with respect to all proprietary, confidential and non-public information
of the Company, including all Intellectual Property. By way of illustration, but not limitation, confidential and proprietary information
shall be deemed to include any plan, method, data, know-how, research, information, procedure, development, invention, improvement,
modification, discovery, process, work of authorship, documentation, formula, technique, product, idea, concept, design, drawing,
specification, technique, trade secret or intellectual property right whatsoever or any interest therein whether patentable or
non-patentable, patents and applications therefor, trademarks and applications therefor or copyrights and applications therefor,
personnel data, records, marketing techniques and materials, marketing and development plans, customer names and other information
related to customers, including prospective customers and contacts at customers, price lists, pricing policies and supplier lists
of the Company, in each case coming into Executive&rsquo;s possession, or which Executive learns, or to which Executive has access,
or which Executive may discover or develop (whether or not related to the business of the Company at the time this Agreement is
signed or any information Executive originates, discovers or develops, in whole or in part) as a result of Executive&rsquo;s employment
by (either full-time or part-time), or retention as a consultant of, the Company. Executive shall not, either during the Term or
for a period of ten (10) years thereafter, use for any purpose other than the furtherance of the Company&rsquo;s business, or disclose
to any person other than a person with a need to know such confidential, proprietary or non-public information for the furtherance
of the Company&rsquo;s business who is obligated to maintain the confidentiality of such information, any information concerning
any Intellectual Property, or other confidential, proprietary or non-public information of the Company, whether Executive has such
information in his memory or such information is embodied in writing, electronic or other tangible form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All originals and copies
of any of the foregoing, however and whenever produced, shall be the sole property of the Company. All files, letters, memoranda,
reports, records, data, sketches, drawings, program listings, or other written, photographic, or other tangible or electronic material
containing confidential or proprietary information or Intellectual Property, whether created by me or others, which shall come
into Executive&rsquo;s custody or possession, shall be and are the exclusive property of the Company to be used by Executive only
in the performance of his duties for the Company. All electronic material containing confidential or proprietary information or
Intellectual Property will be stored on a computer supplied to Executive by the Company and, under no circumstances, will it be
transferred to a personal computer. Executive will promptly deliver to the Company and/or a person or entity identified by the
Company all such materials or copies of such materials and all tangible property of the Company in Executive&rsquo;s custody or
possession, upon the earlier of (i) a request by the Company or (ii) termination of employment or engagement by the Company. After
such delivery, Executive will not retain any such materials or copies or any such tangible property or any summaries or memoranda
regarding same.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Competition
Covenant</B>. As the Executive has been granted options to purchase stock in the Company and as such has a financial interest in
the success of the Company&rsquo;s business and as Executive recognizes that the Company would be substantially injured by Executive
competing with the Company, Executive agrees and warrants that within the United States, he will not, unless acting with the Company&rsquo;s
express prior written consent, directly or indirectly, while an employee of the Company and during the Non-Competition Period,
as defined below, engage in the development, production, marketing or sale of products that compete (or, upon commercialization,
would compete) with products or candidate products that, as of the date of Executive&rsquo;s termination or any date during the
following six (6) months, are in clinical development, awaiting regulatory licensure or being actively marketed or sold by the
Company; provided, however, that Executive may own, and exercise rights with respect to, less than one percent of the equity of
a publicly traded company. The &ldquo;Non-Competition Period&rdquo; shall be a period of <B>twelve</B> (12) months following termination
of employment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Executive and the Company
are of the belief that the period of time and the area herein specified are reasonable in view of the nature of the business in
which the Company is engaged and proposes to engage, the state of its business development and Executive&rsquo;s knowledge of this
business; however, if such period or such area should be adjudged unreasonable in any judicial proceeding, then the period of time
shall be reduced by such number of months or such area shall be reduced by elimination of such portion of such area, or both, as
are deemed unreasonable, so that this covenant may be enforced in such area and during such period of time as is adjudged to be
reasonable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Solicitation
Agreement</B>. Executive agrees and covenants that he will not, unless acting with the Company&rsquo;s express written consent,
directly or indirectly, during the Term of this Agreement or during the Non-Competition Period (as defined in Section 11 above)
solicit, entice or attempt to entice away or interfere in any manner with the Company&rsquo;s relationships or proposed relationships
with any customer, officer, employee, consultant, proposed customer, vendor, supplier, proposed vendor or supplier or person or
entity or person providing or proposed to provide research and/or development services to, on behalf of or with the Company.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notices</B>.&nbsp;
All notices and other communications hereunder shall be in writing and shall be deemed to have been given on actual receipt after
having been delivered by hand, mailed by first class mail, postage prepaid, or sent by Federal Express or similar overnight delivery
services, as follows: (a) if to Executive, at the address shown at the head of this Agreement, or to such other person(s) or address(es)
as Executive shall have furnished to the Company in writing and, if to the Company, to John A. Herrmann, III, Esq., Corporate Legal
Affairs, 9920 Belward Campus Drive, Rockville, MD or to such other person(s) or address(es) as the Company shall have furnished
to Executive in writing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Assignability</B>.
In the event of a change of control (as defined in the Company&rsquo;s Change of Control Severance Benefit Plan), the terms of
this Agreement shall inure to the benefit of, and be assumed by, the acquiring person (as defined in the Company&rsquo;s Change
of Control Severance Benefit Plan). This Agreement shall not be assignable by Executive, but it shall be binding upon, and to the
extent provided in Section 8 shall inure to the benefit of, his heirs, executors, administrators and legal representatives.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement</B>. This Agreement and the Non-Disclosure, Proprietary Information and Invention Assignment Agreement contain the entire
agreement between the Company and Executive with respect to the subject matter hereof and there have been no oral or other prior
agreements of any kind whatsoever as a condition precedent or inducement to the signing of this Agreement or otherwise concerning
this Agreement or the subject matter hereof. Notwithstanding the foregoing, Executive acknowledges that he is required as a condition
to continued employment, to comply at all times, with the Company&rsquo;s policies affecting employees, including the Company&rsquo;s
published Code of Ethics, as in effect from time to time.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Equitable
Relief</B>. Executive recognizes and agrees that the Company&rsquo;s remedy at law for any breach of the provisions of Sections
9, 10, 11 or 12 hereof would be inadequate, and he agrees that for breach of such provisions, the Company shall, in addition to
such other remedies as may be available to it at law or in equity or as provided in this Agreement, be entitled to injunctive relief
and to enforce its rights by an action for specific performance. Should Executive engage in any activities prohibited by this Agreement,
he agrees to pay over to the Company all compensation, remuneration or monies or property of any sort received in connection with
such activities; such payment shall not impair any rights or remedies of the Company or obligations or liabilities of Executive
which such parties may have under this Agreement or applicable law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amendments</B>.
This Agreement may not be amended, nor shall any change, waiver, modification, consent or discharge be effected except by written
instrument executed by the Company and Executive.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability</B>.
If any part of any term or provision of this Agreement shall be held or deemed to be invalid, inoperative or unenforceable to any
extent by a court of competent jurisdiction, such circumstances shall in no way affect any other term or provision of this Agreement,
the application of such term or provision in any other circumstances, or the validity or enforceability of this Agreement. Executive
agrees that the restrictions set forth in Sections 10 and 11 above (including, but not limited to, the geographical scope and time
period of restrictions) are fair and reasonable and are reasonably required for the protection of the interests of the Company
and its affiliates. In the event that any provision of Section 11 or 12 relating to time period and/or areas of restriction shall
be declared by a court of competent jurisdiction to exceed the maximum time period or areas such court deems reasonable and enforceable,
said time period and/or areas of restriction shall be deemed to become and thereafter be the maximum time period and/or areas which
such court deems reasonable and enforceable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Paragraph
Headings</B>. The paragraph headings used in this Agreement are included solely for convenience and shall not affect, or be used
in connection with, the interpretation hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Governing
Law</B>. This Agreement shall be governed by and construed and enforced in accordance with the law of the State of Maryland, without
regard to the principles of conflict of laws thereof.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Resolution
of Disputes</B>. With the exception of proceedings for equitable relief brought pursuant to Section&nbsp;16 of this Agreement,
any disputes arising under or in connection with this Agreement including, without limitation, any assertion by any party hereto
that the other party has breached any provision of this Agreement, shall be resolved by arbitration, to be conducted in Baltimore,
Maryland, in accordance with the rules and procedures of the American Arbitration Association. The parties shall bear equally the
cost of such arbitration, excluding attorneys&rsquo; fees and disbursements which shall be borne solely by the party incurring
the same; provided, however, that if the arbitrator rules in favor of Executive on at least one material component of the dispute,
Company shall be solely responsible for the payment of all costs, fees and expenses (including without limitation Executive&rsquo;s
reasonable attorney&rsquo;s fees and disbursements) of such arbitration. The Company shall reimburse Executive for any such fees
and expenses incurred by Executive in any calendar year within a reasonable time following Executive&rsquo;s submission of a request
for such reimbursement, which in no case shall be later than the end of the calendar year following the calendar year in which
such expenses were incurred. Executive shall submit any such reimbursement request no later than the June 30<SUP>th</SUP> next
following the calendar year in which the fees and expenses are incurred. In the event the arbitrator rules against Executive, Executive
shall repay the Company the amount of such reimbursed expenses no later than 180&nbsp;days following the date as of which such
arbitrator&rsquo;s decision becomes final. The provisions of this Section&nbsp;21 shall survive the termination for any reason
of the Term (whether such termination is by the Company, by Executive or upon the expiration of the Term).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Indemnification;
Insurance</B>. The Executive shall be entitled to liability and expense indemnification and reimbursement to the fullest extent
permitted by the Company&rsquo;s current By-laws and Certificate of Incorporation, whether or not the same are subsequently amended.
During the Term, the Company will use commercially reasonable efforts to maintain in effect directors&rsquo; and officers&rsquo;
liability insurance no less favorable to Executive than that in effect as of the date of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Survival</B>.
Sections 8 through 23 shall survive termination of this Agreement for the period and to the extent specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
parties have executed or caused to be executed under seal this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">NOVAVAX, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; width: 50%">&nbsp;</TD>
    <TD STYLE="tab-stops: right 6.5in; width: 3%">By:</TD>
    <TD STYLE="tab-stops: right 6.5in; width: 47%; border-bottom: Black 1pt solid">/s/ Stanley C. Erck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">Name: Stanley C. Erck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">Title: &nbsp;&nbsp;President &amp; Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">EXECUTIVE:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD STYLE="tab-stops: right 6.5in">By:</TD>
    <TD STYLE="tab-stops: right 6.5in; border-bottom: Black 1pt solid">/s/ Timothy J. Hahn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in">Timothy J. Hahn</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>4
<FILENAME>v304706_ex10-23.htm
<DESCRIPTION>EXHIBIT 10.23
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.23</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">LEASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS LEASE AGREEMENT</B>
(&ldquo;<B>this Lease</B>&rdquo;) is made as of this 18th day of November, 2011, between <FONT STYLE="font-size: 10pt"><B>ARE-20/22/1300
FIRSTFIELD QUINCE ORCHARD, LLC</B>, a Delaware limited liability company</FONT> (&ldquo;<B>Landlord</B>&rdquo;), and <B>NOVAVAX,
INC</B>., a Delaware corporation (&ldquo;<B>Tenant</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>BASIC LEASE PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-indent: 0in; font-weight: bold">Address:</TD>
    <TD STYLE="width: 82%; text-indent: 0in">20 Firstfield Road, Gaithersburg, Maryland&nbsp; 20878.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">Premises:</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">That portion of the Project, consisting of the entire building (&ldquo;<B>Building</B>&rdquo;) containing approximately 53,464 rentable square feet, as determined by Landlord. The Building is shown on <B>Exhibit A</B>.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: justify"><B>Project</B>:</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">The real property on which the Building is located, together with all improvements thereon and appurtenances thereto as described on <B>Exhibit B</B>.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; text-indent: 0in"><B>Base Rent</B>: $108,710.13, per month </TD>
    <TD STYLE="width: 62%; text-indent: 0in"><B>Rentable Area of Premises</B>: 53,464 sq. ft.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Rentable Area of Project</B>: 53,464 sq. ft.</TD>
    <TD STYLE="text-indent: 0in"><B>Tenant&rsquo;s Share of Operating Expenses</B>: 100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Security Deposit</B>: $543,550.65</TD>
    <TD><B>Rent Adjustment Percentage</B>: 3%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-indent: 0in; text-align: justify"><B>Base Term</B>:</TD>
    <TD STYLE="width: 82%; text-indent: 0in; text-align: justify">Beginning on the Rent Commencement Date and ending on October 31, 2023.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: justify"><B>Permitted Use</B>:</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">office, research, development, testing, manufacturing, storage, production, and sale of biologic, pharmaceutical, or any other products (including raw materials and consumables) regulated by the United States Food and Drug Administration, and for any other use permitted by the Legal Requirements with Landlord&rsquo;s prior written consent (which consent shall not be unreasonably withheld, conditioned, or delayed), and otherwise in compliance with the provisions of <U>Section 7</U> hereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -85.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -85.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">Address for Rent Payment:</TD>
    <TD STYLE="width: 50%; font-weight: bold">Landlord&rsquo;s Notice Address:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>For <U>check</U> payments remit to:</TD>
    <TD>385 E. Colorado Blvd., Suite 299</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Pasadena, CA &nbsp;91101</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SunTrust Bank</TD>
    <TD>Attention: Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>P.O. Box 79840</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Baltimore, MD &nbsp;21279-0840</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>For <U>overnight courier</U> remit to:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lockbox # 79840</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>c/o SunTrust Bank</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1000 Stewart Avenue</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Glen Burnie, MD 21061</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Tenant&rsquo;s Notice Address (before the Intercell Sublease Commencement Date):</TD>
    <TD STYLE="font-weight: bold">Tenant&rsquo;s Notice Address (from and after the Intercell Sublease Commencement Date):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Attn:&nbsp; Executive Director of Legal Affairs and</TD>
    <TD>Attn:&nbsp; Executive Director of Legal Affairs and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Secretary</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>9920 Belward Campus Drive</TD>
    <TD>20 Firstfield Road</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Rockville, MD&nbsp; 20850</TD>
    <TD>Gaithersburg, MD&nbsp; 20878</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -85.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -85.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -85.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><B>With a copy of notices of Default (whether before or after the Intercell Sublease Commencement Date)</B>:</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ropes &amp; Gray LLP</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Prudential Tower, 800 Boylston Street</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Boston, MA&nbsp; 02199-3600</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Attention:&nbsp; Walter R. McCabe, Esquire</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following Exhibits and Addenda are attached hereto and incorporated
herein by this reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Wingdings">x&nbsp;</TD>
    <TD STYLE="width: 44%"><B>EXHIBIT A</B> - PREMISES DESCRIPTION</TD>
    <TD STYLE="width: 4%; font-family: Wingdings">x&nbsp;</TD>
    <TD STYLE="width: 49%"><B>EXHIBIT B</B> - DESCRIPTION OF PROJECT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings">x&nbsp;</TD>
    <TD><B>EXHIBIT C</B> &ndash; WORK LETTER</TD>
    <TD STYLE="font-family: Wingdings">x&nbsp;</TD>
    <TD><B>EXHIBIT D</B> - COMMENCEMENT DATE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings">x&nbsp;</TD>
    <TD><B>EXHIBIT E</B> - RULES AND REGULATIONS</TD>
    <TD STYLE="font-family: Wingdings">x&nbsp;</TD>
    <TD><B>EXHIBIT F</B> - TENANT&rsquo;S PERSONAL PROPERTY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings">x&nbsp;</TD>
    <TD><B>EXHIBIT G</B> &ndash; LETTER OF CREDIT FORM</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Lease
of Premises</B>. Upon and subject to all of the terms and conditions hereof, Landlord hereby leases the Premises to Tenant and
Tenant hereby leases the Premises from Landlord. Landlord reserves the right to modify the parking area and other portions of the
Project, provided that such modifications do not materially adversely affect Tenant&rsquo;s use of the Premises for the Permitted
Use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delivery;
Acceptance of Premises; Commencement Date</B>. As of the Commencement Date, <FONT STYLE="color: black">Intercell USA, Inc., a Delaware
corporation (&ldquo;<B>Intercell</B>&rdquo;), leases the Premises from Landlord pursuant to the terms and conditions of a </FONT>Lease
Agreement dated as of December 18, 2000, as amended (&ldquo;<B>Intercell Prime Lease</B>&rdquo;). Pursuant to the Sublease (&ldquo;<B>Intercell
Sublease</B>&rdquo;) dated as of October&nbsp;21, 2011 between <FONT STYLE="color: black">Intercell, as sublandlord, and Tenant,
as subtenant, Tenant will sublease the Premises from Intercell beginning on the Intercell Sublease Commencement Date (as defined
below) and ending on March 31, 2013, the expiration date of the Intercell Sublease and the day before the Rent Commencement Date.
Effective as of the Rent Commencement Date, </FONT>Landlord shall use reasonable efforts to make the Premises available to Tenant
for Tenant&rsquo;s Work under the Work Letter and Tenant&rsquo;s delivery of evidence of the insurance required hereby and by the
Work Letter (&ldquo;<B>Delivery</B>&rdquo; or &ldquo;<B>Deliver</B>&rdquo;). If Landlord fails to timely Deliver the Premises,
Landlord shall not be liable to Tenant for any loss or damage resulting therefrom, and this Lease shall not be void or voidable
except as provided herein. If Landlord does not Deliver the Premises within 60 days of the Rent Commencement Date for any reason
other than Force Majeure Delays and Intercell Delays (as defined below), this Lease may be terminated by Tenant by written notice
to Landlord, and if so terminated: (a)&nbsp;the Security Deposit, or any balance thereof (i.e., after deducting therefrom all amounts
to which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant, and (b) neither Landlord nor Tenant
shall have any further rights, duties or obligations under this Lease, except with respect to provisions which expressly survive
termination of this Lease. If Tenant does not elect to void this Lease within 5 business days of the lapse of such 60 day period,
such right to void this Lease shall be waived and this Lease shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Defined
Terms</B>. For purposes of this Lease, (i) <FONT STYLE="color: black">&ldquo;<B>Commencement Date</B>&rdquo; means the date on
which this Lease is fully executed by Landlord and Tenant, </FONT>(ii)&nbsp;&ldquo;<B>Force Majeure Delays</B>&rdquo; means delays
arising by reason of any Force Majeure (as defined in <U>Section 34</U>), (iii) &ldquo;<B>Intercell Delays</B>&rdquo; means any
delay by Intercell in vacating the Premises by the day before the Rent Commencement Date, (iv)&nbsp;<FONT STYLE="color: black">&ldquo;<B>Intercell
Sublease Commencement Date</B>&rdquo; means January 1, 2012, </FONT>(v) <FONT STYLE="color: black">&ldquo;<B>Rent Commencement
Date</B>&rdquo; means April&nbsp;1, 2013 (subject to the Base Rent Abatement [as defined in <U>Section&nbsp;4(b)</U>])</FONT>,
(vi)&nbsp;&ldquo;<B>Tenant&rsquo;s Work</B>&rdquo; means the work of constructing certain improvements, or performing certain work,
with respect to the Premises described in the Work Letter attached hereto as <B>Exhibit C</B>, and (vii) &ldquo;<B>Term</B>&rdquo;
means the Base Term, as defined above in the Basic Lease Provisions and any Extension Term that Tenant may elect pursuant to <U>Section&nbsp;39</U>
hereof.<FONT STYLE="color: black"> </FONT>Landlord and Tenant shall execute and deliver a written acknowledgment of the Commencement
Date, the Rent Commencement Date, and the expiration date of the Term when such are established in the form of the &ldquo;Acknowledgement
of Commencement Date&rdquo; attached to this Lease as <B>Exhibit D</B>; <U>provided</U>, <U>however</U>, that Tenant&rsquo;s failure
to execute and deliver such acknowledgment shall not affect Landlord&rsquo;s rights hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Condition
of Premises</B>. Except as set forth in the Work Letter and in this Lease, and subject to Landlord&rsquo;s obligations under <U>Section
13(a)</U>: (i) Tenant shall accept the Premises in their condition as of the Intercell Sublease Commencement Date, subject to all
applicable Legal Requirements (as defined in <U>Section 7</U>), (ii) Landlord shall have no obligation for any defects in the Premises,
and (iii)&nbsp;Tenant&rsquo;s taking possession of the Premises shall be conclusive evidence that Tenant accepts the Premises and
that the Premises were in good condition at the time possession was taken. Any entry onto the Premises by Tenant before the Intercell
Sublease Commencement Date shall be subject to Tenant&rsquo;s compliance with the provisions of <U>Sections 16</U> (Indemnification)
and <U>17</U> (Insurance) of the Intercell Prime Lease as though Tenant were the Tenant thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Environmental
Report</B>. Tenant agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty
with respect to the condition of all or any portion of the Premises or the Project, and/or the suitability of the Premises or the
Project for the conduct of Tenant&rsquo;s business, and Tenant waives any implied warranty that the Premises or the Project are
suitable for the Permitted Use. This Lease constitutes the complete agreement of Landlord and Tenant with respect to the subject
matter hereof and supersedes any and all prior representations, inducements, promises, agreements, understandings and negotiations
which are not contained herein. Landlord in executing this Lease does so in reliance upon Tenant&rsquo;s representations, warranties,
acknowledgments and agreements contained herein. <FONT STYLE="color: black">Tenant acknowledges receipt of a Phase 1 Environmental
Site Assessment report for the Building addressed to Landlord and Tenant and prepared by <FONT STYLE="text-transform: uppercase">Environ</FONT>
International Corporation and dated November 15, 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Conditions</B>.
This Lease is contingent on the following events (&ldquo;<B>Conditions</B>&rdquo;) occurring: (i)&nbsp;Landlord and Intercell executing
and delivering an amendment to the Intercell Prime Lease, (ii)&nbsp;Landlord and Intercell executing and delivering an amendment
to the lease agreement between Intercell and Landlord for premises located at 22 Firstfield Drive, Gaithersburg, Maryland, (iii)
Landlord, Intercell, and Tenant executing and delivering a Consent to Sublease for the Premises, and (iv) Landlord, Intercell,
and Tenant executing and delivering a Consent to Sublease for premises located at 22 Firstfield Drive, Gaithersburg, Maryland.
Within 10 days after written request from either Landlord or Tenant, Landlord and Tenant shall execute and deliver a statement
in form and substance reasonably acceptable to them confirming that the Conditions have been satisfied or waived.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rent</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base
Rent</B>. The first month&rsquo;s Base Rent shall be due and payable on delivery by Tenant of an executed copy of this Lease to
Landlord. Subject to the Base Rent Abatement (as defined below), beginning on the Rent Commencement Date Tenant shall pay to Landlord
in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each
calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of
Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments
of Base Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord
and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abate,
reduce, or set-off any Rent (as defined in <U>Section 5</U>) due hereunder except for any abatement as may be expressly provided
in this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional
Rent</B>. In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent (&ldquo;<B>Additional Rent</B>&rdquo;):
(i) Tenant&rsquo;s Share of &ldquo;Operating Expenses&rdquo; (as defined in <U>Section 5</U>), and (ii) any and all other amounts
Tenant assumes or agrees to pay under the provisions of this Lease, including, without limitation, any and all other sums that
may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of
this Lease to be performed by Tenant, after any applicable notice and cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base
Rent Adjustments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>.
Base Rent shall be increased as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date or dates on which Landlord pays the Additional Tenant Improvement Allowance pursuant to <U>Section 5</U> of the Work
Letter (such increase in Base Rent to be calculated based on the amount of the Additional Tenant Improvement Allowance drawn and
actually paid, transferred, or otherwise made available to Tenant), which amount shall be amortized over the aggregate term of
the Intercell Sublease and the Base Term. If the Base Term is extended pursuant to the Extension Right (as defined in <U>Section
39</U>), such amount shall be re-amortized (effective as of the beginning of the applicable Extension Term) over the applicable
Extension Term. The resulting amount so amortized shall be added to the monthly installments of Base Rent; <U>provided</U>, <U>however</U>,
that the portion of such payments attributable to the term of the Intercell Sublease shall be paid directly by Tenant to Landlord
on the first day of each month during the term of the Intercell Sublease. Tenant shall have the right, in the exercise of its sole
discretion and upon not less than 30 days&rsquo; written notice to Landlord, to limit the amount of its repayment of the Additional
Tenant Improvement Allowance to no more than $350,000 in any calendar year during the term of the Intercell Sublease and the Term
(&ldquo;<B>Annual Cap</B>&rdquo;). If and for so long as Tenant makes such an election, the amounts in excess of the Annual Cap
that Tenant does not pay to Landlord for such calendar year (&ldquo;<B>Excess Amount</B>&rdquo;) shall continue to accrue interest
as set forth in this paragraph. On the expiration or earlier termination of this Lease, Tenant shall pay to Landlord as Additional
Rent the Excess Amount together with interest accrued thereon. Each advance of the Additional Tenant Improvement Allowance shall
accrue interest at 8% per annum from the date of advancement until the date on which such advance is repaid in full. At any time
during the Base Term, Tenant shall have the right to pay the Excess Amount, at which time the Base Rent will be recalculated to
reflect such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the first and each subsequent anniversary of the first day of the first full month during the Term of this Lease (each an &ldquo;<B>Adjustment
Date</B>&rdquo;) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage
and adding the resulting amount to the Base Rent (which for this purpose shall be adjusted pursuant to the last sentence of this
paragraph) payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein.
Base Rent adjustments for any fractional calendar month shall be prorated. The Rent Adjustment Percentage shall not be applicable
to the Additional Tenant Improvement Allowance or any interest thereon paid in accordance with clause (i) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base
Rent Abatement</B>. Provided Tenant is not in Default hereunder, Landlord hereby grants Tenant an abatement of the Base Rent (&ldquo;<B>Base
Rent Abatement</B>&rdquo;) payable hereunder for the first 12 full calendar months commencing on the Rent Commencement Date. Thereafter,
Tenant shall pay the full amount of Base Rent due in accordance with the provisions of this Lease. Notwithstanding anything to
the contrary in this <U>Section 4(b)</U>, the adjustment in the Base Rent as set forth in this <U>Section 4</U> shall be based
on the full and unabated amount of Base Rent payable for the first 12 month period from and after the Rent Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Operating
Expense Payments</B>. Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the
Term (&ldquo;<B>Annual Estimate</B>&rdquo;), which may be revised by Landlord from time to time but no more frequently than twice
during such calendar year. Beginning on the Rent Commencement Date, Tenant shall pay Landlord on or before the first day of each
calendar month during the Term hereof an amount equal to 1/12<SUP>th</SUP> of Tenant&rsquo;s Share of the Annual Estimate. Payments
for any fractional calendar month shall be prorated. <FONT STYLE="color: black">All Operating Expenses shall be determined according
to generally accepted accounting principles, consistently applied (&ldquo;<B>GAAP</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Operating
Expenses</B>&rdquo; means all costs and expenses of any kind or description whatsoever incurred or accrued each calendar year by
Landlord with respect to the Project (including, without duplication, Taxes (as defined in <U>Section 9</U>), capital repairs and
improvements (such capital repairs and improvements to be amortized over their useful life in accordance with generally acceptable
accounting principles consistently applied, the costs of Landlord&rsquo;s third party property manager not to exceed a management
fee of 3% of Base Rent or, if there is no third party property manager, administration rent in the amount of 3% of Base Rent, in
either case computed without reference to any period of Base Rent Abatement and any amounts of Additional Tenant Improvement Allowance
repaid by Tenant pursuant to <U>Section 4(a)(i)</U> above), excluding only:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
original construction costs of the Project and renovation prior to the date of this Lease and costs of correcting defects in such
original construction or renovation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital
expenditures for expansion of the Project, and any capital improvements made within the last 24 month period of the Term, subject
to Tenant&rsquo;s repayment obligations under <U>Section&nbsp;14(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest,
principal payments of Mortgage (as defined in <U>Section 27</U>) debts of Landlord, financing costs and amortization of funds borrowed
by Landlord, whether secured or unsecured and all payments of base rent (but not taxes or operating expenses) under any ground
lease or other underlying lease of all or any portion of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;depreciation
of the Project (except for depreciation of capital improvements, the cost of which are expressly included in Operating Expenses);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;advertising,
legal and space planning expenses and leasing commissions and other costs and expenses incurred in procuring and leasing space
to tenants for the Project, including any leasing office maintained in the Project, free rent and construction allowances for tenants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;legal
and other expenses incurred in the negotiation or enforcement of leases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;completing,
fixturing, improving, renovating, painting, redecorating or other work, which Landlord pays for or performs for other tenants within
their premises, and costs of correcting defects in such work;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
of utilities outside normal business hours sold to tenants of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
to be reimbursed by other tenants of the Project, if any, or Taxes to be paid directly by Tenant or other tenants of the Project,
if any, whether or not actually paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;salaries,
wages, benefits and other compensation paid to officers and employees of Landlord who are not assigned in whole or in part to the
operation, management, maintenance or repair of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general
organizational, administrative and overhead costs relating to maintaining Landlord&rsquo;s existence, either as a corporation,
partnership, or other entity, including general corporate, legal and accounting expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
(including attorneys&rsquo; fees and costs of settlement, judgments and payments in lieu thereof) incurred in connection with disputes
with tenants, other occupants, or prospective tenants, and costs and expenses, including legal fees, incurred in connection with
negotiations or disputes with employees, consultants, management agents, leasing agents, purchasers or mortgagees of the Building;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
incurred by Landlord due to the violation by Landlord, its employees, agents or contractors or any tenant of the terms and conditions
of any lease of space in the Project or any Legal Requirement (as defined in <U>Section 7</U>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;penalties,
fines or interest incurred as a result of Landlord&rsquo;s inability or failure to make payment of Taxes and/or to file any tax
or informational returns when due, or from Landlord&lsquo;s failure to make any payment of Taxes required to be made by Landlord
hereunder before delinquency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;overhead
and profit increment paid to Landlord or to subsidiaries or affiliates of Landlord for goods and/or services in or to the Project
to the extent the same exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive
basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
of Landlord&rsquo;s charitable or political contributions, or of fine art maintained at the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
in connection with services (including electricity), items or other benefits of a type which are not standard for the Project and
which are not available to Tenant without specific charges therefor, but which are provided to another tenant or occupant of the
Project, whether or not such other tenant or occupant is specifically charged therefor by Landlord;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
incurred in the sale or refinancing of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net
income taxes of Landlord or the owner of any interest in the Project (except to the extent such net income taxes are in substitution
for any Taxes payable hereunder), franchise, capital stock, gift, estate or inheritance taxes or any federal, state or local documentary
taxes imposed against the Project or any portion thereof or interest therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
expenses otherwise includable within Operating Expenses to the extent actually reimbursed by persons other than tenants of the
Project under leases for space in the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reserves
for future repairs and replacements; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
incurred by Landlord for repair or replacement of Building structural elements for which Landlord is responsible under this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Within 150 days after the
end of each calendar year, Landlord shall furnish to Tenant a statement (an &ldquo;<B>Annual Statement</B>&rdquo;) showing in reasonable
detail: (a) the total and Tenant&rsquo;s Share of actual Operating Expenses for the previous calendar year, and (b) the total of
Tenant&rsquo;s payments in respect of Operating Expenses for such year. If Tenant&rsquo;s Share of actual Operating Expenses for
such year exceeds Tenant&rsquo;s payments of Operating Expenses for such year, the excess shall be due and payable by Tenant as
Rent within 30 days after delivery of such Annual Statement to Tenant. If Tenant&rsquo;s payments of Operating Expenses for such
year exceed Tenant&rsquo;s Share of actual Operating Expenses for such year Landlord shall pay the excess to Tenant within 30 days
after delivery of such Annual Statement, except that after the expiration, or earlier termination of the Term or if Tenant is delinquent
in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting all other amounts due Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Annual Statement shall
be final and binding upon Tenant and Landlord unless Tenant, within 30 days after Tenant&rsquo;s receipt thereof, shall reasonably
and in good faith question or contest any item therein by giving written notice to Landlord, specifying each item questioned or
contested and the reason therefor. In response to such written notice, Landlord will provide Tenant with access to Landlord&rsquo;s
books and records relating to the operation of the Project and such information as Landlord reasonably determines to be responsive
to Tenant&rsquo;s questions (&ldquo;<B>Expense Information</B>&rdquo;). Landlord shall make the Expense Information available to
Tenant at the Premises or at Landlord&rsquo;s place of business in the Washington, D.C. metropolitan area. If after Tenant&rsquo;s
review of such Expense Information, Landlord and Tenant cannot agree upon the amount of Tenant&rsquo;s Share of Operating Expenses,
then Tenant shall have the right to have an independent public accounting firm selected by Tenant from among the 5 largest (as
measured by the number of certified public accountants) operating in the greater Washington, D.C. metropolitan area, working pursuant
to a fee arrangement other than a contingent fee (at Tenant&rsquo;s sole cost and expense) and approved by Landlord (which approval
shall not be unreasonably withheld, conditioned, or delayed), audit and/or review the Expense Information for the year in question
(&ldquo;<B>Independent Review</B>&rdquo;). Landlord hereby approves Grant Thornton as Tenant&rsquo;s independent accounting firm
for all purposes under this Lease. Should Tenant elect to use a different independent accounting firm, Tenant&rsquo;s selection
shall be subject to Landlord&rsquo;s approval as provided in this paragraph. The results of any such Independent Review shall be
binding on Landlord and Tenant. If the Independent Review shows that the payments actually made by Tenant with respect to Operating
Expenses for the calendar year in question exceeded Tenant&rsquo;s Share of Operating Expenses for such calendar year, Landlord
shall pay the excess to Tenant within 30 days after delivery of such statement, except that after the expiration or earlier termination
of this Lease or if Tenant is delinquent in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting
all other amounts due Landlord. If the Independent Review shows that Tenant&rsquo;s payments with respect to Operating Expenses
for such calendar year were less than Tenant&rsquo;s Share of Operating Expenses for the calendar year, Tenant shall pay the deficiency
to Landlord within 30 days after delivery of such statement. If the Independent Review shows that Tenant has overpaid with respect
to Operating Expenses by more than 5% then Landlord shall reimburse Tenant for all costs incurred by Tenant for the Independent
Review by means of deducting such costs from the next monthly installment(s) of Base Rent or refund such amount within 30 days
if no Base Rent is due. Operating Expenses for the calendar years in which Tenant&rsquo;s obligation to share therein begins and
ends shall be prorated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tenant&rsquo;s
Share</B>&rdquo; shall be the percentage set forth in the Basic Lease Provisions as Tenant&rsquo;s Share. <FONT STYLE="color: black">In
calculating the Operating Expenses, no expense shall be charged more than once. </FONT>Base Rent, Tenant&rsquo;s Share of Operating
Expenses, and all other amounts payable by Tenant to Landlord hereunder are collectively referred to herein as &ldquo;<B>Rent</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Security
Deposit</B>. Tenant shall deposit with Landlord, on or before January 31, 2012, a security deposit (&ldquo;<B>Security Deposit</B>&rdquo;)
for the performance of all of Tenant&rsquo;s obligations hereunder in the amount set forth in the Basic Lease Provisions, which
Security Deposit shall be in the form of an unconditional and irrevocable letter of credit (&ldquo;<B>Letter of Credit</B>&rdquo;):
(i) substantially in the form of <B>Exhibit G</B> attached hereto and otherwise in form and substance reasonably satisfactory to
Landlord, (ii) naming Landlord as beneficiary, (iii) expressly allowing Landlord to draw upon it at any time from time to time
by delivering to the issuer notice that Landlord is entitled to draw thereunder, (iv) issued by an FDIC-insured financial institution
reasonably satisfactory to Landlord, and (v)&nbsp;redeemable by presentation of a sight draft in the State of Maryland. If Tenant
does not provide Landlord with a substitute Letter of Credit complying with all of the requirements hereof at least 10 days before
the stated expiration date of any then current Letter of Credit, Landlord shall have the right to draw the full amount of the current
Letter of Credit and hold the funds drawn in cash without obligation for interest thereon as the Security Deposit. On Landlord&rsquo;s
receipt of a replacement Letter of Credit that complies with the terms and conditions of this Section, Landlord shall return the
unapplied cash to Tenant. The Security Deposit shall be held by Landlord as security for the performance of Tenant&rsquo;s obligations
under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord&rsquo;s damages in case of Tenant&rsquo;s
default. Upon each occurrence of a Default (as defined in <U>Section 20</U>), Landlord may use all or any part of the Security
Deposit to pay delinquent payments due under this Lease, and the cost of any damage, injury, expense or liability caused by such
Default, without prejudice to any other remedy provided herein or provided by law. Upon any such use of all or any portion of the
Security Deposit, Tenant shall pay Landlord within 5 business days after written demand the amount that will restore the Security
Deposit (by posting a replacement Letter of Credit) to the amount set forth in the Basic Lease Provisions. Tenant hereby waives
the provisions of any law, now or hereafter in force, which provide that Landlord may claim from a security deposit only those
sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Tenant or to clean the Premises,
it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other loss
or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any officer, employee, agent or invitee of
Tenant. Upon bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied
first to the payment of Rent and other charges due Landlord for periods prior to the filing of such proceedings. Upon any such
use of all or any portion of the Security Deposit, Tenant shall, within 5 business days after demand from Landlord, restore the
Security Deposit to its original amount (by posting a replacement Letter of Credit). If Tenant shall fully perform every provision
of this Lease to be performed by Tenant, the Security Deposit, or any balance thereof (i.e., after deducting therefrom all amounts
to which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant (or, at Landlord&rsquo;s option,
to the last assignee of Tenant&rsquo;s interest hereunder) within 90 days after the expiration or earlier termination of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Landlord transfers its
interest in the Project or this Lease, Landlord shall either (a) transfer any Security Deposit then held by Landlord to a person
or entity assuming Landlord&rsquo;s obligations under this <U>Section 6</U>, or (b) return to Tenant any Security Deposit then
held by Landlord and remaining after the deductions permitted herein. Upon such transfer to such transferee or the return of the
Security Deposit to Tenant, Landlord shall have no further obligation with respect to the Security Deposit, and Tenant&rsquo;s
right to the return of the Security Deposit shall apply solely against Landlord&rsquo;s transferee. The Security Deposit is not
an advance rental deposit or a measure of Landlord&rsquo;s damages in case of Tenant&rsquo;s default. Landlord&rsquo;s obligation
respecting the Security Deposit is that of a debtor, not a trustee, and no interest shall accrue thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Use</B>.
The Premises shall be used solely for the Permitted Use set forth in the Basic Lease Provisions, and in compliance with all laws,
orders, judgments, ordinances, regulations, codes, directives, permits, licenses, covenants and restrictions now or hereafter applicable
to the Premises, and to the use and occupancy thereof, including, without limitation, the Americans With Disabilities Act, 42 U.S.C.
&sect; 12101, et seq. (together with the regulations promulgated pursuant thereto, &ldquo;<B>ADA</B>&rdquo;) (collectively, &ldquo;<B>Legal
Requirements</B>&rdquo; and each, a &ldquo;<B>Legal Requirement</B>&rdquo;). Tenant shall, upon 10 days&rsquo; written notice from
Landlord, discontinue any use of the Premises which is declared by any Governmental Authority (as defined in <U>Section 9</U>)
having jurisdiction to be a violation of a Legal Requirement. Tenant will not use or permit the Premises to be used for any purpose
or in any manner that would void Tenant&rsquo;s or Landlord&rsquo;s insurance, increase the insurance risk, or cause the disallowance
of any sprinkler or other credits. Tenant shall not permit any part of the Premises to be used as a &ldquo;place of public accommodation&rdquo;,
as defined in the ADA or any similar legal requirement. Tenant shall reimburse Landlord promptly upon demand for any additional
premium charged for any such insurance policy by reason of Tenant&rsquo;s failure to comply with the provisions of this Section
or otherwise caused by Tenant&rsquo;s use and/or occupancy of the Premises. Tenant will use the Premises in a careful, safe and
proper manner and will not commit or permit waste, overload the floor or structure of the Premises, subject the Premises to use
that would damage the Premises or obstruct or interfere with the rights of Landlord, including conducting or giving notice of any
auction, liquidation, or going out of business sale on the Premises, or using or allowing the Premises to be used for any unlawful
purpose. Tenant shall cause any equipment or machinery to be installed in the Premises so as to reasonably prevent sounds or vibrations
from the Premises from extending into other space in the Project. From and after the Commencement Date, Tenant shall not place
any machinery or equipment weighing 500 pounds or more in or upon the Premises unless Tenant shall have delivered to Landlord,
at Tenant&rsquo;s sole expense, a certification from a reputable structural engineer reasonably acceptable to Landlord stating
that the placement of such heavy machinery or equipment will not adversely affect the structural integrity of the Project. Tenant
shall be solely liable for any damage caused to the Project by the placement of such heavy machinery or equipment. Landlord hereby
consents to the placement of the equipment located in the Premises as of the Commencement Date. Except as may be provided under
the Work Letter and subject to the provisions of <U>Section12</U> (Alterations and Tenant&rsquo;s Property), Tenant shall not,
without the prior written consent of Landlord, use the Premises in any manner which will require ventilation, air exchange, heating,
gas, steam, electricity or water beyond the existing capacity of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modifications
to Premises</B>. Landlord shall, as an Operating Expense (to the extent such Legal Requirement is generally applicable to similar
buildings in the area in which the Project is located) or at Tenant&rsquo;s expense (to the extent such Legal Requirement is applicable
solely by reason of Tenant&rsquo;s particular use of the Premises) make any alterations or modifications to the exterior of the
Building and other portions of the Project outside of the Premises that are required by Legal Requirements, including the ADA;
<U>provided</U>, <U>however</U>, that any such structural alterations or modifications shall be performed by Landlord at Landlord&rsquo;s
expense. Tenant, at its sole expense, shall make any alterations or modifications to the interior of the Premises that are required
by Legal Requirements (including, without limitation, compliance of the Premises with the ADA. Notwithstanding any other provision
herein to the contrary, Tenant shall be responsible for any and all demands, claims, liabilities, losses, costs, expenses, actions,
causes of action, damages or judgments, and all reasonable expenses incurred in investigating or resisting the same (including,
without limitation, reasonable attorneys&rsquo; fees, charges and disbursements and costs of suit) (collectively, &ldquo;<B>Claims</B>&rdquo;)
arising out of or in connection with Legal Requirements, and Tenant shall indemnify, defend, hold and save Landlord harmless from
and against any and all Claims arising out of or in connection with any failure of the Premises to comply with any Legal Requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black"><B>Access</B>.
Tenant will have uninterrupted access to the Premises (including access to all Operational Systems [as defined below]) </FONT>24
hours per day, 7 days per week; provided, however, that in <FONT STYLE="color: black">the case of emergencies affecting the Building
and in the event of pre-scheduled periodic repairs and maintenance affecting the Building, </FONT>Tenant&rsquo;s complete access
to all areas of the Building may be reasonably limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Holding
Over</B>. If, with Landlord&rsquo;s express written consent, Tenant retains possession of the Premises after the termination of
the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord
at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent
pursuant to <U>Section 4</U> hereof) shall remain in full force and effect (excluding any expansion or renewal option or other
similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the
date of the expiration or earlier termination of this Lease or such other amount as Landlord may indicate, in Landlord&rsquo;s
sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease.
If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written
consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental
shall be equal to (I) 150% of Rent in effect during the last 30 days of the Term for the first 30 day period of the holdover, (II)
175% of Rent in effect during the last 30 days of the Term for the second 30 day period of the holdover, and (III) 200% of Rent
in effect during the last 30 days of the Term for the third 30 day period of the holdover, and (B)&nbsp;Tenant shall be responsible
for all damages suffered by Landlord resulting from or occasioned by Tenant&rsquo;s holding over (including, from and after 90
days after the end of the Term, consequential damages if Landlord has advised Tenant in writing in advance that a particular tenant
has signed a new lease with Landlord for the Premises and any particular consequential damages that Landlord may incur or suffer
under such new lease as a result of Tenant&rsquo;s holding over, including, without limitation, consequential damages that Landlord
may incur or suffer by reason of Landlord&rsquo;s inability to lease the Premises or deliver occupancy to such particular tenant).
Tenant shall pay Base Rent and Tenant&rsquo;s Share of Operating Expenses on a per diem basis at such monthly rental rate for each
day that Tenant so retains possession. No holding over by Tenant, whether with or without consent of Landlord, shall operate to
extend this Lease except as otherwise expressly provided, and this <U>Section 8</U> shall not be construed as consent for Tenant
to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Term or earlier termination of
this Lease shall not result in a renewal or reinstatement of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxes</B>.
Landlord shall pay, as part of Operating Expenses, all taxes, levies, fees, assessments and governmental charges of any kind, existing
as of the Commencement Date or thereafter enacted (collectively referred to as &ldquo;<B>Taxes</B>&rdquo;), imposed by any federal,
state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies
(collectively, &ldquo;<B>Governmental Authority</B>&rdquo;) during the Term, including, without limitation, all Taxes: (i)&nbsp;imposed
on or measured by or based, in whole or in part, on rent payable to (or gross receipts received by) Landlord under this Lease and/or
from the rental by Landlord of the Project or any portion thereof, or (ii) based on the square footage, assessed value or other
measure or evaluation of any kind of the Premises or the Project, or (iii) assessed or imposed by or on the operation or maintenance
of any portion of the Premises or the Project, including parking, or (iv) assessed or imposed by, or at the direction of, or resulting
from Legal Requirements, or interpretations thereof, promulgated by any Governmental Authority, or (v)&nbsp;imposed as a license
or other fee, charge, tax, or assessment on Landlord&rsquo;s business or occupation of leasing space in the Project. Landlord may
contest by appropriate legal proceedings the amount, validity, or application of any Taxes or liens securing Taxes and any reduction
in Taxes will be credited to the Operating Expenses during the Term or refunded to Tenant within 30 days if received after the
expiration of the Term (which credit or refund shall be net of the costs and expenses [including attorneys&rsquo; fees] incurred
by Landlord in obtaining any such reduction). Taxes shall not include any net income taxes imposed on Landlord except to the extent
such net income taxes are in substitution for any Taxes payable hereunder. If any such Tax is levied or assessed directly against
Tenant, then Tenant shall be responsible for and shall pay the same at such times and in such manner as the taxing authority shall
require. Tenant shall pay, prior to delinquency, any and all Taxes levied or assessed against any personal property or trade fixtures
placed by Tenant in the Premises, whether levied or assessed against Landlord or Tenant. If any Taxes on Tenant&rsquo;s personal
property or trade fixtures are levied against Landlord or Landlord&rsquo;s property, or if the assessed valuation of the Project
is increased by a value attributable to improvements in or alterations to the Premises, whether owned by Landlord or Tenant and
whether or not affixed to the real property so as to become a part thereof, higher than the base valuation on which Landlord from
time-to-time allocates Taxes to all tenants in the Project, Landlord shall have the right, but not the obligation, to pay such
Taxes. Landlord&rsquo;s determination of any excess assessed valuation shall be binding and conclusive, absent manifest error.
The amount of any such payment by Landlord shall constitute Additional Rent due from Tenant to Landlord immediately upon demand.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Parking</B>.
Subject to all Legal Requirements, Force Majeure, a Taking (as defined in <U>Section 19</U> below) and the exercise by Landlord
of its rights hereunder, Tenant shall have the exclusive right to park in all parking areas, subject in each case to Landlord&rsquo;s
reasonable rules and regulations. Landlord shall not be responsible for enforcing Tenant&rsquo;s parking rights against any third
parties. Attached hereto as a part hereof as <B>Exhibit A</B> is a plan showing the parking areas located within the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Utilities,
Services</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>.
Tenant shall pay directly to the providers of the Utilities (as defined below) prior to delinquency the cost of all Utilities provided
to the Project. For purposes of this Lease, &ldquo;<B>Utilities</B>&rdquo; means water, electricity, heat, light, power, telephone,
sewer, and other utilities (including gas and fire sprinklers to the extent the Project is plumbed for such services), and refuse
and trash collection. The applicable Utilities are separately metered. Landlord shall pay, as Operating Expenses or subject to
Tenant&rsquo;s reimbursement obligation, for all maintenance charges for Utilities and any storm sewer charges or other similar
charges for Utilities imposed by any Governmental Authority or Utility provider, and any taxes, penalties, surcharges or similar
charges thereon. No interruption or failure of Utilities, from any cause whatsoever other than Landlord&rsquo;s willful misconduct,
shall result in eviction or constructive eviction of Tenant, termination of this Lease or, except as provided in <U>Section 11(c)</U>
below, the abatement of Rent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Generators</B>.
Landlord&rsquo;s sole obligation for either providing emergency generators or providing emergency back-up power to Tenant shall
be to provide the emergency generators located in the Building as of the Commencement Date. Landlord shall have no obligation to
maintain the generators or to provide Tenant with operational emergency generators or back-up power or to supervise, oversee or
confirm that any third party maintaining the emergency generators is maintaining the generators as per the manufacturer&rsquo;s
standard guidelines or otherwise. During any period of replacement, repair or maintenance of the emergency generators when the
emergency generators are not operational, including any delays thereto due to the inability to obtain parts or replacement equipment,
Landlord shall have no obligation to provide Tenant with an alternative back-up generator or generators or alternative sources
of back-up power. Tenant expressly acknowledges and agrees that Landlord does not guaranty that such emergency generators will
be operational at all times or that emergency power will be available to the Premises when needed. Tenant shall, at its expense
and at Landlord&rsquo;s request, at all times during the Term maintain with qualified contractors maintenance and repair contracts
(&ldquo;<B>Maintenance Contracts</B>&rdquo;) for the generator(s) and all Operational Systems, including, but not limited to, the
HVAC units serving the Premises. The Maintenance Contracts shall be in form and content reasonably satisfactory to Landlord. Landlord
shall be a third party beneficiary of the Maintenance Contracts and, within 30 days after Landlord&rsquo;s request, Tenant shall
deliver a copy of the Maintenance Contracts to Landlord.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Service
Interruption</B>. <FONT STYLE="font-weight: normal; text-underline-style: none; color: black">Notwithstanding anything to the contrary
set forth herein, if (i) a stoppage of an Essential Service (as defined below) to the Premises shall occur and such stoppage is
due solely to the negligent acts or omissions of Landlord and not due in any part to any act or omission on the part of Tenant
or any Tenant Party or any matter beyond Landlord&rsquo;s reasonable control (any such stoppage of an Essential Service being hereinafter
referred to as a &ldquo;</FONT><B>Service Interruption</B><FONT STYLE="font-weight: normal">&rdquo;), and (ii) such Service Interruption
continues for more than 10 consecutive business days after Landlord shall have received written notice thereof from Tenant, and
(iii) as a result of such Service Interruption, the conduct of Tenant&rsquo;s normal operations in the Premises are materially
and adversely affected, then, to the extent that such Service Interruption is covered by rental interruption insurance carried
by Landlord pursuant to this Lease, there shall be an abatement of 1 day&rsquo;s Base Rent for each day during which such Service
Interruption continues after such 10 business day period; </FONT><U>provided</U><FONT STYLE="text-underline-style: none">, </FONT><U>however</U><FONT STYLE="text-underline-style: none">,
that if any part of the Premises is reasonably useable for Tenant&rsquo;s normal business operations or if Tenant conducts all
or any part of its operations in any portion of the Premises notwithstanding the Service Interruption, then the amount of each
daily abatement of Base Rent shall only be proportionate to the nature and extent of the interruption of Tenant&rsquo;s normal
operations or ability to use the Premises. The rights granted to Tenant under this paragraph shall be Tenant&rsquo;s sole and exclusive
remedy resulting from a failure of Landlord to provide services, and Landlord shall not otherwise be liable for any loss or damage
suffered or sustained by Tenant resulting from any failure or cessation of services. For purposes hereof, the term &ldquo;</FONT><B>Essential
Services</B><FONT STYLE="font-weight: normal">&rdquo; shall mean the following services: HVAC service, water, sewer, and electricity,
but in each case only to the extent that Landlord has an obligation to provide same to Tenant under this Lease. The provisions
of this paragraph shall only apply as long as Novavax, Inc. is the tenant occupying the Premises under this Lease and shall not
apply to any assignee or sublessee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Alterations
and Tenant&rsquo;s Property</B>. For purposes of this Lease, any alterations, additions, or improvements made to the Premises by
or on behalf of Tenant, including additional locks or bolts of any kind or nature upon any doors or windows in the Premises, but
excluding installation, removal or realignment of furniture systems (other than removal of furniture systems owned or paid for
by Landlord) not involving any modifications to the structure or connections (other than by ordinary plugs or jacks) to Building
Systems (as defined in <U>Section 13</U>) shall be referred to as &ldquo;<B>Alterations</B>&rdquo;.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice-Only
Alterations</B>. Tenant may construct Alterations in the Premises without Landlord&rsquo;s prior consent if the aggregate cost
of any such Alteration does not exceed $50,000, such work will not materially affect the structure or Building Systems as reasonably
determined by Landlord, and such work will not affect the aesthetics of the exterior of the Building as reasonably determined by
Landlord (collectively, a &ldquo;<B>Notice-Only Alteration</B>&rdquo;). Tenant shall notify Landlord in writing of such intended
Notice-Only Alteration not less than 5 business days in advance of commencing construction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Consent
Alterations</B>. Any Alterations other than a Notice-Only Alteration (such Alterations, &ldquo;<B>Consent Alterations</B>&rdquo;)
shall be subject to Landlord&rsquo;s prior written consent, which consent shall not be unreasonably withheld, delayed, or conditioned.
Tenant&rsquo;s written request for consent to any Consent Alteration shall be accompanied by plans, specifications, work contracts,
and such other information concerning the nature and cost of the Consent Alteration, including the identities and mailing addresses
of all persons performing work or supplying materials, as may be reasonably requested by Landlord, which written request for consent
and accompanying materials shall be delivered to Landlord not less than 10 business days in advance of any proposed construction.
Landlord shall respond to such request for consent within 7 business days of receipt of Tenant&rsquo;s request. If Landlord does
not respond to such request within such 7 business day period, Tenant shall send a second written notice to Landlord (together
with a concurrent copy sent by a reputable overnight delivery service providing receipted evidence of delivery to Mr. Lawrence
Diamond, Alexandria Real Estate Equities, Inc., 946 Clopper Road, Gaithersburg, Maryland 20878) requesting Landlord&rsquo;s approval
of the proposed Consent Alteration. If Landlord does not respond within 5 business days after receipt of such second notice, such
request for Consent Alterations shall be deemed to have been approved by Landlord. Such second notice to Landlord <FONT STYLE="letter-spacing: -0.15pt">shall
state the following in bold face type in capitalized letters:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>LANDLORD&rsquo;S FAILURE TO RESPOND
<FONT STYLE="text-transform: uppercase">WITHIN five (5) BUSINESS</FONT> DAYS AFTER RECEIPT OF THIS <FONT STYLE="text-transform: uppercase">request</FONT>
SHALL MEAN THAT LANDLORD HAS BEEN DEEMED TO HAVE <FONT STYLE="text-transform: uppercase">APPROVED </FONT>THE REQUEST FOR CONSENT
ALTERATIONS DESCRIBED IN THIS REQUEST.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">If Landlord approves (or
is deemed to approve) any Consent Alterations, Landlord may impose such reasonable conditions on Tenant in connection with the
commencement, performance, and completion of such Consent Alterations as Landlord may deem appropriate in Landlord&rsquo;s reasonable
discretion. Landlord&rsquo;s right to review plans and specifications and to monitor construction of Consent Alterations shall
be solely for its own benefit, and Landlord shall have no duty to ensure that such plans and specifications or construction comply
with applicable Legal Requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>.
Tenant shall cause, at its sole cost and expense, all Alterations to comply with insurance requirements and with Legal Requirements
and shall implement at its sole cost and expense any alteration or modification required by Legal Requirements as a result of any
Alterations. Tenant shall pay to Landlord, as Additional Rent, on demand an amount equal to the out of pocket expense incurred
by Landlord in connection with third party review of any Consent Alteration, which amount shall not exceed an aggregate amount
equal to 0.5% of the cost of such Consent Alteration. Before Tenant begins any Alteration, Landlord may post on and about the Premises
notices of non-responsibility pursuant to applicable law. Tenant shall reimburse Landlord for, and indemnify and hold Landlord
harmless from, any expense incurred by Landlord by reason of faulty work done by Tenant or its contractors, delays caused by such
work, or inadequate cleanup.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>.
With respect to any Consent Alteration costing in excess of $100,000, Tenant shall, at Tenant&rsquo;s election, either evidence
adequate cash balances, furnish security, or make other arrangements reasonably satisfactory to Landlord to assure payment for
the completion of the Consent Alteration work free and clear of liens. With respect to all Alterations, Tenant shall provide (and
cause each contractor or subcontractor to provide) certificates of insurance (in form and substance reasonably satisfactory to
Landlord; form ACORD 28 [2006/07] is not satisfactory to Landlord) for workers&rsquo; compensation and other coverage in amounts
and from an insurance company reasonably satisfactory to Landlord protecting Landlord against liability for personal injury or
property damage during construction. Upon completion of any Consent Alterations, Tenant shall deliver to Landlord: (i) sworn statements
setting forth the names of all contractors and subcontractors who did the work and final lien waivers from all such contractors
and subcontractors; and (ii) &ldquo;as built&rdquo; plans for the Consent Alterations. Upon completion of any Notice-Only Alterations,
Tenant shall deliver to Landlord &ldquo;as built&rdquo; plans for the Notice-Only Alterations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant&rsquo;s
Property; FF&amp;E; Installations</B>. Other than (i) the items, if any, listed on <B>Exhibit F</B> attached hereto, (ii) any items
agreed by Landlord in writing to be included on <B>Exhibit F</B> in the future, and (iii) any trade fixtures, machinery, equipment
and other personal property that may be removed without material damage to the Premises, which damage shall be repaired (including
capping or terminating utility hook-ups behind walls) by Tenant during the Term (collectively, &ldquo;<B>Tenant&rsquo;s Property</B>&rdquo;),
all Alterations, real property fixtures, built-in machinery and equipment, built-in casework and cabinets and other similar additions
and improvements built into the Premises so as to become an integral part of the Premises such as fume hoods which penetrate the
roof or plenum area, built-in cold rooms, built-in warm rooms, walk-in cold rooms, walk-in warm rooms, deionized water systems,
chillers, built-in plumbing, electrical and mechanical equipment and systems (collectively, &ldquo;<B>Installations</B>&rdquo;),
shall be and shall remain the property of Landlord during the Term and following the expiration or earlier termination of the Term,
shall not be removed by Tenant at any time during the Term and shall remain upon and be surrendered with the Premises as a part
thereof in accordance with the provisions of this Section and <U>Section 28</U> following the expiration or earlier termination
of this Lease; <U>provided</U>, <U>however</U>, that (a) during the Term, Tenant shall have the right to remove, modify, and relocate
its furniture, fixtures, and equipment (&ldquo;<B>FF&amp;E</B>&rdquo;), and (b) at the expiration or earlier termination of this
Lease, Tenant shall have the right to remove any FF&amp;E. Tenant&rsquo;s right to remove, modify, or relocate the FF&amp;E as
described in clauses (a) and (b) shall be subject to Tenant&rsquo;s compliance with, and satisfaction of, the following conditions:
(1) Tenant repairs any damage caused by the removal of any FF&amp;E, and (2) the Premises will remain fully functional for use
as office, research and development, and Good Manufacturing Practice (&ldquo;<B>GMP</B>&rdquo;) in good repair and working order,
reasonable wear and tear excepted, and in a Comparable Configuration (as defined below) to the allocation of office and research
and development space within the Premises on the Rent Commencement Date. Notwithstanding any contrary provision contained in this
Lease, (A) at the expiration or earlier termination of the Term, title to any FF&amp;E purchased with the Tenant Improvement Allowance
(as distinct from any FF&amp;E purchased with the Additional Tenant Improvement Allowance) shall automatically vest and convey
to Landlord (and this Lease shall constitute a bill of sale for such FF&amp;E conveying good and marketable title to such FF&amp;E)
and such FF&amp;E shall be surrendered with the Premises, and (B) at the expiration of the Term (and not before) title to any FF&amp;E
purchased with the Additional Tenant Improvement Allowance shall automatically vest and convey to Tenant (and this Lease shall
constitute a bill of sale for such FF&amp;E conveying good and marketable title to such FF&amp;E) and Tenant shall remove such
FF&amp;E from the Premises in accordance with the terms of this Lease. For purposes of this Lease, &ldquo;<B>Comparable Configuration</B>&rdquo;
means that, after giving effect to any Alterations, the allocation of office and research and development space within the Premises
shall not vary by more than 10% of the rentable square footage area of the Building as measured from the Rent Commencement Date,
and (c) Landlord shall, at the time its approval of such Installation is requested or at the time it receives notice of a Notice-Only
Alteration, notify Tenant if it has elected to cause Tenant to remove such Installation upon the expiration or earlier termination
of this Lease. If Landlord so elects, Tenant shall remove such Installation upon the expiration or earlier termination of this
Lease and restore any damage caused by or occasioned as a result of such removal, including, when removing any of Tenant&rsquo;s
Property which was plumbed, wired or otherwise connected to any of the Building Systems, capping off all such connections behind
the walls of the Premises and repairing any holes. During any such restoration period, Tenant shall pay Rent to Landlord as provided
herein as if said space were otherwise occupied by Tenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Landlord&rsquo;s
Repairs</B>. Landlord shall, at its expense, maintain the structural components (i.e., the footings, exterior walls, foundations,
and structural steel columns and girders) of the Building in good repair, reasonable wear and tear and uninsured losses and damages
caused by Tenant, or by any of Tenant&rsquo;s agents, servants, employees, invitees (including Collaborators [as defined below])
and contractors (collectively, &ldquo;<B>Tenant Parties</B>&rdquo;) excluded. Landlord shall, as an Operating Expense, maintain
the Building&rsquo;s fa&ccedil;ade and the parking lot, sidewalks, and landscaping within the Project in good repair, reasonable
wear and tear and uninsured losses and damages caused by Tenant, or by any Tenant Parties excluded. Losses and damages caused by
Tenant or any Tenant Party shall be repaired by Landlord, to the extent not covered by insurance, at Tenant&rsquo;s sole cost and
expense. Landlord reserves the right to stop Building Systems services when reasonably necessary (i) by reason of accident or emergency,
or (ii) upon 5 business days&rsquo; notice to Tenant for planned repairs, alterations or improvements to the structural components
of the Building, which are, in the judgment of Landlord, desirable or necessary to be made, until said repairs, alterations or
improvements shall have been completed. Landlord shall have no responsibility or liability for failure to supply Building Systems
services during any such period of interruption. Landlord shall, except in case of emergency, give Tenant 5 business days&rsquo;
notice of any planned stoppage of Building Systems services for routine maintenance, repairs, alterations or improvements to the
structural components of the Building. Tenant shall promptly give Landlord written notice of any repair required by Landlord pursuant
to this Section, after which Landlord shall have a reasonable opportunity to effect such repair. Subject to Tenant&rsquo;s self-help
rights set forth in <U>Section 31</U> below, Landlord shall not be liable for any failure to make any repairs or to perform any
maintenance unless such failure shall persist for an unreasonable time after Tenant&rsquo;s written notice of the need for such
repairs or maintenance. Tenant waives its rights under any state or local law to terminate this Lease or, except as provided in
<U>Section 31</U> below, to make such repairs at Landlord&rsquo;s expense and agrees that the parties&rsquo; respective rights
with respect to such matters shall be solely as set forth herein. Repairs required as the result of fire, earthquake, flood, vandalism,
war, or similar cause of damage or destruction shall be controlled by <U>Section 18</U>. For purposes of this Lease, &ldquo;<B>Building
Systems</B>&rdquo; means the exterior and parking areas of the Project, including the heating, ventilation, and air conditioning
(&ldquo;<B>HVAC</B>&rdquo;), plumbing, fire sprinklers, and all other building systems serving the Premises and other portions
of the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Report</B>.
Tenant has engaged (i) Jennerik Engineering (&ldquo;<B>Engineer</B>&rdquo;) to review, inventory, and test (<B>Jennerik Study</B>&rdquo;)
the mechanical, fire and life safety, electrical, and plumbing systems (collectively, the &ldquo;<B>Operational Systems</B>&rdquo;)
to confirm that they are in good repair and working order (subject in all cases to normal wear and tear) and in compliance with
applicable Legal Requirements (&ldquo;<B>Operational Systems Order</B>&rdquo;), and (ii) Gaudreau, Inc. to review, inventory, and
test the structural elements of the Building to confirm that they are in Operational Systems Order (&ldquo;<B>Gaudreau Study</B>&rdquo;).
The results of the Jennerik Study shall be contained in a report (&ldquo;<B>Jennerik Report</B>&rdquo;) submitted to Landlord and
Tenant. The results of the Gaudreau Study shall be contained in a report (&ldquo;<B>Gaudreau</B> <B>Report</B>&rdquo;; the Jennerik
Report and the Gaudreau Report are hereinafter collectively referred to as the &ldquo;<B>Reports</B>&rdquo;) submitted to Landlord
and Tenant. Tenant shall pay for the cost of the Jennerik Report, and Landlord shall, within 15 days after written request therefor,
reimburse Tenant for 50% of such cost. Tenant shall, at its sole cost and expense, pay for the cost of the Gaudreau Report. Landlord
shall, at no expense to Tenant, cause any deficiencies set forth in the Reports (excepting, however, any deficiencies caused by
Tenant or any Tenant Party, for which Landlord shall have no responsibility to remedy or correct) to be remedied so that the Operational
Systems are in Operational Systems Order. Tenant acknowledges that Landlord and Intercell may agree to allocate the responsibility
for remedying such deficiencies as between Landlord and Intercell, which deficiencies shall be remedied by no later than the Intercell
Sublease Commencement Date or as soon as reasonably practicable thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Card
Reader System</B>. As of the Commencement Date, a card reader access system that controls access to the Building on an after-hours
basis and on holidays recognized by the federal government is located within the Building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual
Inspection Report</B>. From and after the <FONT STYLE="color: black">Rent Commencement Date</FONT>, on no less than 5 business
days prior notice to Tenant, Landlord shall have the right, at its sole cost and expense, to conduct an annual inspection of the
Premises with a consultant selected by Landlord for the purpose of ensuring that Tenant is complying with its repair and maintenance
obligations under this Lease. Landlord shall use commercially reasonable efforts to minimize disturbance with Tenant&rsquo;s Permitted
Use in connection with such inspection. If such inspection reveals any noncompliance by Tenant with such obligations, Tenant shall
promptly bring such matters into compliance at its sole cost and expense. No such inspection shall release or discharge Tenant
from such obligations if such inspection fails to reveal any noncompliance by Tenant with such obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant&rsquo;s
Repairs</B>. Except as expressly provided in <U>Section 13</U>, Tenant shall, at its expense, repair, replace and maintain in good
condition all portions of the Project, including, without limitation, roof membrane of the Building, HVAC and Operational Systems,
entries, doors, ceilings, interior windows, interior walls, and the interior side of demising walls. Such repair and replacement
may include capital expenditures and repairs whose benefit may extend beyond the Term. Should Tenant fail to make any such repair
or replacement or fail to maintain the Project, Landlord shall give Tenant notice of such failure. Subject to Force Majeure, if
Tenant fails to commence cure of such failure within 15 days of Landlord&rsquo;s notice, and thereafter diligently prosecute such
cure to completion, Landlord may perform such work and shall be reimbursed by Tenant within 10 days after demand therefor; <U>provided</U>,
<U>however</U>, that if such failure by Tenant creates or could create an emergency, Landlord may immediately commence cure of
such failure and shall thereafter be entitled to recover the costs of such cure from Tenant. Subject to <U>Sections 17</U> and
<U>18</U>, Tenant shall bear the full uninsured cost of any repair or replacement to any part of the Project that results from
damage caused by Tenant or any Tenant Party and any repair that benefits only the Premises.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any contrary provision contained in this Lease, if during the last 24 month period of the Term any Operational System is in need
of replacement because it cannot reasonably be repaired, Landlord shall replace the Operational System (the replacement unit being
referred to in this paragraph as the &ldquo;<B>Replacement Operational</B> <B>System</B>&rdquo;) at Landlord&rsquo;s cost subject
to the provisions of this paragraph. The cost of the Replacement Operational System shall be fully amortized in accordance with
the Formula (as defined below) and reimbursed to Landlord as Additional Rent over the remainder of the Term (the reference to &ldquo;Term&rdquo;
in this paragraph shall be deemed to include any applicable Extension Term). For purposes of this paragraph, &ldquo;<B>Formula</B>&rdquo;
means that number, the numerator of which shall be the number of months of the Term remaining after the date on which the Replacement
Operational System is installed, and the denominator of which shall be the amortization period (in months) equal to the useful
life of the Replacement Operational System as determined under generally accepted accounting principles, such fraction multiplied
by the cost of the Replacement Operational System. Landlord shall pay for the Replacement Operational System and during the remainder
of the Term. Tenant shall reimburse Landlord as Additional Rent for Tenant&rsquo;s amortized share thereof (determined as set forth
above) in equal monthly installments in the same manner as the payment by Tenant to Landlord of Tenant&rsquo;s Share of Operating
Expenses.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mechanic&rsquo;s
Liens</B>. Tenant shall discharge, by bond or otherwise, any mechanic&rsquo;s lien filed against the Premises or against the Project
for work claimed to have been done for, or materials claimed to have been furnished to, Tenant within 20 days after the filing
thereof, at Tenant&rsquo;s sole cost and shall otherwise keep the Premises and the Project free from any liens arising out of work
performed, materials furnished or obligations incurred by Tenant. Should Tenant fail to discharge any lien described herein, Landlord
shall have the right, but not the obligation, to pay such claim or post a bond or otherwise provide security to eliminate the lien
as a claim against title to the Project and the cost thereof shall be immediately due from Tenant as Additional Rent. If Tenant
shall lease or finance the acquisition of office equipment, furnishings, or other personal property of a removable nature utilized
by Tenant in the operation of Tenant&rsquo;s business, Tenant warrants that any Uniform Commercial Code Financing Statement filed
as a matter of public record by any lessor or creditor of Tenant will upon its face or by exhibit thereto indicate that such Financing
Statement is applicable only to removable personal property of Tenant located within the Premises. In no event shall the address
of the Project be furnished on the statement without qualifying language as to applicability of the lien only to removable personal
property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification</B>.
Tenant hereby indemnifies and agrees to defend, save and hold Landlord harmless from and against any and all Claims for injury
or death to persons or damage to property occurring within or about the Premises, arising directly or indirectly out of use or
occupancy of the Premises or a breach or default by Tenant in the performance of any of its obligations hereunder, unless caused
solely by the willful misconduct or gross negligence of Landlord. Landlord shall not be liable to Tenant for, and Tenant assumes
all risk of damage to, personal property (including, without limitation, loss of records kept within the Premises). Tenant further
waives any and all Claims for injury to Tenant&rsquo;s business or loss of income relating to any such damage or destruction of
personal property (including, without limitation, any loss of records). Landlord shall not be liable for any damages arising from
any act, omission or neglect of any tenant in the Project or of any other third party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>.
Landlord shall maintain all risk property and, if applicable, sprinkler damage insurance covering the full replacement cost of
the Project. Landlord shall further procure and maintain commercial general liability insurance with a single loss limit of not
less than $2,000,000 for bodily injury and property damage with respect to the Project. Landlord may, but is not obligated to,
maintain such other insurance and additional coverages as it may deem necessary, including, but not limited to, flood, environmental
hazard and earthquake, loss or failure of building equipment, errors and omissions, rental loss during the period of repair or
rebuilding, workers&rsquo; compensation insurance and fidelity bonds for employees employed to perform services and insurance for
any improvements installed by Tenant or which are in addition to the standard improvements customarily furnished by Landlord without
regard to whether or not such are made a part of the Project. All such insurance shall be included as part of the Operating Expenses.
The Project may be included in a blanket policy (in which case the cost of such insurance allocable to the Project will be determined
by Landlord based upon the insurer&rsquo;s cost calculations). Tenant shall also reimburse Landlord for any increased premiums
or additional insurance which Landlord reasonably deems necessary as a result of Tenant&rsquo;s use of the Premises, provided Landlord
provides a certificate of insurance evidencing such additional insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Tenant, at its sole cost
and expense, shall maintain during the Term: all risk property insurance with business interruption and extra expense coverage,
covering the full replacement cost of all property and improvements installed or placed in the Premises by Tenant at Tenant&rsquo;s
expense; workers&rsquo; compensation insurance with no less than the minimum limits required by law; employer&rsquo;s liability
insurance with such limits as required by law; and commercial general liability insurance, with a minimum limit of not less than
$2,000,000 per occurrence for bodily injury and property damage with respect to the Premises. The commercial general liability
insurance policy shall name Landlord and Alexandria Real Estate Equities, Inc., and its and their respective members, officers,
directors, employees, managers, and agents (collectively, &ldquo;<B>Landlord Parties</B>&rdquo;), as additional insureds; insure
on an occurrence and not a claims-made basis; be issued by insurance companies which have a rating of not less than policyholder
rating of A and financial category rating of at least Class X in &ldquo;Best&rsquo;s Insurance Guide&rdquo;; shall not be cancelable
for nonpayment of premium unless 30 days prior written notice shall have been given to Landlord from the insurer; contain a hostile
fire endorsement and a contractual liability endorsement; and provide primary coverage to Landlord (any policy issued to Landlord
providing duplicate or similar coverage shall be deemed excess over Tenant&rsquo;s policies). Copies of such policies (if requested
by Landlord), or certificates of insurance (in form and substance satisfactory to Landlord; form ACORD 28 [2006/07] is not satisfactory
to Landlord) showing the limits of coverage required hereunder and showing Landlord as an additional insured, along with reasonable
evidence of the payment of premiums for the applicable period, shall be delivered to Landlord by Tenant upon commencement of the
Term and upon each renewal of said insurance. Tenant&rsquo;s policy may be a &ldquo;blanket policy&rdquo; with an aggregate per
location endorsement which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by
the policy. Tenant shall, at least 5 days prior to the expiration of such policies, furnish Landlord with renewal certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In each instance where
insurance is to name Landlord as an additional insured, Tenant shall upon written request of Landlord also designate and furnish
certificates so evidencing Landlord as additional insured to: (i) any lender of Landlord holding a security interest in the Project
or any portion thereof, (ii) the landlord under any lease wherein Landlord is tenant of the real property on which the Project
is located, if the interest of Landlord is or shall become that of a tenant under a ground or other underlying lease rather than
that of a fee owner, and/or (iii) any management company retained by Landlord to manage the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The property insurance
obtained by Landlord and Tenant shall include a waiver of subrogation by the insurers and all rights based upon an assignment from
its insured, against Landlord or Tenant, and their respective officers, directors, employees, managers, agents, invitees and contractors
(&ldquo;<B>Related Parties</B>&rdquo;), in connection with any loss or damage thereby insured against. Neither party nor its respective
Related Parties shall be liable to the other for loss or damage caused by any risk insured against under property insurance required
to be maintained hereunder, and each party waives any claims against the other party, and its respective Related Parties, for such
loss or damage. The failure of a party to insure its property shall not void this waiver. Landlord and its respective Related Parties
shall not be liable for, and Tenant hereby waives all claims against such parties for, business interruption and losses occasioned
thereby sustained by Tenant or any person claiming through Tenant resulting from any accident or occurrence in or upon the Premises
or the Project from any cause whatsoever. If the foregoing waivers shall contravene any law with respect to exculpatory agreements,
the liability of Landlord or Tenant shall be deemed not released but shall be secondary to the other&rsquo;s insurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Landlord may require insurance
policy limits to be raised to conform with requirements of Landlord&rsquo;s lender and/or to bring coverage limits to commercially
reasonable levels then being generally required of new tenants within the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restoration</B>.
If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord
shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will
take to restore the Project or the Premises, as applicable (&ldquo;<B>Restoration Period</B>&rdquo;). If the Restoration Period
is estimated to exceed 12 months (&ldquo;<B>Maximum Restoration Period</B>&rdquo;), Landlord may, in such notice, elect to terminate
this Lease as of the date that is 75 days after the date of discovery of such damage or destruction;<I><U> </U></I><U>provided</U>,
<U>however</U>, that notwithstanding Landlord&rsquo;s election to restore, Tenant may elect to terminate this Lease by written
notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the
Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord
shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense),
promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to
delays arising from the collection of insurance proceeds, from Force Majeure events or as reasonably needed to obtain any license,
clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority
having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous
Materials (as defined in <U>Section 30</U>) in, on or about the Premises (collectively referred to herein as &ldquo;<B>Hazardous
Materials Clearances</B>&rdquo;); <U>provided</U>, <U>however</U>, that if repair or restoration of the Premises is not substantially
complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute
discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within
5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this
Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate
as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous
Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to
such election by Landlord or Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Tenant, at its expense,
shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in
<U>Section 34</U>) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord
and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing,
Landlord may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates
that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent
shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored,
in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises.
Such abatement shall be the sole remedy of Tenant, and except as provided in this <U>Section 18</U>, Tenant waives any right to
terminate this Lease by reason of damage or casualty loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The provisions of this
Lease, including this <U>Section 18</U>, constitute an express agreement between Landlord and Tenant with respect to any and all
damage to, or destruction of, all or any part of the Premises, or any other portion of the Project, and any statute or regulation
which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part
of the Premises or any other portion of the Project, the parties hereto expressly agreeing that this <U>Section 18</U> sets forth
their entire understanding and agreement with respect to such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Condemnation</B>.
If the whole or any material part of the Premises or the Project is taken for any public or quasi-public use under governmental
law, ordinance, or regulation, or by right of eminent domain, or by private purchase in lieu thereof (a &ldquo;<B>Taking</B>&rdquo;
or &ldquo;<B>Taken</B>&rdquo;), and the Taking would either prevent or materially interfere with Tenant&rsquo;s use of the Premises
or materially interfere with or impair Landlord&rsquo;s ownership or operation of the Project, then upon written notice by Landlord
this Lease shall terminate and Rent shall be apportioned as of said date. If part of the Premises shall be Taken, and this Lease
is not terminated as provided above, Landlord shall promptly restore the Premises and the Project as nearly as is commercially
reasonable under the circumstances to their condition prior to such partial Taking and the rentable square footage of the Building,
the rentable square footage of the Premises, Tenant&rsquo;s Share of Operating Expenses and the Rent payable hereunder during the
unexpired Term shall be reduced to such extent as may be fair and reasonable under the circumstances. Upon any such Taking, Landlord
shall be entitled to receive the entire price or award from any such Taking without any payment to Tenant, and Tenant hereby assigns
to Landlord Tenant&rsquo;s interest, if any, in such award. Tenant shall have the right, to the extent that same shall not diminish
Landlord&rsquo;s award, to make a separate claim against the condemning authority (but not Landlord) for such compensation as may
be separately awarded or recoverable by Tenant for moving expenses and damage to Tenant&rsquo;s trade fixtures, if a separate award
for such items is made to Tenant. Tenant hereby waives any and all rights it might otherwise have pursuant to any provision of
state law to terminate this Lease upon a partial Taking of the Premises or the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Events
of Default</B>. Each of the following events shall be a default (&ldquo;<B>Default</B>&rdquo;) by Tenant under this Lease:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment
Defaults</B>. Tenant shall fail to pay any installment of Rent or any other payment hereunder (including any required payment associated
with the Additional Tenant Improvement Allowance disbursed to Tenant during the term of the Intercell Sublease and before the Rent
Commencement Date)<I> </I>when due; <U>provided</U>, <U>however</U>, that Landlord will give Tenant notice and an opportunity to
cure any failure to pay Rent within 5 days of any such notice not more than twice in any 12 month period and Tenant agrees that
such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>.
Any insurance required to be maintained by Tenant pursuant to this Lease shall be canceled or terminated or shall expire or shall
be reduced or materially changed, or Landlord shall receive a notice of nonrenewal of any such insurance and Tenant shall fail
to obtain replacement insurance at least 20 days before the expiration of the current coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Abandonment</B>.
Tenant shall abandon the Premises without (i) the release of the Premises of all Hazardous Materials Clearances and free of any
residual impact from the Tenant HazMat Operations, and (ii) complying with the provisions of <U>Section 28</U>. For purposes of
this paragraph, Tenant shall not be deemed to have abandoned the Premises if Tenant is actively engaged in decommissioning activities
within the Premises or is maintaining the operating systems then located within the Premises in accordance with the terms and conditions
of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Improper
Transfer</B>. Tenant shall assign, sublease or otherwise transfer or attempt to transfer all or any portion of Tenant&rsquo;s interest
in this Lease or the Premises except as expressly permitted herein, or Tenant&rsquo;s interest in this Lease shall be attached,
executed upon, or otherwise judicially seized and such action is not released within 90 days of the occurrence of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Liens</B>.
Tenant shall fail to discharge or otherwise obtain the release of any lien placed upon the Premises in violation of Tenant&rsquo;s
obligations under this Lease within 20 days after any such lien is filed against the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insolvency
Events</B>. Tenant shall: (A) make a general assignment for the benefit of creditors; (B) commence any case, proceeding or other
action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a
receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively
a &ldquo;<B>Proceeding for Relief</B>&rdquo;); (C)&nbsp;become the subject of any Proceeding for Relief which is not dismissed
within 90 days of its filing or entry; or (D) be dissolved or otherwise fail to maintain its legal existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Estoppel
Certificate or Subordination Agreement.</B> Tenant fails to execute any document required from Tenant under <U>Sections 23</U>
or <U>27</U> within 5 days after a second notice requesting such document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Defaults</B>. Tenant shall fail to comply with any provision of this Lease other than those specifically referred to in this <U>Section
20</U>, and, except as otherwise expressly provided herein, such failure shall continue for a period of 20 days after written notice
thereof from Landlord to Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice given under <U>Section 20(h)</U>
hereof shall: (i) specify the alleged default, (ii) demand that Tenant cure such default, (iii) be in lieu of, and not in addition
to, or shall be deemed to be, any notice required under any provision of applicable law, and (iv) not be deemed a forfeiture or
a termination of this Lease unless Landlord elects otherwise in such notice; <U>provided</U> that if the nature of Tenant&rsquo;s
default pursuant to <U>Section 20(h)</U> is such that it cannot be cured by the payment of money and reasonably requires more than
20 days to cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said 20 day period and thereafter
diligently prosecutes the same to completion; <U>provided</U>, <U>however</U>, that such cure shall be completed no later than
60 days from the date of Landlord&rsquo;s notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Landlord&rsquo;s
Remedies</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest</B>.
Upon a Default by Tenant hereunder, Landlord may, without waiving or releasing any obligation of Tenant hereunder, make such payment
or perform such act. All sums so paid or incurred by Landlord, together with interest thereon, from the date such sums were paid
or incurred, at the annual rate equal to 12% per annum or the highest rate permitted by law (&ldquo;<B>Default Rate</B>&rdquo;),
whichever is less, shall be payable to Landlord on demand as Additional Rent. Except as expressly set forth in clause (d) below,
Nothing herein shall be construed to create or impose a duty on Landlord to mitigate any damages resulting from Tenant&rsquo;s
Default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Late
Payment Rent</B>. Late payment by Tenant to Landlord of Rent and other sums due will cause Landlord to incur costs not contemplated
by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are
not limited to, processing and accounting charges and late charges which may be imposed on Landlord under any Mortgage covering
the Premises. Therefore, if any installment of Rent due from Tenant is not received by Landlord within 5 days after the date such
payment is due, Tenant shall pay to Landlord an additional sum of 6% of the overdue Rent as a late charge (provided that Tenant
shall not be required to pay such late charge upon the first occurrence of a late payment by Tenant of Rent during any 12 month
period). The parties agree that this late charge represents a fair and reasonable estimate of the costs Landlord will incur by
reason of late payment by Tenant. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate
from the 5th day after the date due until paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re-Entry.</B>
Landlord shall have the right, immediately or at any time thereafter, without further notice to Tenant (unless otherwise provided
herein), to enter the Premises, without terminating this Lease or being guilty of trespass, and do any and all acts as Landlord
may deem necessary, proper or convenient to cure such default, for the account and at the expense of Tenant, any notice to quit
or notice of Landlord&rsquo;s intention to re-enter being hereby expressly waived, and Tenant agrees to pay to Landlord as Additional
Rent all damage and/or expense incurred by Landlord in so doing, including interest at the Default Rate, from the due date until
the date payment is received by Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination.</B>
Landlord shall have the right to terminate this Lease and Tenant&rsquo;s right to possession of the Premises and, with or without
legal process, take possession of the Premises and remove Tenant, any occupant and any property therefrom, using such force as
may be necessary, without being guilty of trespass and without relinquishing any rights of Landlord against Tenant, any notice
to quit, or notice of Landlord&rsquo;s intention to re-enter being hereby expressly waived. Landlord shall be entitled to recover
damages from Tenant for all amounts covenanted to be paid during the remainder of the Term (except for the period of any holdover
by Tenant, in which case the monthly rental rate stated at <U>Section 8</U> herein shall apply), which may be accelerated by Landlord
at its option, together with (i) all expenses of any proceedings (including, but not limited to, legal expenses and attorney&rsquo;s
fees) which may be necessary in order for Landlord to recover possession of the Premises, (ii) the expenses of the re-renting of
the Premises (including, but not limited to, any commissions paid to any real estate agent, advertising expense and the costs of
such alterations, repairs, replacements or modifications that Landlord, in its sole judgment, considers advisable and necessary
for the purpose of re-renting), and (iii) interest computed at the Default Rate from the due date until paid; provided, however,
that there shall be credited against the amount of such damages all amounts received by Landlord from such re-renting of the Premises,
with any overage being refunded to Tenant. Landlord shall in no event be liable in any way whatsoever for failure to re-rent the
Premises or, in the event that the Premises are re-rented, for failure to collect the rent thereof under such re-renting and, except
as expressly provided in the following paragraph Tenant expressly waives any duty of the Landlord to mitigate damages. No act or
thing done by Landlord shall be deemed to be an acceptance of a surrender of the Premises, unless Landlord shall execute a written
agreement of surrender with Tenant. Tenant&rsquo;s liability hereunder shall not be terminated by the execution of a new lease
of the Premises by Landlord, unless that new lease expressly so states. In the event Landlord does not exercise its option to accelerate
the payment of amounts owed as provided hereinabove, then Tenant agrees to pay to Landlord, upon demand, the amount of damages
herein provided after the amount of such damages for any month shall have been ascertained; <U>provided</U>, <U>however</U>, that
any expenses incurred by Landlord shall be deemed to be a part of the damages for the month in which they were incurred. Separate
actions may be maintained each month or at other times by Landlord against Tenant to recover the damages then due, without waiting
until the end of the term of this Lease to determine the aggregate amount of such damages. Tenant hereby expressly waives any and
all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or being dispossessed
for any cause, or in the event of Landlord obtaining possession of the Premises by reason of the violation by Tenant of any of
the covenants and conditions of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as expressly provided
in this paragraph and as a material inducement for Landlord to enter into this Lease, Tenant agrees and acknowledges that Landlord
shall have no obligation whatsoever to mitigate any damages resulting from a Default by Tenant under this Lease. In case of a Default
by Tenant under this Lease, Landlord&rsquo;s sole obligation to so mitigate its damages shall be to list the Premises with a licensed
broker, list the Premises on Co-Star (or its successor entity), and install (if permissible by the Legal Requirements) a &ldquo;for
lease&rdquo; sign on or about the Project. On compliance with the foregoing criteria regarding the re-letting of the Premises after
a Default by Tenant, Landlord shall be deemed to have fully satisfied Landlord&rsquo;s obligation to mitigate damages under this
Lease regardless of any contrary Legal Requirement in effect on the Commencement Date or at the time of Tenant&rsquo;s Default.
Tenant waives and releases, to the fullest extent permissible under any Legal Requirement, any right to assert in any action by
Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation
of damages by Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Lien
for Rent.</B> Upon any Default by Tenant in the payment of Rent or other amounts owed hereunder, Landlord shall have a lien upon
the property of Tenant in the Premises for the amount of such unpaid amounts, and Tenant hereby specifically waives any and all
exemptions allowed by law. In such event, Tenant shall not remove any of Tenant&rsquo;s property from the Premises except with
the prior written consent of Landlord, and Landlord shall have the right and privilege, at its option, to take possession of all
Tenant&rsquo;s property in the Premises, to store the same on the Premises, or to remove it and store it in such place as may be
selected by Landlord, at Tenant&rsquo;s risk and expense. If Tenant fails to redeem the personal property so seized, by payment
of whatever sum may be due Landlord hereunder (including all storage costs), Landlord shall have the right, after twenty (20) days
written notice to Tenant of its intention to do so, to sell such personal property so seized at public or private sale and upon
such terms and conditions as may appear advantageous to Landlord, and after the payment of all proper charges incident to such
sale, apply the proceeds thereof to the payment of any balance due to Landlord on account of rent or other obligations of Tenant
pursuant to this Lease. In the event there shall then remain in the hands of Landlord any balance realized from the sale of said
personal property, the same shall be paid over to Tenant. The exercise of the foregoing remedy by Landlord shall not relieve or
discharge Tenant from any deficiency owed to Landlord which Landlord has the right to enforce pursuant to any of the provisions
of this Lease. Tenant shall also be liable for all expenses incident to the foregoing process, including any auctioneer or attorney&rsquo;s
fees or commissions. <FONT STYLE="color: black">At Tenant&rsquo;s request, Landlord shall subordinate its lien rights as set forth
in this paragraph to the lien, operation, and effect of any bona fide third party financing for equipment, trade fixtures, leasehold
improvements, and/or working capital pursuant to a subordination agreement in form and substance reasonably acceptable to Landlord.
Such subordination shall be limited to specific items of equipment and shall not be in the form of a blanket lien subordination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black"><B>TI
Costs</B>. Tenant acknowledges that Landlord has agreed to fund significant leasehold improvement costs pursuant to the Work Letter
effective as of the date </FONT>Tenant has delivered the Security Deposit to Landlord in accordance with Section 6 <FONT STYLE="color: black">and
thus before the Rent Commencement Date. If Tenant Defaults or repudiates this Lease before the Rent Commencement Date, in addition
to Landlord&rsquo;s rights and remedies under this Lease, Tenant shall be liable to Landlord for all TI Costs (as defined in the
Work Letter) incurred by Landlord, other direct damages Landlord has incurred by reason of such Default or repudiation (excluding,
however, consequential damages), and all other rights and remedies provided at law or in equity. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Remedies</B>. In addition to the foregoing, Landlord, at its option, without further notice or demand to Tenant, shall have all
other rights and remedies provided at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Assignment
and Subletting</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General
Prohibition</B>. Without Landlord&rsquo;s prior written consent subject to and on the conditions described in this <U>Section 22</U>,
Tenant shall not, directly or indirectly, voluntarily or by operation of law, assign this Lease or sublease the Premises or any
part thereof or mortgage, pledge, or hypothecate its leasehold interest or grant any concession or license within the Premises,
and any attempt to do any of the foregoing shall be void and of no effect. If Tenant is a corporation, partnership or limited liability
company, the shares or other ownership interests thereof which are not actively traded upon a stock exchange or in the over-the-counter
market, a transfer or series of transfers whereby more than 50% of the issued and outstanding shares or other ownership interests
of such corporation are, or voting control is, transferred (but excepting transfers upon deaths of individual owners) from a person
or persons or entity or entities which were owners thereof at time of execution of this Lease to persons or entities who were not
owners of shares or other ownership interests of the corporation, partnership or limited liability company at time of execution
of this Lease, shall be deemed an assignment of this Lease requiring the consent of Landlord as provided in this <U>Section 22</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Permitted
Transfers</B>. If Tenant desires to assign, sublease, hypothecate or otherwise transfer this Lease or sublet the Premises other
than pursuant to a Permitted Assignment (as defined below), then at least 10 days, but not more than 30 days, before the date Tenant
desires the assignment or sublease to be effective (&ldquo;<B>Assignment Date</B>&rdquo;), Tenant shall give Landlord a notice
(&ldquo;<B>Assignment Notice</B>&rdquo;) containing such information about the proposed assignee or sublessee, including the proposed
use of the Premises and any Hazardous Materials proposed to be used, stored handled, treated, generated in or released or disposed
of from the Premises, the Assignment Date, any relationship between Tenant and the proposed assignee or sublessee, and all material
terms and conditions of the proposed assignment or sublease, including a copy of any proposed assignment or sublease in its final
form, and such other information as Landlord may deem reasonably necessary or appropriate to its consideration whether to grant
its consent. Landlord may, by giving written notice to Tenant within 10 business days after receipt of the Assignment Notice: (i)
grant such consent, (ii) refuse such consent, in its sole and absolute discretion, if the proposed assignment, hypothecation or
other transfer or subletting concerns 25% or less (together with all other then effective subleases) of the Premises, (iii) refuse
such consent, which consent shall not be unreasonably withheld, delayed, or conditioned, if the proposed subletting concerns (together
with all other then effective subleases) more than 25% of the Premises (provided that Landlord shall further have the right to
review and reasonably approve or disapprove the proposed form of sublease prior to the effective date of any such subletting),
or (iv) terminate this Lease with respect to the space described in the Assignment Notice as of the Assignment Date (an &ldquo;<B>Assignment
Termination</B>&rdquo;). If Landlord delivers notice of its election to exercise an Assignment Termination, Tenant shall have the
right to withdraw such Assignment Notice by written notice to Landlord of such election within 5 business days after Landlord&rsquo;s
notice electing to exercise the Assignment Termination. If Tenant withdraws such Assignment Notice, this Lease shall continue in
full force and effect. If Tenant does not withdraw such Assignment Notice, this Lease, and the term and estate herein granted,
shall terminate as of the Assignment Date with respect to the space described in such Assignment Notice. No failure of Landlord
to exercise any such option to terminate this Lease, or to deliver a timely notice in response to the Assignment Notice, shall
be deemed to be Landlord&rsquo;s consent to the proposed assignment, sublease or other transfer. Tenant shall pay to Landlord a
fee equal to $1,500 in connection with its consideration of any Assignment Notice and/or its preparation or review of any consent
documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Permitted
Assignment</B>. Notwithstanding the foregoing, Tenant shall have the right, upon 30 days&rsquo; prior written notice to Landlord
but without obtaining Landlord&rsquo;s prior written consent, to<FONT STYLE="background-color: white"> </FONT>(i)&nbsp;assign this
Lease or sublet any portion of the Premises to any entity controlling, controlled by, or under common control with Tenant (a &ldquo;<B>Permitted
Assignment</B>&rdquo;), provided that Landlord shall have the right to approve the form of any such sublease or assignment, and
(ii) <FONT STYLE="background-color: white">permit a business entity that is a contractor or collaborator of Tenant, or otherwise
has a business relationship with Tenant, and is providing Tenant services in the course of Tenant&rsquo;s business operations at
the Premises or is occupying the Building in furtherance of such business relationship with Tenant (a &ldquo;<B>Collaborator</B>&rdquo;)
to use a portion of the Premises for any Permitted Use; <U>provided</U>, <U>however</U>, that (A) Tenant receives no compensation
for such Collaborator use, (b) the entity remains a Collaborator for the entire duration of such use and the entity is not indicated
on the Building directory or any signage on the Premises, and (c) the entity occupies no more than </FONT>25%<FONT STYLE="background-color: white">
of the rentable area of the Premises (&ldquo;<B>Collaborator Occupancy</B>&rdquo;). Such Collaborator Occupancy shall not be deemed
a sublease or assignment hereunder, nor shall it vest in any such Collaborator any right, title, or interest in this Lease or the
Premises nor shall it relieve, release, impair, or discharge any of Tenant&rsquo;s obligations hereunder. Tenant shall ensure that
the Collaborator complies with the terms of this Lease, including, but not limited to, the obligation to obtain and maintain the
insurance coverages as more fully described in <U>Section 17</U> (Insurance).</FONT> In connection with a Permitted Assignment,
Landlord shall not have the right to elect an Assignment Termination and, in the case of a Permitted Assignment not involving a
sublease, Tenant shall not be required to share Excess Rents (as defined below) with Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Tenant shall have the right,
as a Permitted Assignment, to assign this Lease, upon 20 days prior written notice to Landlord but without obtaining Landlord&rsquo;s
prior written consent, to a corporation or other entity that is a successor-in-interest to Tenant, by way of merger, consolidation,
or corporate reorganization, or by the purchase of all or substantially all of the assets or the ownership interests of Tenant
provided that (i) such merger or consolidation, or such acquisition or assumption, as the case may be, is for a good business purpose
and not principally for the purpose of transferring this Lease, and (ii)&nbsp;the net worth (as determined in accordance with GAAP)
of the assignee is not less than the net worth (as determined in accordance with GAAP) of Tenant as of the date of Tenant&rsquo;s
most current quarterly or annual financial statements, and (iii) such assignee shall agree in writing to assume all of the terms,
covenants, and conditions of this Lease arising after the effective date of the assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional
Conditions</B>. As a condition to any such assignment or subletting, whether or not Landlord&rsquo;s consent is required, Landlord
may require:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
any assignee or subtenant agree, in writing at the time of such assignment or subletting, that if Landlord gives such party notice
that Tenant is in default under this Lease, such party shall thereafter make all payments otherwise due Tenant directly to Landlord,
which payments will be received by Landlord without any liability except to credit such payment against those due under this Lease,
and any such third party shall agree to attorn to Landlord or its successors and assigns should this Lease be terminated for any
reason; <U>provided</U>, <U>however</U>, in no event shall Landlord or its successors or assigns be obligated to accept such attornment;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
list of Hazardous Materials, certified by the proposed assignee or sublessee to be true and correct, which the proposed assignee
or sublessee intends to use, store, handle, treat, generate in or release or dispose of from the Premises, together with copies
of all documents relating to such use, storage, handling, treatment, generation, release or disposal of Hazardous Materials by
the proposed assignee or subtenant in the Premises or on the Project, prior to the proposed assignment or subletting, including,
without limitation: permits; approvals; reports and correspondence; storage and management plans; plans relating to the installation
of any storage tanks to be installed in or under the Project (provided, said installation of tanks shall only be permitted after
Landlord has given its written consent to do so, which consent may be withheld in Landlord&rsquo;s sole and absolute discretion);
and all closure plans or any other documents required by any and all federal, state and local Governmental Authorities for any
storage tanks installed in, on or under the Project for the closure of any such tanks. Neither Tenant nor any such proposed assignee
or subtenant is required, however, to provide Landlord with any portion(s) of the such documents containing information of a proprietary
nature which, in and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Release of Tenant, Sharing of Excess Rents</B>. Notwithstanding any assignment or subletting, Tenant and any guarantor or surety
of Tenant&rsquo;s obligations under this Lease shall at all times remain fully and primarily responsible and liable for the payment
of Rent and for compliance with all of Tenant&rsquo;s other obligations under this Lease. Other than with respect to a Permitted
Assignment, if the Rent due and payable by a sublessee or assignee (or a combination of the rental payable under such sublease
or assignment plus any bonus or other consideration therefor or incident thereto in any form) exceeds the sum of the rental payable
under this Lease (excluding however, any Rent payable under this Section) and actual and reasonable brokerage fees, legal costs,
free rent or rent abatement, and any design or construction fees directly related to and required pursuant to the terms of any
such sublease) (&ldquo;<B>Excess Rent</B>&rdquo;), then Tenant shall be bound and obligated to pay Landlord as Additional Rent
hereunder 50% of such Excess Rent within 20 days following receipt thereof by Tenant. If Tenant shall sublet the Premises or any
part thereof, Tenant hereby immediately and irrevocably assigns to Landlord, as security for Tenant&rsquo;s obligations under this
Lease, all rent from any such subletting, and Landlord as assignee and as attorney-in-fact for Tenant, or a receiver for Tenant
appointed on Landlord&rsquo;s application, may collect such rent and apply it toward Tenant&rsquo;s obligations under this Lease;
except that, until the occurrence of a Default, Tenant shall have the right to collect such rent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Waiver</B>. The consent by Landlord to an assignment or subletting shall not relieve Tenant or any assignees of this Lease or any
sublessees of the Premises from obtaining the consent of Landlord to any further assignment or subletting nor shall it release
Tenant or any assignee or sublessee of Tenant from full and primary liability under this Lease. The acceptance of Rent hereunder,
or the acceptance of performance of any other term, covenant, or condition thereof, from any other person or entity shall not be
deemed to be a waiver of any of the provisions of this Lease or a consent to any subletting, assignment or other transfer of the
Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prior
Conduct of Proposed Transferee</B>. Notwithstanding any other provision of this <U>Section 22</U>, if (i) the proposed assignee
of Tenant has been required by any prior landlord pursuant to the terms of the lease agreement between such prior landlord and
Tenant, lender, or Governmental Authority to take remedial action in connection with Hazardous Materials contaminating a property,
where the contamination resulted from such party&rsquo;s action or use of the property in question, (ii)&nbsp;the proposed assignee
is subject to an enforcement order issued by any Governmental Authority in connection with the use, storage, handling, treatment,
generation, release or disposal of Hazardous Materials (including, without limitation, any order related to the failure to make
a required reporting to any Governmental Authority), or (iii) because of the existence of a pre-existing environmental condition
in the vicinity of or underlying the Project, the risk that Landlord would be targeted as a responsible party in connection with
the remediation of such pre-existing environmental condition would be materially increased or exacerbated by the proposed use of
Hazardous Materials by such proposed assignee, Landlord shall have the absolute right to refuse to consent to any assignment to
any such party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Estoppel
Certificate</B>. Tenant shall, within 10 business days of written notice from Landlord, execute, acknowledge and deliver a statement
in writing in any form reasonably requested by a proposed lender or purchaser, (i) certifying that this Lease is unmodified and
in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease as so modified
is in full force and effect) and the dates to which the rental and other charges are paid in advance, if any, (ii) acknowledging
that there are not any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed, and
(iii) setting forth such further information with respect to the status of this Lease or the Premises as may be requested thereon.
Any such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property of
which the Premises are a part. Tenant&rsquo;s failure to deliver such statement within such time shall, at the option of Landlord,
be conclusive upon Tenant that this Lease is in full force and effect and without modification except as may be represented by
Landlord in any certificate prepared by Landlord and delivered to Tenant for execution.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Quiet
Enjoyment</B>. So long as Tenant shall perform all of the covenants and agreements herein required to be performed by Tenant, Tenant
shall, subject to the terms of this Lease, at all times during the Term, have peaceful and quiet enjoyment of the Premises against
any person claiming by, through or under Landlord.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prorations</B>.
All prorations required or permitted to be made hereunder shall be made on the basis of a 360 day year and 30 day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rules
and Regulations</B>. Tenant shall, at all times during the Term and any extension thereof, comply with all reasonable rules and
regulations at any time or from time to time established by Landlord covering use of the Premises and the Project. The current
rules and regulations are attached hereto as <B>Exhibit E</B>. If there is any conflict between said rules and regulations and
other provisions of this Lease, the terms and provisions of this Lease shall control. Landlord shall not enforce such rules and
regulations in a discriminatory manner.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subordination</B>.
This Lease and Tenant&rsquo;s interest and rights hereunder are hereby made and shall be subject and subordinate at all times to
the lien of any Mortgage hereafter created on or against the Project or the Premises, and all amendments, restatements, renewals,
modifications, consolidations, refinancing, assignments and extensions thereof, without the necessity of any further instrument
or act on the part of Tenant; <U>provided</U>, <U>however</U> that so long as there is no Default hereunder, Tenant&rsquo;s right
to possession of the Premises shall not be disturbed by the Holder of any such Mortgage. Tenant agrees, at the election of the
Holder of any such Mortgage, to attorn to any such Holder. Tenant agrees upon demand to execute, acknowledge and deliver such instruments,
confirming such subordination, and such instruments of attornment as shall be requested by any such Holder, provided any such instruments
contain appropriate non-disturbance provisions assuring Tenant&rsquo;s quiet enjoyment of the Premises as set forth in <U>Section
24</U> hereof. Tenant hereby appoints Landlord attorney-in-fact for Tenant irrevocably (such power of attorney being coupled with
an interest) to execute, acknowledge and deliver any such instrument and instruments for and in the name of Tenant and to cause
any such instrument to be recorded. Notwithstanding the foregoing, any such Holder may at any time subordinate its Mortgage to
this Lease, without Tenant&rsquo;s consent, by notice in writing to Tenant, and thereupon this Lease shall be deemed prior to such
Mortgage without regard to their respective dates of execution, delivery or recording and in that event such Holder shall have
the same rights with respect to this Lease as though this Lease had been executed prior to the execution, delivery and recording
of such Mortgage and had been assigned to such Holder. From and after the Commencement Date, <FONT STYLE="color: black">Landlord
shall obtain from any Holder of a <FONT STYLE="letter-spacing: -0.15pt">Mortgage covering any or all of the Project or the Premises
a </FONT>subordination, non-disturbance, and attornment agreement (&ldquo;<B>SNDA</B>&rdquo;) on Holder&rsquo;s standard form (which
form shall be reasonably acceptable to Landlord and Tenant) in favor of Tenant assuring Tenant&rsquo;s quiet enjoyment of the Premises
as set forth in <U>Section&nbsp;24</U> hereof. Landlord represents to Tenant that, as of the Commencement Date, the Project is
not encumbered by a Mortgage. </FONT>The term &ldquo;<B>Mortgage</B>&rdquo; whenever used in this Lease shall be deemed to include
deeds of trust, security assignments and any other encumbrances, and any reference to the &ldquo;<B>Holder</B>&rdquo; of a Mortgage
shall be deemed to include the beneficiary under a deed of trust.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Surrender</B>.
Upon the expiration of the Term or earlier termination of Tenant&rsquo;s right of possession, Tenant shall surrender the Premises
to Landlord in the same condition as received, subject to any Alterations or Installations permitted by Landlord or approved hereunder,
free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from,
the Premises by any person other than a Landlord Party (collectively, &ldquo;<B>Tenant HazMat Operations</B>&rdquo;) and released
of all Hazardous Materials Clearances, broom clean, ordinary wear and tear and casualty loss and condemnation covered by <U>Sections
18</U> and <U>19</U> excepted. At least 60 days prior to the surrender of the Premises, Tenant shall deliver to Landlord a narrative
description of the actions proposed (or required by any Governmental Authority) to be taken by Tenant in order to surrender the
Premises (including any Installations permitted by Landlord to remain in the Premises) at the expiration or earlier termination
of the Term, free from any residual impact from the Tenant HazMat Operations and otherwise released for unrestricted use and occupancy
(&ldquo;<B>Surrender Plan</B>&rdquo;). Such Surrender Plan shall be accompanied by a current listing of (i) all Hazardous Materials
licenses and permits held by or on behalf of any Tenant Party with respect to the Premises, and (ii) all Hazardous Materials used,
stored, handled, treated, generated, released or disposed of from the Premises, and shall be subject to the review and approval
of Landlord, such approval not to be unreasonably withheld, conditioned, or delayed. In connection with the review and approval
of the Surrender Plan, upon the request of Landlord, Tenant shall deliver to Landlord or its consultant such additional non-proprietary
and non-confidential information concerning Tenant HazMat Operations as Landlord shall reasonably request. On or before such surrender,
Tenant shall deliver to Landlord evidence that the approved Surrender Plan shall have been satisfactorily completed and Landlord
shall have the right, subject to reimbursement at Tenant&rsquo;s expense as set forth below, to cause Landlord&rsquo;s environmental
consultant to inspect the Premises and perform such additional procedures as may be deemed reasonably necessary to confirm that
the Premises are, as of the effective date of such surrender or early termination of this Lease, free from any residual impact
from Tenant HazMat Operations. Tenant shall reimburse Landlord, as Additional Rent, for the actual out-of pocket expense incurred
by Landlord for Landlord&rsquo;s environmental consultant to review and approve the Surrender Plan and to visit the Premises and
verify satisfactory completion of the same, which cost shall not exceed $5,000. Landlord shall have the unrestricted right to deliver
such Surrender Plan and any report by Landlord&rsquo;s environmental consultant with respect to the surrender of the Premises to
third parties. Landlord shall use reasonable efforts to request that such third parties maintain the confidentiality of such report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Tenant shall fail to
prepare or submit a Surrender Plan approved by Landlord, or if Tenant shall fail to complete the approved Surrender Plan, or if
such Surrender Plan, whether or not approved by Landlord, shall fail to adequately address any residual effect of Tenant HazMat
Operations in, on or about the Premises, Landlord shall have the right to take such actions as Landlord may deem reasonable or
appropriate to assure that the Premises and the Project are surrendered free from any residual impact from Tenant HazMat Operations,
the cost of which actions shall be reimbursed by Tenant as Additional Rent, without regard to the limitation set forth in the first
paragraph of this <U>Section 28</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent in Tenant&rsquo;s
possession or control, Tenant shall immediately return to Landlord all keys and/or access cards to parking, the Project, restrooms
or all or any portion of the Premises furnished to or otherwise procured by Tenant. Any Tenant&rsquo;s Property, Alterations and
property not so removed by Tenant as permitted or required herein shall be deemed abandoned and may be stored, removed, and disposed
of by Landlord at Tenant&rsquo;s expense, and Tenant waives all claims against Landlord for any damages resulting from Landlord&rsquo;s
retention and/or disposition of such property. All obligations of Tenant hereunder not fully performed as of the termination of
the Term, including the obligations of Tenant under <U>Section 30</U> hereof, shall survive the expiration or earlier termination
of the Term, including, without limitation, indemnity obligations, payment obligations with respect to Rent and obligations concerning
the condition and repair of the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Waiver
of Jury Trial</B>. TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY JURY OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LANDLORD AND TENANT ARISING OUT OF THIS LEASE OR ANY OTHER INSTRUMENT,
DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Environmental
Requirements</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prohibition/Compliance/Indemnity</B>.
Tenant shall not cause or permit any Hazardous Materials (as hereinafter defined) to be brought upon, kept, used, stored, handled,
treated, generated in or about, or released or disposed of from, the Premises or the Project in violation of applicable Environmental
Requirements (as hereinafter defined) by Tenant or any Tenant Party. If Tenant breaches the obligation stated in the preceding
sentence, or if the presence of Hazardous Materials in the Premises during the Term or any holding over results in contamination
of the Premises, the Project or any adjacent property or if contamination of the Premises, the Project or any adjacent property
by Hazardous Materials brought into, kept, used, stored, handled, treated, generated in or about, or released or disposed of from,
the Premises by <FONT STYLE="color: black">anyone other than Landlord and Landlord&rsquo;s employees, agents, and contractors otherwise
occurs during the Term or any holding over</FONT>, Tenant hereby indemnifies and shall defend and hold Landlord, its officers,
directors, employees, agents and contractors harmless from any and all actions (including, without limitation, remedial or enforcement
actions of any kind, administrative or judicial proceedings, and orders or judgments arising out of or resulting therefrom), costs,
claims, damages (including, without limitation, damages based upon diminution in value of the Premises or the Project, or the loss
of, or restriction on, use of the Premises or any portion of the Project), expenses (including, without limitation, reasonable
attorneys&rsquo;, consultants&rsquo; and experts&rsquo; fees, court costs and amounts paid in settlement of any claims or actions),
fines, forfeitures or other civil, administrative or criminal penalties, injunctive or other relief (whether or not based upon
personal injury, property damage, or contamination of, or adverse effects upon, the environment, water tables or natural resources),
liabilities or losses (collectively, &ldquo;<B>Environmental Claims</B>&rdquo;) which arise during or after the Term as a result
of such contamination. This indemnification of Landlord by Tenant includes, without limitation, costs incurred in connection with
any investigation of site conditions or any cleanup, treatment, remedial, removal, or restoration work required by any federal,
state or local Governmental Authority because of Hazardous Materials present in the air, soil or ground water above, on, or under
the Premises, but such indemnification excludes the matters described in <U>Section 30(i)</U> below. Without limiting the foregoing,
if the presence of any Hazardous Materials on the Premises, the Project or any adjacent property caused or permitted by Tenant
or any Tenant Party results in any contamination of the Premises, the Project or any adjacent property, Tenant shall promptly take
all actions at its sole expense and in accordance with applicable Environmental Requirements as are necessary to return the Premises,
the Project or any adjacent property to the condition existing prior to the time of such contamination, provided that Landlord&rsquo;s
approval of such action shall first be obtained, which approval shall not unreasonably be withheld, conditioned, or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Business</B>.
Landlord acknowledges that it is not the intent of this <U>Section 30</U> to prohibit Tenant from keeping and using Hazardous Materials
in types and minimal amounts customary for housekeeping purposes in an office setting (which such activities are not subject to
the reporting or other obligations of this <U>Section 30(b)</U>), or using the Premises for the Permitted Use. Tenant may operate
its business according to prudent industry practices so long as the use or presence of Hazardous Materials is strictly and properly
monitored according to all then applicable Environmental Requirements. As a material inducement to Landlord to allow Tenant to
use Hazardous Materials in connection with its business, Tenant agrees to deliver to Landlord prior to the Commencement Date a
list identifying each type of Hazardous Materials to be brought upon, kept, used, stored, handled, treated, generated on, or released
or disposed of from, the Premises and setting forth any and all governmental approvals or permits required in connection with the
presence, use, storage, handling, treatment, generation, release or disposal of such Hazardous Materials on or from the Premises
(&ldquo;<B>Hazardous Materials List</B>&rdquo;). Tenant shall deliver to Landlord an updated Hazardous Materials List whenever
any new Hazardous Material is brought onto, kept, used, stored, handled, treated, generated on, or released or disposed of from,
the Premises. Tenant shall deliver to Landlord true and correct copies of the following documents (&ldquo;<B>Haz Mat Documents</B>&rdquo;)
relating to the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials by Tenant or any Tenant
Party prior to the Commencement Date, or if unavailable at that time, concurrent with the receipt from or submission to a Governmental
Authority: permits; approvals; reports and correspondence; storage and management plans, notice of violations of any Legal Requirements;
plans relating to the installation of any storage tanks to be installed in or under the Project (provided, said installation of
tanks shall only be permitted after Landlord has given Tenant its written consent to do so, which consent may be withheld in Landlord&rsquo;s
sole and absolute discretion unless the withholding of consent would materially interfere with Tenant&rsquo;s ability to use the
Premises for the Permitted Use; in that situation, Landlord and Tenant shall cooperate in identifying the least intrusive and lowest
risk alternative for the installation of such tanks); all closure plans or any other documents required by any and all federal,
state and local Governmental Authorities for any storage tanks installed in, on or under the Project for the closure of any such
tanks; and a Surrender Plan (to the extent surrender in accordance with <U>Section 28</U> cannot be accomplished in 3 months).
Tenant is not required, however, to provide Landlord with any portion(s) of the Haz Mat Documents containing information of a proprietary
nature which, in and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities. It is not the
intent of this Section to provide Landlord with information which could be detrimental to Tenant&rsquo;s business should such information
become possessed by Tenant&rsquo;s competitors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant
Representation and Warranty</B>. Tenant hereby represents and warrants to Landlord that, to Tenant&rsquo;s actual knowledge, (i)
Tenant has not been required by any prior landlord, lender or Governmental Authority at any time to take remedial action in connection
with Hazardous Materials contaminating a property which contamination was permitted by Tenant or resulted from Tenant&rsquo;s action
or use of the property in question, and (ii) Tenant is not subject to any pending enforcement order issued by any Governmental
Authority in connection with the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials (including,
without limitation, any order related to the failure to make a required report to any Governmental Authority). If this representation
and warranty was not true as of the date of this Lease, Landlord shall have the right to terminate this Lease in Landlord&rsquo;s
sole and absolute discretion.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Testing</B>.
Landlord shall have the right to conduct reasonably-scoped annual tests of the Premises to determine whether any contamination
of the Premises or the Project has occurred as a result of Tenant&rsquo;s use. Tenant shall be required to pay the reasonable cost
of such annual test of the Premises; <U>provided</U>, <U>however</U>, that if Tenant conducts its own tests of the Premises using
third party contractors and test procedures reasonably acceptable to Landlord which tests are certified to Landlord, Landlord shall
accept such tests in lieu of the annual tests to be paid for by Tenant. In addition, at any time, and from time to time, prior
to the expiration or earlier termination of the Term, but only if a Default is continuing hereunder or Landlord has a reasonable
basis to believe that Tenant&rsquo;s use of the Premises has resulted or threatens to result in a release of Hazardous Materials
at, on, or from the Premises, or Landlord is so required by any Governmental Authority or Legal Requirement, then Landlord shall,
upon at least 5 days&rsquo; advance written notice to Tenant, Landlord shall have the right to conduct appropriate tests of the
Premises and the Project to determine if contamination has occurred as a result of Tenant&rsquo;s use of the Premises. In connection
with such testing, upon the request of Landlord, Tenant shall deliver to Landlord or its consultant such non-proprietary and non-confidential
information concerning the use of Hazardous Materials in or about the Premises by Tenant or any Tenant Party. Any such testing
shall be performed only by qualified consultants who possess adequate types and amounts of insurance, and shall be performed in
a manner that does not unreasonably interfere with Tenant&rsquo;s use of the Premises for the Permitted Use. If contamination has
occurred for which Tenant is liable under this <U>Section 30</U>, Tenant shall pay all costs to conduct such tests. If no such
contamination is found, Landlord shall pay the reasonable costs of such tests (which shall not constitute an Operating Expense).
Landlord shall provide Tenant with a copy of all third party, non-confidential reports and tests of the Premises made by or on
behalf of Landlord during the Term without representation or warranty and subject to a confidentiality agreement. Tenant shall,
at its sole cost and expense, promptly and satisfactorily remediate any environmental conditions identified by such testing in
accordance with all Environmental Requirements. Landlord&rsquo;s receipt of or satisfaction with any environmental assessment in
no way waives any rights which Landlord may have against Tenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Underground
Tanks</B>. If underground or other storage tanks storing Hazardous Materials located on the Premises or the Project are used by
Tenant or are hereafter placed on the Premises or the Project by Tenant, Tenant shall install, use, monitor, operate, maintain,
upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting
procedures, properly close any such tanks, and take or cause to be taken all other actions necessary or required under applicable
state and federal Legal Requirements, as such now exists or may hereafter be adopted or amended in connection with the installation,
use, maintenance, management, operation, upgrading and closure of such storage tanks.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Obligations</B>.
Each party&rsquo;s obligations under this <U>Section 30</U> shall survive the expiration or earlier termination of this Lease.
During any period of time after the expiration or earlier termination of this Lease required by Tenant or Landlord to complete
the removal from the Premises of any Hazardous Materials for which Tenant is responsible under this <U>Section 30</U> (including,
without limitation, the release and termination of any licenses or permits restricting the use of the Premises and the completion
of the approved Surrender Plan), Tenant shall continue to pay the full Rent in accordance with this Lease for any portion of the
Premises not relet by Landlord in Landlord&rsquo;s sole discretion, which Rent shall be prorated daily.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reports</B>.
Whenever Landlord requests reports, documents, or other materials from Tenant relating to Hazardous Materials under this Lease
and such reports, documents or materials contain Tenant&rsquo;s trade secrets or proprietary information, as a condition to the
production of such reports Tenant may redact any trade secrets or proprietary information from such reports, documents, or other
materials as long as any information regarding Hazardous Materials is not so redacted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions</B>.
As used herein, (i) the term &ldquo;<B>Environmental Requirements</B>&rdquo; means all applicable present and future statutes,
regulations, ordinances, rules, codes, judgments, orders or other similar enactments of any Governmental Authority regulating or
relating to health, safety, or environmental conditions on, under, or about the Premises or the Project, or the environment, including
without limitation, the following: the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation
and Recovery Act; and all state and local counterparts thereto, and any regulations or policies promulgated or issued thereunder,
and (ii) the term &ldquo;<B>Hazardous Materials</B>&rdquo; means and includes any substance, material, waste, pollutant, or contaminant
listed or defined as hazardous or toxic, or regulated by reason of its impact or potential impact on humans, animals and/or the
environment under any Environmental Requirements, asbestos and petroleum, including crude oil or any fraction thereof, natural
gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or mixtures of natural gas and such synthetic gas). As defined
in Environmental Requirements, Tenant is and shall be deemed to be the &ldquo;<B>operator</B>&rdquo; of Tenant&rsquo;s &ldquo;<B>facility</B>&rdquo;
and the &ldquo;<B>owner</B>&rdquo; of all Hazardous Materials brought on the Premises by Tenant or any Tenant Party, and the wastes,
by-products, or residues generated, resulting, or produced therefrom.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Past
Contamination</B>. If the applicable Governmental Authority requires that Landlord remediate Hazardous Materials contamination
on the Project, which contamination predates the Intercell Sublease Commencement Date, Landlord shall remediate the contamination
in accordance with applicable Legal Requirements at no cost or expense to Tenant. To the extent (and only to the extent) covered
by Landlord&rsquo;s pollution legal liability insurance, Landlord hereby agrees to hold harmless Tenant from any Environmental
Claims that existed, accrued, or arose prior to the Intercell Sublease Commencement Date, and that Tenant did not cause, contribute
to, or exacerbate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant&rsquo;s
Remedies/Limitation of Liability</B>. Landlord shall not be in default hereunder unless Landlord fails to perform any of its obligations
hereunder within 30 days after written notice from Tenant specifying such failure (unless such performance will, due to the nature
of the obligation, require a period of time in excess of 30 days, then after such period of time as is reasonably necessary). Upon
any default by Landlord, Tenant shall give notice by registered or certified mail to any Holder of a Mortgage covering the Premises
and to any landlord of any lease of property in or on which the Premises are located and Tenant shall offer such Holder and/or
landlord a reasonable opportunity to cure the default, including time to obtain possession of the Project by power of sale or a
judicial action if such should prove necessary to effect a cure; <U>provided</U> Landlord shall have furnished to Tenant in writing
the names and addresses of all such persons who are to receive such notices. All obligations of Landlord hereunder shall be construed
as covenants, not conditions; and, except as may be otherwise expressly provided in this Lease, Tenant may not terminate this Lease
for breach of Landlord&rsquo;s obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if any claimed Landlord default hereunder will immediately, materially, and adversely affect Tenant&rsquo;s ability to conduct
its business in the Premises (a &ldquo;<B>Material Landlord Default</B>&rdquo;), Tenant shall, as soon as reasonably possible,
but in any event within 4 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written
notice of such claim and telephonic notice to Tenant&rsquo;s principal contact with Landlord. Landlord shall then have 4 business
days to commence cure of such claimed Material Landlord Default and shall diligently prosecute such cure to completion. If Tenant
failed to give Landlord the notice required hereunder within 4 business days of learning of the conditions giving rise to the claimed
Material Landlord Default, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord
in connection with such cure in excess of the costs, if any, that Landlord would otherwise have been liable to pay hereunder. If
Landlord fails to commence cure of any claimed Material Landlord Default as provided above, Tenant may commence and prosecute such
cure to completion, and shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord,
to the extent of Landlord&rsquo;s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations
set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All obligations of Landlord
under this Lease will be binding upon Landlord only during the period of its ownership of the Premises and not thereafter. The
term &ldquo;<B>Landlord</B>&rdquo; in this Lease shall mean only the owner for the time being of the Premises. Upon the transfer
by such owner of its interest in the Premises, such owner shall thereupon be released and discharged from all obligations of Landlord
thereafter accruing, but such obligations shall be binding during the Term upon each new owner for the duration of such owner&rsquo;s
ownership.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inspection
and Access</B>. Landlord and its agents, representatives, and contractors may enter the Premises at any reasonable time to inspect
the Premises and to make such repairs as may be required or permitted pursuant to this Lease and for any other business purpose.
Landlord and Landlord&rsquo;s representatives may enter the Premises during business hours on not less than 48 hours advance written
notice (except in the case of emergencies in which case no such notice shall be required and such entry may be at any time) for
the purpose of effecting any such repairs, inspecting the Premises, showing the Premises to prospective purchasers and, during
the last year of the Term, to prospective tenants or for any other business purpose; <U>provided</U>, <U>however</U>, that (a)
to the extent on-going, closed manufacturing processes that require quarantine are occurring at the Premises, access to the affected
portion of the Premises shall be permitted on not less than 5 days&rsquo; prior written notice, and (b) Landlord shall respect
those areas of the Premises that Tenant designates as secure or proprietary, or both, and shall coordinate with Tenant to protect
the security of these areas. <FONT STYLE="color: black">During any such entry, Landlord shall use commercially reasonable efforts
to minimize interference with Tenant&rsquo;s business operations and shall comply with Tenant&rsquo;s reasonable safety, security,
and environmental regulations that are uniformly and routinely imposed by Tenant on any Tenant Party as long as such regulations
do not adversely affect or materially increase the cost of Landlord&rsquo;s performance of its activities on the Premises. Except
in the case of emergencies, Landlord shall use commercially reasonable efforts to perform any repairs or maintenance activities
during the non-business hours of the Building, and Landlord shall promptly restore any damage caused by Landlord during any such
repair or maintenance. </FONT>Landlord may erect a suitable sign on the Premises stating that the Project is available for sale
and, in the last year of the Term, that the Premises are available for let. Landlord may grant easements, make public dedications,
designate Common Areas and create restrictions on or about the Premises, <U>provided</U> that no such easement, dedication, designation
or restriction materially, adversely affects Tenant&rsquo;s use or occupancy of the Premises for the Permitted Use. At Landlord&rsquo;s
request, Tenant shall execute such instruments as may be necessary for such easements, dedications or restrictions. Tenant shall
at all times, except in the case of emergencies, have the right to escort Landlord or its agents, representatives, contractors
or guests while the same are in the Premises, provided such escort does not materially and adversely affect Landlord&rsquo;s access
rights hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Security</B>.
Tenant acknowledges and agrees that security devices and services, if any, while intended to deter crime may not in given instances
prevent theft or other criminal acts and that Landlord is not providing any security services with respect to the Premises. Tenant
agrees that Landlord shall not be liable to Tenant for, and Tenant waives any claim against Landlord with respect to, any loss
by theft or any other damage suffered or incurred by Tenant in connection with any unauthorized entry into the Premises or any
other breach of security with respect to the Premises. Tenant shall be solely responsible for the personal safety of Tenant&rsquo;s
officers, employees, agents, contractors, guests and invitees while any such person is in, on or about the Premises and/or the
Project. Tenant shall at Tenant&rsquo;s cost obtain insurance coverage to the extent Tenant desires protection against such criminal
acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">34.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Force
Majeure</B>. Neither Landlord nor Tenant shall be responsible or liable for delays in the performance of its obligations hereunder
when caused by, related to, or arising out of acts of God, strikes, lockouts, or other labor disputes, embargoes, quarantines,
weather, national, regional, or local disasters, calamities, or catastrophes, inability to obtain labor or materials (or reasonable
substitutes therefor) at reasonable costs or failure of, or inability to obtain, utilities necessary for performance, governmental
restrictions, orders, limitations, regulations, or controls, national emergencies, delay in issuance or revocation of permits,
enemy or hostile governmental action, terrorism, insurrection, riots, civil disturbance or commotion, fire or other casualty, and
other causes or events beyond the reasonable control of such party (&ldquo;<B>Force Majeure</B>&rdquo;); <U>provided</U>, <U>however</U>,
that in no event shall Force Majeure excuse Tenant from performing any monetary obligation under this Lease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">35.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Brokers</B>.
Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, &ldquo;<B>Broker</B>&rdquo;)
in connection with this transaction and that no Broker brought about this transaction, other than Scheer Partners. Scheer Partners
<FONT STYLE="color: black">shall be p</FONT>aid by Landlord pursuant to a separate agreement between Landlord and Scheer Partners.
Landlord and Tenant each hereby agrees to indemnify and hold the other harmless from and against any claims by any Broker, other
than the broker, if any named in this <U>Section 35</U>, claiming a commission or other form of compensation by virtue of having
dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">36.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limitation
on Landlord&rsquo;s Liability.</B> NOTWITHSTANDING ANYTHING SET FORTH HEREIN OR IN ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT
TO THE CONTRARY: (A) LANDLORD SHALL NOT BE LIABLE TO TENANT OR ANY OTHER PERSON FOR (AND TENANT AND EACH SUCH OTHER PERSON ASSUME
ALL RISK OF) LOSS, DAMAGE OR INJURY, WHETHER ACTUAL OR CONSEQUENTIAL TO: TENANT&rsquo;S PERSONAL PROPERTY OF EVERY KIND AND DESCRIPTION,
INCLUDING, WITHOUT LIMITATION TRADE FIXTURES, EQUIPMENT, INVENTORY, SCIENTIFIC RESEARCH, SCIENTIFIC EXPERIMENTS, LABORATORY ANIMALS,
PRODUCT, SPECIMENS, SAMPLES, AND/OR SCIENTIFIC, BUSINESS, ACCOUNTING AND OTHER RECORDS OF EVERY KIND AND DESCRIPTION KEPT AT THE
PREMISES AND ANY AND ALL INCOME DERIVED OR DERIVABLE THEREFROM; (B) THERE SHALL BE NO PERSONAL RECOURSE TO LANDLORD FOR ANY ACT
OR OCCURRENCE IN, ON OR ABOUT THE PREMISES OR ARISING IN ANY WAY UNDER THIS LEASE OR ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND ANY LIABILITY OF LANDLORD HEREUNDER SHALL BE STRICTLY LIMITED SOLELY TO LANDLORD&rsquo;S
INTEREST IN THE PROJECT OR ANY PROCEEDS FROM SALE OR CONDEMNATION THEREOF AND ANY INSURANCE PROCEEDS PAYABLE IN RESPECT OF LANDLORD&rsquo;S
INTEREST IN THE PROJECT OR IN CONNECTION WITH ANY SUCH LOSS; AND (C) IN NO EVENT SHALL ANY PERSONAL LIABILITY BE ASSERTED AGAINST
ANY OF LANDLORD&rsquo;S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS. UNDER NO CIRCUMSTANCES SHALL LANDLORD OR ANY OF
LANDLORD&rsquo;S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS BE LIABLE FOR INJURY TO TENANT&rsquo;S BUSINESS OR FOR ANY
LOSS OF INCOME OR PROFIT THEREFROM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">37.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Severability</B>.
If any clause or provision of this Lease is illegal, invalid or unenforceable under present or future laws, then and in that event,
it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby. It is also the intention
of the parties to this Lease that in lieu of each clause or provision of this Lease that is illegal, invalid or unenforceable,
there be added, as a part of this Lease, a clause or provision as similar in effect to such illegal, invalid or unenforceable clause
or provision as shall be legal, valid and enforceable. This Lease, including the exhibits attached hereto, constitutes the entire
agreement between Landlord and Tenant pertaining to the subject matter hereof and supersedes all prior agreements, understandings,
letters of intent, negotiations, and discussions, whether oral or written, of the parties, and there are no warranties, representations,
or other agreements, express or implied, made to either party by the other party in connection with the subject matter hereof except
as specifically set forth herein or in the documents delivered pursuant hereto or in connection herewith.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">38.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Signs;
Exterior Appearance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>.
<FONT STYLE="color: black">Except as set forth in this <U>Section 38</U>, </FONT>Tenant shall not, without the prior written consent
of Landlord, which may be granted or withheld in Landlord&rsquo;s sole discretion: (i) attach any awnings, exterior lights, decorations,
balloons, flags, pennants, banners, painting or other projection to any outside wall of the Project, (ii) use any curtains, blinds,
shades or screens other than Landlord&rsquo;s standard window coverings, (iii) coat or otherwise sunscreen the interior or exterior
of any windows, (iv)&nbsp;place any bottles, parcels, or other articles on the window sills, (v) place any equipment, furniture
or other items of personal property on any exterior balcony, or (vi) paint, affix or exhibit on any part of the Premises or the
Project any signs, notices, window or door lettering, placards, decorations, or advertising media of any type which can be viewed
from the exterior of the Premises. Interior signs on doors and the directory tablet shall be inscribed, painted or affixed for
Tenant by Landlord at the sole cost and expense of Tenant, and shall be of a size, color and type acceptable to Landlord. Nothing
may be placed on the exterior of corridor walls or corridor doors other than Landlord&rsquo;s standard lettering. The directory
tablet shall be provided exclusively for the display of the name and location of tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black"><B>Identification</B>.
Tenant shall have the exclusive right, at its sole cost and expense and in compliance with all applicable Legal Requirements, to
install and affix to any level of the Building roof line and on a monument sign at the main Building entrance and parking entrances
for parking areas serving exclusively the Building signs bearing Tenant&rsquo;s name and its then current corporate logo (collectively,
&ldquo;<B>Identification Signage</B>&rdquo;); <U>provided</U>, <U>however</U>, that Landlord shall have the right to display its
standard logo on such monument signs. Such signage right shall be personal to Novavax, Inc., except that such right may be assigned
in connection with any Permitted Assignment. Landlord shall have the right to approve the place, size, and design of the Identification
Signage, which approval shall not be unreasonably withheld, delayed, or conditioned. Tenant shall also have the right, at its sole
cost and expense and in compliance with all applicable Legal Requirements, to install and affix a building mounted sign and to
change the name on any monument sign in existence as of the date of this Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">39.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
to Extend Term</B>. Tenant shall have the right to extend the Term of this Lease upon the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Extension
Rights</B>. Tenant shall have 2 consecutive rights (each, an &ldquo;<B>Extension Right</B>&rdquo;) to extend the term of this Lease
for 5 years each (each, an &ldquo;<B>Extension Term</B>&rdquo;) on the same terms and conditions as this Lease (other than Base
Rent) by giving Landlord written notice (&ldquo;<B>Extension Notice</B>&rdquo;) of its election to exercise each Extension Right
at least 12 months prior, and no earlier than 16 months prior, to the expiration of the Base Term of this Lease or the expiration
of any prior Extension Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon the commencement of
any Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on
each anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at
the time the Market Rate is determined. As used herein, &ldquo;<B>Market Rate</B>&rdquo; shall mean the then market rental rate
as determined by Landlord and agreed to by Tenant. The Market Rate shall be based on the &ldquo;as is&rdquo; condition of the Premises
without regard to any equipment or removable improvements paid for, and installed, by Tenant within the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If, on or before the date
that is 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any prior Extension Term, Tenant
has not agreed with Landlord&rsquo;s determination of the Market Rate and the rent escalations during such subsequent Extension
Term after negotiating in good faith, Tenant may by written notice to Landlord not later than 120 days prior to the expiration
of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in <U>Section
39(b)</U> below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further
extend, the Term of this Lease and all of the remaining Extension Rights shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Arbitration</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
10 days of Tenant&rsquo;s notice to Landlord of its election to arbitrate Market Rate and escalations, each party shall deliver
to the other a proposal containing the Market Rate and escalations that the submitting party believes to be correct (&ldquo;<B>Extension
Proposal</B>&rdquo;). If either party fails to timely submit an Extension Proposal, the other party&rsquo;s submitted proposal
shall determine the Base Rent and escalations for the Extension Term. If both parties submit Extension Proposals, then Landlord
and Tenant shall meet within 7 days after delivery of the last Extension Proposal and make a good faith attempt to mutually appoint
a single Arbitrator (and defined below) to determine the Market Rate and escalations. If Landlord and Tenant are unable to agree
upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an
Arbitrator. If either party fails to timely give notice of its selection for an Arbitrator, the other party&rsquo;s submitted proposal
shall determine the Base Rent for the Extension Term. The 2 Arbitrators so appointed shall, within 5 business days after their
appointment, appoint a third Arbitrator. If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator
within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator
by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior
written notice to the other party of such intent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator,
as applicable. The decision of the single Arbitrator shall be final and binding upon the parties. The average of the two closest
Arbitrators in a three Arbitrator panel shall be final and binding upon the parties. Each party shall pay the fees and expenses
of the Arbitrator appointed by or on behalf of such party and the fees and expenses of the third Arbitrator shall be borne equally
by both parties. If the Market Rate and escalations are not determined by the first day of the Extension Term, then Tenant shall
pay Landlord Base Rent in an amount equal to the Base Rent in effect immediately prior to the Extension Term and increased by the
Rent Adjustment Percentage until such determination is made. After the determination of the Market Rate and escalations, the parties
shall make any necessary adjustments to such payments made by Tenant. Landlord and Tenant shall then execute an amendment recognizing
the Market Rate and escalations for the Extension Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
&ldquo;<B>Arbitrator</B>&rdquo; shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions
hereof and: (A) shall be (1) a member of the American Institute of Real Estate Appraisers with not less than 10 years of experience
in the appraisal of improved office and high tech industrial real estate in the greater Washington, D.C. metropolitan area, or
(2) a licensed commercial real estate broker with not less than 15 years experience representing landlords and/or tenants in the
leasing of high tech or life sciences space in the greater Washington, D.C. metropolitan area, (A)&nbsp;devoting substantially
all of their time to professional appraisal or brokerage work, as applicable, at the time of appointment and (C) be in all respects
impartial and disinterested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Extension Rights are personal to Novavax, Inc. and are not assignable without Landlord&rsquo;s consent, which
may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Extension Rights may be assigned in connection with any Permitted Assignment
of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding anything set forth above to the contrary, the Extension Rights shall not be in effect and Tenant may not exercise
any of the Extension Rights: (i) during any period of time that Tenant is in Default of any monetary provision under this Lease;
or (ii) if Tenant has been in Default of any monetary provision under this Lease 3 or more times, regardless of whether the Defaults
are cured, during the 12 month period immediately prior to the date that Tenant intends to exercise an Extension Right, regardless
of whether the Defaults are cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Extensions</B>. The period of time within which any Extension Rights may be exercised shall not be extended or enlarged by reason
of Tenant&rsquo;s inability to exercise the Extension Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
The Extension Rights shall terminate and be of no further force or effect even after Tenant&rsquo;s due and timely exercise of
an Extension Right, if, after such exercise, but prior to the commencement date of an Extension Term, (i) Tenant fails to timely
cure any Default by Tenant under any monetary provision under this Lease; or (ii) Tenant has Defaulted under any monetary provision
under this Lease 3 or more times during the period from the date of the exercise of an Extension Right to the date of the commencement
of the Extension Term, regardless of whether such Defaults are cured.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">40.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Roof
Equipment</B>. As long as Tenant is not in Default at the time of installation thereof, Tenant shall have the right, subject to
compliance with all Legal Requirements, to install, maintain, and remove on the top of the roof of the Building one or more satellite
dishes, communication antennae, or other equipment (all of which having a diameter and height reasonably acceptable to Landlord)
for the transmission or reception of communication of signals as Tenant may from time to time desire, as well as mechanical equipment,
dunnage for equipment, and other related equipment <FONT STYLE="color: black">(all of which having dimensions reasonably acceptable
to Landlord)</FONT> (collectively, the &ldquo;<B>Roof Equipment</B>&rdquo;) on the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Requirements</B>.
Tenant shall submit to Landlord (i) the plans and specifications for the installation of the Roof Equipment, (ii) copies of all
required governmental and quasi-governmental permits, licenses, and authorizations that Tenant will and must obtain at its own
expense, with the cooperation of Landlord, if necessary for the installation and operation of the Roof Equipment, and (iii) an
insurance policy or certificate of insurance evidencing insurance coverage as required by this Lease and any other insurance as
reasonably required by Landlord for the installation and operation of the Roof Equipment. Landlord shall not unreasonably withhold
or delay its approval for the installation and operation of the Roof Equipment; <U>provided</U>, <U>however</U>, that Landlord
may reasonably withhold its approval if the installation or operation of the Roof Equipment (A) may damage the structural integrity
of the Building, (B) may void, terminate, or invalidate any applicable roof warranty, (C) may interfere with any service provided
by Landlord, (D) may reduce the leasable space in the Building, or (E) is not properly screened from the viewing public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Damage to Roof</B>. If Tenant or its agents shall cause any damage to the roof during the installation, operation, and removal
of the Roof Equipment such damage shall be repaired promptly at Tenant&rsquo;s expense and the roof shall be restored in the same
condition it was in before the damage. Landlord shall not charge Tenant Additional Rent for the installation and use of the Roof
Equipment. If, however, Landlord&rsquo;s insurance premium or Tax assessment increases as a result of the Roof Equipment, Tenant
shall pay such increase as Additional Rent within 20 days after receipt of a reasonably detailed invoice from Landlord. Tenant
shall not be entitled to any abatement or reduction in the amount of Rent payable under this Lease if for any reason Tenant is
unable to use the Roof Equipment. In no event whatsoever shall the installation, operation, maintenance, or removal of the Roof
Equipment by Tenant or its agents void, terminate, or invalidate any applicable roof warranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Protection</B>.
The installation, operation, and removal of the Roof Equipment shall be at Tenant&rsquo;s sole risk. Tenant shall indemnify, defend,
and hold Landlord harmless from and against any and all claims, costs, damages, liabilities and expenses (including, but not limited
to, attorneys&rsquo; fees) of every kind and description that may arise out of or be connected in any way with Tenant&rsquo;s installation,
operation, or removal of the Roof Equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Removal</B>.
At the expiration or earlier termination of this Lease, Tenant shall, at its sole cost and expense, remove the Roof Equipment from
the Building. Tenant shall leave the portion of the roof where the Roof Equipment was located in good order and repair, reasonable
wear and tear excepted. If Tenant does not so remove the Roof Equipment, Tenant hereby authorizes Landlord to remove and dispose
of the Roof Equipment and charge Tenant as Additional Rent for all reasonable costs and expenses incurred by Landlord in such removal
and disposal. Tenant agrees that Landlord shall not be liable for any Roof Equipment or related property disposed of or removed
by Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Interference</B>. The Roof Equipment shall not interfere with the proper functioning of any equipment or devices that have been
installed by Landlord before the date of the installation of the Roof Equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Access</B>.
Landlord grants to Tenant the right of ingress and egress on a 24 hour 7 day per week basis to install, operate, and maintain the
Roof Equipment. Landlord shall supply Tenant with the name, telephone, and pager numbers of the contact individual(s) responsible
for providing access during emergencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Appearance</B>.
If permissible by Legal Requirements, the Roof Equipment shall be painted the same color as the Building.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Assignment</B>. Except in connection with any Permitted Assignment of this Lease and in cases where Landlord has consented to an
assignment of this Lease or a subletting of all or part of the Premises in accordance with the terms and conditions of this Lease,
the right of Tenant to use and operate the Roof Equipment shall be personal solely to Novavax, Inc., and (i)&nbsp;no other person
or entity shall have any right to use or operate the Roof Equipment, and (ii) Tenant shall not assign, convey, or otherwise transfer
to any person or entity any right, title, or interest in all or any portion of the Roof Equipment or the use and operation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">41.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
of First Negotiation</B>. If during the Term Landlord desires to sell its fee interest in the Project, then prior to making an
offer or proposal or accepting any offer or proposal for such sale, Landlord shall first give Tenant the opportunity (&ldquo;<B>Right
of First Negotiation</B>&rdquo;) to purchase such fee interest subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice
of Intent to Sell</B>. Landlord shall notify Tenant of Landlord&rsquo;s intent to sell the Project, which notice shall include
the purchase price and other terms upon which Landlord is willing to sell the Project (&ldquo;<B>Notice of Intent to Sell</B>&rdquo;).
If Tenant wishes to purchase the Premises upon the terms and conditions set forth in the Notice of Intent to Sell, then within
10 days after Tenant&rsquo;s receipt of the Notice of Intent to Sell Tenant shall give Landlord written notice (&ldquo;<B>Offer
Exercise Notice</B>&rdquo;) of its election to exercise its right to purchase the Project. Failure of Tenant to respond within
such 10 day period shall be deemed an election not to exercise Tenant&rsquo;s right to purchase granted herein; <U>provided</U>,
<U>however</U>, that Tenant agrees to confirm promptly such deemed waiver by executing a written waiver. For a period of 15 days
after the date of Landlord&rsquo;s receipt of the Offer Exercise Notice, Landlord and Tenant shall negotiate in good faith for
Tenant&rsquo;s purchase of the Project on the terms and conditions set forth in the Notice of Intent to Sell or on such other terms
and conditions as may be acceptable to Landlord and Tenant. If Landlord and Tenant are unable to reach agreement and enter into
a mutually agreeable term sheet within such 15 day time period, Landlord shall have the right to sell the Premises to whomever
it desires; <U>provided</U>, <U>however</U>, that (i)&nbsp;the purchase price to be paid by the prospective purchaser shall not
be less than 95% of the purchase price set forth in the Notice of Intent to Sell, and (ii) the other terms and conditions offered
to the prospective purchaser shall be substantially the same as those set forth in the Notice of Intent to Sell. For purposes of
this <U>Section 41</U> and <U>Section 42</U> (Right of First Refusal), such terms and conditions shall consist solely of the allocation
of any applicable recordation and transfer taxes, the amount of any earnest money deposit, the duration of any due diligence inspection
period, the determination of the closing date, and, if specified, the survival period for any representations and warranties. If
(y)&nbsp;the proposed purchase price on the sale of the Project to the prospective purchaser is less than 95% of the purchase price
set forth in the Notice of Intent to Sell or if the other terms and conditions offered to the prospective purchaser are not substantially
the same as those set forth in the Notice of Intent to Sell, or (z)&nbsp;the closing under the purchase and sale agreement with
the prospective purchaser does not occur by the first anniversary of the Notice of Intent to Sell, Landlord shall be required to
give Tenant another Notice of Intent to Sell specifying the proposed terms of sale and affording Tenant the opportunity, once again,
to elect to purchase the Project on the terms so specified, in accordance with the provisions hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Affiliate
Transactions</B>. Notwithstanding anything to the contrary contained herein, this Section shall not require Landlord to provide
Tenant with a Notice of Intent to Sell prior to selling or transferring its interest in the Project to an Affiliated Entity (as
defined below). As used herein, an &ldquo;<B>Affiliated Entity</B>&rdquo; means an entity owned or controlled by Landlord, or any
member of Landlord, or an entity under common control with Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entity
Transfers</B>. Nothing set forth in this Section shall restrict, limit, or prevent Landlord from (i)&nbsp;making an assignment
of its interest in this Lease for security, (ii) admitting party(ies) as members of the limited liability company that constitutes
Landlord or (iii) granting to lenders or others equity interests in the limited liability company that constitutes Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
Provided Tenant has been afforded the rights granted to Tenant in this Section, Tenant&rsquo;s right to purchase the Premises pursuant
to Section shall forever terminate automatically upon the consummation of a sale of the Project to a third party purchaser. Tenant
shall confirm the termination of its rights hereunder by executing a written termination and providing such further assurances
thereof as Landlord may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Right of First Negotiation is personal to Novavax, Inc. and is not assignable without Landlord&rsquo;s consent,
which may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Right of First Negotiation may be assigned in connection with any Permitted
Assignment of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding anything set forth above to the contrary, the Right of First Negotiation shall not be in effect and Tenant may
not exercise the Right of First Negotiation: (i)&nbsp;during any period of time that Tenant is in Default; (ii) if Tenant has been
in Default 3 or more times, regardless of whether the Defaults are cured, during the 12 month period immediately prior to the date
that Tenant intends to exercise the Right of First Negotiation, regardless of whether the Defaults are cured; or (iii) if the sale
of the Project is part of a sale of other assets of Landlord or its affiliates and such sale is not intentionally designed solely
to defeat the Right of First Negotiation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not
Binding on Lenders</B>. Subject to Tenant&rsquo;s rights under any SNDA, this <U>Section 41</U> shall not be binding on any holder
of a Mortgage encumbering all or any part of the Project created by Landlord or on any purchaser at <FONT STYLE="letter-spacing: -0.15pt">any
foreclosure proceeding or sale or any sale in lieu of a foreclosure affecting </FONT>all or any part of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">42.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
of First Refusal</B>. If during the Term Landlord receives a bona fide written offer (&ldquo;<B>Purchase Offer</B>&rdquo;) for
the purchase of the Project on terms and conditions that Landlord is willing to accept, Landlord shall give Tenant the right (&ldquo;<B>Right
of First Refusal</B>&rdquo;) to purchase the Project subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Purchase
Offer Notice</B>. Landlord shall notify Tenant in writing of Landlord&rsquo;s receipt of the Purchase Offer (&ldquo;<B>Purchase
Offer Notice</B>&rdquo;), which Purchase Offer Notice shall contain a copy of the Purchase Offer. For a period of 15 days after
the date of Tenant&rsquo;s receipt of the Purchase Offer Notice, Landlord and Tenant shall negotiate in good faith for Tenant&rsquo;s
purchase of the Project on the terms and conditions set forth in the Purchase Offer Notice. If Landlord and Tenant are unable to
execute and deliver a binding contract of sale within such 15 day period, Landlord shall be able to sell the Premises to whomever
it desires for a period of 1 year after the expiration of such 15 day period; <U>provided</U>, <U>however</U>, that (i)&nbsp;the
purchase price to the prospective purchaser shall not be less than 95% of the purchase price set forth in the Purchase Offer Notice,
and (ii) the other terms and conditions offered to the prospective purchaser shall be substantially the same as those set forth
in the Purchase Offer Notice. If the proposed purchase price on the sale of the Project to the prospective purchaser is less than
95% of the purchase price set forth in the Purchase Offer Notice or if the other terms and conditions offered to the prospective
purchaser are not substantially the same as those set forth in the Purchase Offer Notice, Landlord shall be required to give Tenant
another Purchase Offer Notice specifying the proposed terms of sale and affording Tenant the opportunity, once again, to elect
to purchase the Project on the terms so specified, in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Affiliate
Transactions</B>. Notwithstanding anything to the contrary contained herein, this Section shall not require Landlord to provide
Tenant with a Purchase Offer Notice prior to selling or transferring Landlord&rsquo;s interest in the Project to an Affiliated
Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entity
Transfers</B>. Nothing set forth in this Section shall restrict, limit, or prevent Landlord from (i)&nbsp;making an assignment
of its interest in this Lease for security, (ii) admitting party(ies) as members of the limited liability company that constitutes
Landlord or (iii) granting to lenders or others equity interests in the limited liability company that constitutes Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
Provided Tenant has been afforded the rights granted to Tenant in this Section, Tenant&rsquo;s right to purchase the Premises pursuant
to Section shall forever terminate automatically upon the consummation of a sale of the Project to a third party purchaser. Tenant
shall confirm the termination of its rights hereunder by executing a written termination and providing such further assurances
thereof as Landlord may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Right of First Refusal is personal to Novavax, Inc. and is not assignable without Landlord&rsquo;s consent, which
may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Right of First Refusal may be assigned in connection with any Permitted
Assignment of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding anything set forth above to the contrary, the Right of First Refusal shall not be in effect and Tenant may not
exercise the Right of First Refusal: (i)&nbsp;during any period of time that Tenant is in Default; (ii) if Tenant has been in Default
3 or more times, regardless of whether the Defaults are cured, during the 12 month period immediately prior to the date that Tenant
intends to exercise the Right of First Refusal, regardless of whether the Defaults are cured; or (iii) if the sale of the Project
is part of a sale of other assets of Landlord or its affiliates and such sale is not intentionally designed solely to defeat the
Right of First Refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not
Binding on Lenders</B>. Subject to Tenant&rsquo;s rights under any SNDA, this <U>Section 42</U> shall not be binding on any holder
of a Mortgage encumbering all or any part of the Project created by Landlord or on any purchaser at <FONT STYLE="letter-spacing: -0.15pt">any
foreclosure proceeding or sale or any sale in lieu of a foreclosure affecting </FONT>all or any part of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">43.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Miscellaneous</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notices</B>.
All notices or other communications between the parties shall be in writing and shall be deemed duly given upon delivery or refusal
to accept delivery by the addressee thereof if delivered in person, or upon actual receipt if delivered by reputable overnight
guaranty courier, addressed and sent to the parties at their addresses set forth above. Landlord and Tenant may from time to time
by written notice to the other designate another address for receipt of future notices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Joint
and Several Liability</B>. If and when included within the term &ldquo;<B>Tenant</B>,&rdquo; as used in this instrument, there
is more than one person or entity, each shall be jointly and severally liable for the obligations of Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
Information</B>. Tenant shall furnish Landlord with true and complete copies of (i)&nbsp;Tenant&rsquo;s most recent audited annual
financial statements within 90 days of the end of each of Tenant&rsquo;s fiscal years during the Term, and (ii) Tenant&rsquo;s
most recent Form 10K and 10Q promptly after the filing thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Recordation</B>.
Neither this Lease nor a memorandum of lease shall be filed by or on behalf of Tenant in any public record. Landlord may prepare
and file, and upon request by Landlord Tenant will execute, a memorandum of lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interpretation</B>.
The normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Lease or any exhibits or amendments hereto. Words of any gender used in this Lease shall be held
and construed to include any other gender, and words in the singular number shall be held to include the plural, unless the context
otherwise requires. The captions inserted in this Lease are for convenience only and in no way define, limit or otherwise describe
the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not
Binding Until Executed</B>. The submission by Landlord to Tenant of this Lease shall have no binding force or effect, shall not
constitute an option for the leasing of the Premises, nor confer any right or impose any obligations upon either party until execution
of this Lease by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limitations
on Interest</B>. It is expressly the intent of Landlord and Tenant at all times to comply with applicable law governing the maximum
rate or amount of any interest payable on or in connection with this Lease. If applicable law is ever judicially interpreted so
as to render usurious any interest called for under this Lease, or contracted for, charged, taken, reserved, or received with respect
to this Lease, then it is Landlord&rsquo;s and Tenant&rsquo;s express intent that all excess amounts theretofore collected by Landlord
be credited on the applicable obligation (or, if the obligation has been or would thereby be paid in full, refunded to Tenant),
and the provisions of this Lease immediately shall be deemed reformed and the amounts thereafter collectible hereunder reduced,
without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Choice
of Law</B>. Construction and interpretation of this Lease shall be governed by the internal laws of the state in which the Premises
are located, excluding any principles of conflicts of laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Time</B>.
Time is of the essence as to the performance of Tenant&rsquo;s obligations under this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>OFAC</B>.
Tenant, and all beneficial owners of Tenant, are currently (i) in compliance with and shall at all times during the Term of this
Lease remain in compliance with the regulations of the Office of Foreign Assets Control (&ldquo;<B>OFAC</B>&rdquo;) of the U.S.
Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the &ldquo;<B>OFAC Rules</B>&rdquo;),
(ii) not listed on, and shall not during the Term of this Lease be listed on, the Specially Designated Nationals and Blocked Persons
List maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing
statute, executive order, or regulation, and (iii) not a person or entity with whom a U.S. person is prohibited from conducting
business under the OFAC Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incorporation
by Reference</B>. All exhibits and addenda attached hereto are hereby incorporated into this Lease and made a part hereof. If there
is any conflict between such exhibits or addenda and the terms of this Lease, such exhibits or addenda shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Accord and Satisfaction</B>. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of Base
Rent or any Additional Rent will be other than on account of the earliest stipulated Base Rent and Additional Rent, nor will any
endorsement or statement on any check or letter accompanying a check for payment of any Base Rent or Additional Rent be an accord
and satisfaction. Landlord may accept such check or payment without prejudice to Landlord&rsquo;s right to recover the balance
of such Rent or to pursue any other remedy provided in this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Hazardous
Activities</B>. Notwithstanding any other provision of this Lease, Landlord, for itself and its employees, agents and contractors,
reserves the right to refuse to perform any repairs or services in any portion of the Premises which, pursuant to Tenant&rsquo;s
routine safety guidelines, practices or custom or prudent industry practices, require any form of protective clothing or equipment
other than safety glasses. In any such case, Tenant shall contract with parties who are acceptable to Landlord, in Landlord&rsquo;s
reasonable discretion, for all such repairs and services, and Landlord shall, to the extent required, equitably adjust Tenant&rsquo;s
Share of Operating Expenses in respect of such repairs or services to reflect that Landlord is not providing such repairs or services
to Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Confidentiality</B>.
Except as otherwise provided in this Lease, the terms and conditions of this Lease shall be kept confidential by Landlord and Tenant
and not disclosed to third-parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>By
Landlord</B>. Notwithstanding the confidentiality provisions herein, Landlord may disclose the existence and/or contents of this
Lease: (i)&nbsp;as and only to the extent required by Legal Requirements or in response to a request by a Governmental Authority;
(ii) as necessary to (A) manage its investment in the Building or Project or (B)&nbsp;seek advice from existing or prospective
professional advisors, including, without limitation, analysts, investors, tax preparers, bank personnel, brokers, business advisors,
legal advisors, lenders, and financial advisors; (iii)&nbsp;as necessary to manage and enforce the terms of this Lease, (iv) if
the information is already a matter of public record or generally known to the public, or (v) as otherwise reasonably necessary
in the course of operations of the property or business of Landlord and its affiliates, including, without limitation, capital
formation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>By
Tenant</B>. Notwithstanding the confidentiality provisions herein, Tenant may disclose the existence and/or contents of this Lease:
(i)&nbsp;as and only to the extent required by Legal Requirements or in response to a request by a Governmental Authority; (ii)
as necessary to seek advice from existing or prospective professional advisors, including, without limitation, tax preparers, bank
personnel, brokers, business advisors, legal advisors, lenders, and financial advisors; (iii)&nbsp;as necessary to manage and enforce
the terms of this Lease, or (iv) if the information is already a matter of public record or generally known to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Press
Release</B>. Neither party shall issue a press release or other public announcement concerning the existence and/or contents of
the Lease without the prior written consent of the other party (such consent not to be unreasonably withheld, delayed, or conditioned).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ Signatures on next page ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, Landlord
and Tenant have executed this Lease under seal as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">LANDLORD:</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ARE-20/22/1300 FIRSTFIELD QUINCE ORCHARD, LLC,</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>ARE-GP/VI HOLDINGS QRS CORP.,</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation,</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>its managing member</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">/s/ Eric S. Johnson</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">Eric S. Johnson</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">VP, Real Estate Legal Affairs</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">TENANT:</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">NOVAVAX, INC.,</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware corporation</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">/s/ Stanley C. Erck</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">Stanley C. Erck</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">President &amp; CEO</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>5
<FILENAME>v304706_ex10-24.htm
<DESCRIPTION>EXHIBIT 10.24
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black"><B>Exhibit 10.24</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: none; color: Black">SUBLEASE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>THIS
SUBLEASE</B>, dated as of this 21<SUP>st</SUP> day of October, 2011, is made between<FONT STYLE="text-transform: uppercase"> <B>INTERCELL
USA, INC.</B></FONT>, a Delaware corporation, having an address at 22 Firstfield Road, Suite 210, Gaithersburg, Maryland 20878
(successor by merger to Iomai Corporation, a Delaware corporation) (&ldquo;<B><I>Sublandlord</I></B>&rdquo;) and <FONT STYLE="text-transform: uppercase"><B>NOVAVAX,
INC.</B></FONT>, a Delaware corporation, having an address at 9920 Belward Campus Drive, Rockville, Maryland 20850 (&ldquo;<B><I>Subtenant</I></B>&rdquo;).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><U>WITNESSETH</U></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demise
and Term</I></B>. Sublandlord hereby leases to Subtenant, and Subtenant hereby leases from Sublandlord, upon and subject to the
terms and conditions of this Sublease, those certain premises comprising approximately 53,464 rentable square, as substantially
shown (by diagonal lines or shading) on the floor plans attached hereto as <B><I>Exhibit &ldquo;A&rdquo;</I></B> (the &ldquo;<B><I>Subleased
Premises</I></B>&rdquo;), in the building (the &ldquo;<B><I>Building</I></B>&rdquo;) known as 20 Firstfield Road, Gaithersburg,
Maryland, being all of the premises that were leased to Sublandlord by ARE-20/22/1300 Firstfield Quince Orchard, LLC, a Delaware
limited liability company (&ldquo;<B><I>Main Landlord</I></B>&rdquo;) under the Main Lease (as hereinafter defined), together
with the Common Areas (as defined in the Main Lease), as modified from time to time by Main Landlord. The term (&ldquo;<B><I>Sublease
Term</I></B>&rdquo;) of this Sublease shall commence on January 1, 2012 (the &ldquo;<B><I>Commencement Date</I></B>&rdquo;), and
shall expire at 11:59 p.m. on March 31, 2013 (the &ldquo;<B><I>Expiration Date</I></B>&rdquo;), unless sooner terminated as herein
provided. If either party hereto shall so request, the parties hereto shall execute and deliver to each other an instrument confirming
the Commencement Date, but the failure of either party to execute and deliver such an instrument shall not affect the occurrence
of the Commencement Date. Notwithstanding that the Commencement Date may not have yet occurred, from and after the date hereof
until the Commencement Date, upon reasonable prior notice to Sublandlord, Sublandlord shall permit Subtenant or any person or
entity lawfully acting by or through Subtenant to access the Subleased Premises solely for (a) Subtenant&rsquo;s architect, engineer
and other consultants to measure and inspect the Subleased Premises and (b) Subtenant to inspect and review those certain assets,
as more fully described in <B><I>Exhibit &ldquo;B&rdquo;</I></B> attached hereto (&ldquo;<B><I>Purchased Assets</I></B>&rdquo;)
that Subtenant is purchasing from Sublandlord pursuant to the Equipment Sale Agreement, dated as of the date hereof, between Sublandlord
and Subtenant (&ldquo;<B><I>Sale Agreement</I></B>&rdquo;). Such access and use shall be subject to all the provisions of this
Sublease as if the Commencement Date had otherwise commenced or occurred; provided, however, Subtenant shall not be obligated
to pay Rent with respect to any period prior to the actual Commencement Date. If Subtenant or such person or entity should enjoy
such early access of the Subleased Premises, the Sublease shall be deemed to have so commenced solely for the purpose of causing
Subtenant&rsquo;s covenants, obligations, indemnities, and other agreements under this Sublease during the Sublease Term to be
effective and binding upon Subtenant during such early access (such as, but not limited to, Subtenant being obligated to obtain
all insurance required of it under this Sublease). Said early access and use shall not advance the Commencement Date or advance
or extend the Expiration Date. If Sublandlord does not deliver the Subleased Premises to Subtenant within 15 days of the Commencement
Date due solely to the actions of Sublandlord, then the first period of rent abatement described in Section 2 below shall be extended
by one day for every day that the Subleased Premises have not been delivered after the Commencement Date, and Subtenant shall
have no obligation to pay any Additional Rent until the Subleased Premises have been delivered by Sublandlord.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent</I></B>.
Subtenant shall pay to Sublandlord rent (the &ldquo;<B><I>Base Rent</I></B>&rdquo;) at the monthly rate set forth in the schedule
attached hereto as <B><I>Exhibit &ldquo;C&rdquo;</I></B> in advance on the first day of each and every calendar month during the
Sublease Term, commencing on the Commencement Date, subject to the Credit (as hereinafter defined). If the Commencement Date is
not the first day of a calendar month, then Base Rent for the period commencing on the Commencement Date and ending on the last
day of the month in which the Commencement Date occurs shall be apportioned on the basis of the number of days in such calendar
month that occur during the term hereof. If the Expiration Date is not the last day of a calendar month, then Base Rent for the
period commencing on the first day of the month in which the Expiration Date occurs and ending on the Expiration Date shall be
apportioned on the basis of the number of days in such calendar month that occur during the term hereof. Base Rent and all other
amounts payable by Subtenant to Sublandlord under the provisions of this Sublease (the &ldquo;<B><I>Additional Rent</I></B>&rdquo;
and together with Base Rent, &ldquo;<B><I>Rent</I></B>&rdquo;) shall be paid promptly when due, and without deduction, abatement,
counterclaim or setoff of any amount or for any reason whatsoever. Base Rent and Additional Rent payable under the first sentence
of Section 3 below shall also be due without notice or demand therefor. Sublandlord shall have the same remedies for default in
payment of Additional Rent as Sublandlord has for default in payment of Base Rent. All Base Rent and Additional Rent shall be
paid to Sublandlord in lawful money of the United States and, at the election of Subtenant, by (a) wire transfer to an account
designated by Sublandlord or (b) check drawn on a bank which is a member of the New York Clearinghouse at Sublandlord&rsquo;s
address set forth above (and not the Address for Rent Payment in the Main Lease) or to such other person and/or at such other
address as Sublandlord may from time to time designate by notice to Subtenant given in accordance with this Sublease. No payment
by Subtenant or receipt or acceptance by Sublandlord of any lesser amount than the amount stipulated to be paid hereunder shall
be deemed other than on account of the earliest stipulated Base Rent or Additional Rent; nor shall any endorsement or statement
on any check or letter be deemed an accord and satisfaction, and Sublandlord may accept any check or payment without prejudice
to Sublandlord&rsquo;s right to recover the balance due or to pursue any other remedy available to Sublandlord in this Sublease
or at law. Except as otherwise set forth in this Sublease, any provision in the Main Lease referring to &ldquo;<B><I>Base Rent</I></B>&rdquo;
or &ldquo;<B><I>Additional Rent</I></B>&rdquo; incorporated herein by reference shall be deemed to refer to, respectively, the
Base Rent and Additional Rent due under this Sublease. Notwithstanding the foregoing or anything to the contrary set forth elsewhere
in this Sublease, provided that a Default (as defined in the Main Lease and incorporated herein) has not occurred under this Sublease,
(x) the Base Rent due under this Section 2 and that portion of Additional Rent that constitutes the TIA Payment as described in
and due under the first sentence of Section 3 below for the first three (3) full calendar months following the Commencement Date
(such period being January 1, 2012 through and including March 31, 2012) shall be abated and (y) the Base Rent due under this
Section 2 and the Additional Rent due under the first sentence of Section 3 below for the eight (8) full calendar months prior
to the Expiration Date (such period being August 1, 2012 through and including March 31, 2013) shall be abated (collectively,
the &ldquo;<B><I>Credit</I></B>&rdquo;); provided, however, if a Default occurs under this Sublease, Subtenant shall no longer
be entitled to any abatement of Base Rent or Additional Rent and, to the extent Sublandlord is required to repay to Main Landlord
any Rent that was abated by Main Landlord during the Sublease Term because of Subtenant&rsquo;s Default, then Subtenant shall
within ten (10) days following an invoice from Sublandlord therefor, pay to Sublandlord any such amounts required to be repaid
to Main Landlord.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Rent</I></B>. Subtenant shall pay to Sublandlord, in advance on the first day of each and every calendar month during the Sublease
Term, commencing on the Commencement Date, an amount equal to the sum of: (x) 1/12 of Tenant&rsquo;s Share (as defined in Section
5 of the Main Lease, and which the parties agree is 100%) of the then current Annual Estimate (as defined in Section 5 of the
Main Lease, and which the parties agree may be revised by the Main Landlord from time to time) of Operating Expenses (including,
any amounts includable within such Annual Estimate of Operating Expenses pursuant to Sections 5, 9, 11, 13 or 17 of the Main Lease),
plus (y) the Restructured TIA Monthly Payment (as defined in Section 16 of the Fourth Amendment), plus (z) the monthly installment
of the Additional Tenant Improvement Allowance as described in the 2006 Letter Agreement (the amounts due under subparagraphs
(y) and (z) are referred to as the &ldquo;<B><I>TIA Payment</I></B>&rdquo; and are set forth in <B><I>Exhibit &ldquo;C&rdquo;
</I></B>and the parties agree that such amounts shall not be revised under this Sublease regardless of whether such amounts are
revised under the Main Lease), subject to any Credit due to Subtenant under Section 2 above. In addition, Subtenant shall pay
to Sublandlord, within ten (10) days following written demand therefor, which demand shall include the supporting documentation
described below, any and all other amounts of Additional Rent (as defined in the Main Lease) that are payable by Sublandlord to
the Main Landlord pursuant to the provisions of the Main Lease only for periods occurring within the Sublease Term, and excluding
amounts attributable to Sublandlord&rsquo;s default under the Main Lease (except to the extent that Sublandlord&rsquo;s default
was caused by Subtenant). Sublandlord shall deliver to Subtenant a copy of any statement received by Sublandlord from the Main
Landlord and a statement calculating the amount due from Subtenant. For purposes of determining any Additional Rent due from Subtenant,
including the amounts payable by Subtenant pursuant to this Section 3, any amounts payable by Sublandlord under the Main Lease
which cover a fiscal or other period any part of which occurs before the Commencement Date shall be apportioned according to the
number of days in such period which occur within the portion of the Sublease Term. Additionally, if Sublandlord shall be charged
by reason of Subtenant&rsquo;s acts or defaults under this Sublease for any sums pursuant to the provisions of the Main Lease,
then Subtenant shall be liable for such sums with respect to the Subleased Premises, and such sums shall be deemed Additional
Rent and collectible as such and shall be payable by Subtenant upon ten (10) days&rsquo; written notice from Sublandlord, which
notice shall include a copy of the supporting documentation received by Sublandlord in connection therewith and a statement calculating
the amount of such sums. If Main Landlord issues any credit or refund to Sublandlord in respect of any Base Rent or Additional
Rent paid by Subtenant and relating to any part of the Sublease Term, then Sublandlord shall give to Subtenant a corresponding
credit or refund equal to Subtenant's equitable share of such credit or refund from Main Landlord based on the portion of the
Sublease Term to which such credit or refund relates. To the extent permitted by Main Landlord, Subtenant shall have the right
to exercise the audit rights described in Section 5 of the Main Lease and, to the extent not so permitted by Main Landlord, Sublandlord
shall exercise such rights on Subtenant&rsquo;s behalf at Subtenant&rsquo;s sole cost and expense.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate
to Main Lease</I></B>. This Sublease is and shall be subject and subordinate to that certain Lease Agreement, dated as of December
18, 2000, by and between Main Landlord, as landlord and Sublandlord, as tenant (the &ldquo;<B><I>Original Lease</I></B>&rdquo;),
as amended by that certain First Amendment to Lease, dated as of November 29, 2001 (the &ldquo;<B><I>First Amendment</I></B>&rdquo;),
that certain Second Amendment to Lease, dated as of April 14, 2003 (the &ldquo;<B><I>Second Amendment</I></B>&rdquo;), that certain
Third Amendment to Lease, dated as of August 28, 2003 (the &ldquo;<B><I>Third Amendment</I></B>&rdquo;), that certain letter agreement
dated January 13, 2004 (the &ldquo;<B><I>2004 Letter Agreement</I></B>&rdquo;),<B> </B>that certain Fourth Amendment to Lease,
dated as of October 26, 2005 (the &ldquo;<B><I>Fourth Amendment</I></B>&rdquo;), that certain letter agreement, dated January
3, 2006 (the &ldquo;<B><I>2006 Letter Agreement</I></B>&rdquo;), that certain Fifth Amendment to Lease, dated as of July 25, 2006
(the &ldquo;<B><I>Fifth Amendment</I></B>&rdquo;), that certain Sixth Amendment to Lease, dated as of January 26, 2007 (the &ldquo;<B><I>Sixth
Amendment</I></B>&rdquo;) and that certain Seventh Amendment to Lease, to be executed between the parties within the time period
set forth in Section 26 (the &ldquo;<B><I>Seventh Amendment</I></B>&rdquo;) (the Original Lease, as amended by that First Amendment,
Second Amendment, Third Amendment, 2004 Letter Agreement, Fourth Amendment, 2006 Letter Agreement, Fifth Amendment, Sixth Amendment
and Seventh Amendment, is referred to as the &ldquo;<B><I>Main Lease</I></B>&rdquo;) and to the matters to which the Main Lease
is or shall be subject and subordinate as set forth in Section 27 thereof or otherwise, except such terms, covenants, conditions,
provisions and agreements as are expressly modified herein, clearly inconsistent with the provisions hereof or as deleted in Section
6 below (the &ldquo;<B><I>Excluded Provisions</I></B>&rdquo;). A copy of the Main Lease has been furnished to, and examined by,
Subtenant. Sublandlord represents and warrants to Subtenant that (i) the copy of the Main Lease furnished to Subtenant by Sublandlord
is a true and complete copy of the Main Lease, and all amendments thereto and modifications thereto; (ii) the Main Lease is in
full force and effect on the date hereof; (iii) neither Sublandlord nor, to the best of Sublandlord&rsquo;s knowledge, Main Landlord,
is currently in breach of or default under the Main Lease beyond any applicable notice and cure period; (iv) Sublandlord is the
holder of the interest of &ldquo;Tenant&rdquo; under the Main Lease and said interest is not the subject of any lien, assignment,
sublease or other hypothecation or pledge in conflict with this Sublease or affecting the Subleased Premises; (v) other than the
consent of Main Landlord, no consent in connection with Sublandlord&rsquo;s entering into this Sublease is required under any
agreement to which Sublandlord is a party; and (vi) Sublandlord has received no notice of violation of any federal, state or local
laws, regulations, codes, or other requirements affecting the Subleased Premises, the building or the land, which remain uncured.
If for any reason the term of the Main Lease shall terminate prior to the Expiration Date, this Sublease shall thereupon be automatically
terminated and Sublandlord shall not be liable to Subtenant by reason thereof unless either (a) said termination shall have been
effected because of the default of Sublandlord under the Main Lease and Subtenant is not then in Default hereunder (including
all obligations with respect to the Main Lease that are required to be performed by Subtenant) or (b) Sublandlord voluntarily
surrenders or terminates the Main Lease prior to the Expiration Date without Subtenant&rsquo;s consent, which consent may be given
in Subtenant&rsquo;s sole discretion. Sublandlord shall not voluntarily surrender the Subleased Premises or terminate the Main
Lease prior to the Expiration Date, including, without limitation, a termination caused by Sublandlord&rsquo;s exercise of any
right of Sublandlord under the Main Lease to terminate the Main Lease by reason of fire, casualty or condemnation, or, if the
same could adversely affect Subtenant and its rights or obligations hereunder, modify or amend or waive any provision of, the
Main Lease, without Subtenant&rsquo;s consent, which consent may be given in Subtenant&rsquo;s sole discretion. Sublandlord agrees
to exercise any rights it may have under the Main Lease against any Holder (pursuant to a Subordination, Non-disturbance and Attornment
Agreement or otherwise) on behalf of Subtenant to protect Subtenant&rsquo;s rights under this Sublease, at the request and sole
cost of Subtenant.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security
Deposit</I></B>. Simultaneous with Subtenant&rsquo;s execution and delivery of this Sublease to Sublandlord, Subtenant shall deliver
to Sublandlord, and shall maintain at all times during the Sublease Term and through a period which is one hundred and five (105)
days after the later of (a) the expiration or earlier termination of the Sublease Term or (b) Subtenant&rsquo;s vacating the Subleased
Premises, security in the amount of One Hundred Fifty Eight Thousand, One Hundred Forty-One Dollars ($158,141) (the &ldquo;<B><I>Security
Deposit</I></B>&rdquo;) in the form of cash. The Security Deposit shall be held by Sublandlord as security for the faithful performance
by Subtenant of all terms, covenants and conditions of this Sublease to be kept and performed by Subtenant and not as an advance
rental deposit or as a measure of Sublandlord&rsquo;s damage in the case of default. It is agreed that in the event Subtenant
defaults in respect of any of the terms, covenants or provisions of this Sublease, including, but not limited to, the payment
of any Base Rent or Additional Rent, and such default continues beyond the applicable grace or cure period, if any, hereunder,
then Sublandlord may apply such part of the Security Deposit as is required for the payment of any rent or any other sum as to
which Subtenant is in default beyond applicable grace and cure periods or for any sum which Sublandlord may expend or may be required
to expend by reason of Subtenant&rsquo;s default beyond applicable grace and cure periods in respect of any of the terms, covenants
and conditions of this Sublease, or to compensate Sublandlord for any other loss or damage which Sublandlord may suffer by reason
of Subtenant&rsquo;s default, including, but not limited to, any damages or deficiency in the reletting of the Subleased Premises,
whether such damages or deficiency accrues before or after summary proceedings or other re-entry by Sublandlord, without thereby
waiving any other rights or remedies of Sublandlord with respect to such default. If Sublandlord applies any part of the Security
Deposit, Subtenant shall, within five (5) days after written demand therefor, deposit with Sublandlord an amount sufficient to
restore the Security Deposit to its original amount and Subtenant&rsquo;s failure to do so shall constitute an immediate Default,
for which Subtenant is not entitled to any notice or opportunity to cure, notwithstanding anything to the contrary contained herein.
Sublandlord shall not be required to keep the Security Deposit separate from its general funds, nor shall Sublandlord be required
to keep the Security Deposit in an interest-bearing account. If Subtenant shall fully and faithfully comply with all the terms,
covenants and provisions of this Sublease, any remaining portion of the Security Deposit held by Sublandlord as security shall
be returned to Subtenant within one hundred and five (105) days after the later of (a) the expiration or earlier termination of
the Sublease Term or (b) Subtenant&rsquo;s vacating the Subleased Premises, subject to Sublandlord&rsquo;s right to withhold the
Security Deposit (or balance thereof) to satisfy any of Subtenant&rsquo;s obligations which remain unperformed or to cure any
default by Subtenant under this Sublease. In the event of an assignment by Sublandlord of its interest under this Sublease and
the assumption by assignee of Sublandlord&rsquo;s obligations under this Sublease, Sublandlord shall have the right to transfer
the Security Deposit to the assignee and Sublandlord shall thereupon be released by Subtenant from all liability for the return
of such security, and Subtenant agrees to look to the new Sublandlord solely for the return of such Security Deposit and it is
agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new Sublandlord
so long as such new Sublandlord agrees to the terms and conditions of this sentence.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="color: Black"><B><I>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation
by Reference</I></B>.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms, covenants and conditions of the Main Lease are incorporated herein by reference so that, except to the extent that they
are inapplicable or modified by the provisions of this Section 6 hereof or otherwise by this Sublease for the purpose of incorporation
by reference, each and every term, covenant and condition of the Main Lease binding upon or inuring to the benefit of the Main
Landlord shall, in respect of this Sublease, bind or inure to the benefit of Sublandlord, and each and every term, covenant and
condition of the Main Lease binding upon or inuring to the benefit of the Tenant thereunder shall, in respect of this Sublease,
bind or inure to the benefit of Subtenant, with the same force and effect as if such terms, covenants and conditions were completely
set forth in this Sublease, and, except as expressly provided herein, as if the words &ldquo;<B><I>Premises</I></B>,&rdquo; &ldquo;<B><I>Lease</I></B>&rdquo;
and &ldquo;<B><I>Term</I></B>&rdquo;, or words of similar import, wherever the same appear in the Main Lease, were construed to
mean the &ldquo;<B><I>Subleased Premises</I></B>&rdquo;, this &ldquo;<B><I>Sublease</I></B>&rdquo; and the &ldquo;<B><I>Sublease
Term</I></B>&rdquo;, respectively, and as if the words &ldquo;<B><I>Mortgage&rdquo; </I></B>and &ldquo;<B><I>Holder</I></B>,&rdquo;
wherever the same appear in Main Lease, were construed to include the Main Lease and this Main Landlord, and as if the words &ldquo;<B><I>Landlord</I></B>&rdquo;
and &ldquo;<B><I>Tenant</I></B>&rdquo;, or words of similar import, wherever the same appear in the Main Lease, were construed
to mean, respectively, &ldquo;<B><I>Sublandlord</I></B>&rdquo; and &ldquo;<B><I>Subtenant</I></B>&rdquo; in this Sublease:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
that the term &ldquo;<B><I>Landlord</I></B>&rdquo; shall be construed to mean Main Landlord wherever the same appears (x) in the
following parts of the Main Lease:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
last sentence of Section 1;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9 (except the references to &ldquo;<B><I>Landlord</I></B>&rdquo; in the fifth sentence and the first reference in the last sentence
shall refer to both Main Landlord and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11 (except the reference to &ldquo;<B><I>Landlord</I></B>&rdquo; in the second to last sentence shall refer to both Main Landlord
and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
13 (except the first reference to &ldquo;<B><I>Landlord</I></B>&rdquo; in the fourth, fifth, sixth and seventh sentences shall
refer to both Main Landlord and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
17; (except the references to &ldquo;<B><I>Landlord</I></B>&rdquo; in the second, third and fourth paragraphs shall refer to both
Main Landlord and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
18 - 19;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
second sentence of Section 21(b) &amp; (c)(v);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
26 (except the references to &ldquo;<B><I>Landlord</I></B>&rdquo; in the last sentence shall refer to both Main Landlord and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
30(d) (except the references to &ldquo;<B><I>Landlord</I></B>&rdquo; in the sixth and last sentences shall refer to both Main
Landlord and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
36 (except the references to &ldquo;<B><I>Landlord</I></B>&rdquo; in 36(A) and the last sentence shall refer to both Main Landlord
and Sublandlord);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
38;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 139.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; font-variant: normal; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">and
(y) in Section 9 of the Second Amendment; in the third through last sentences of Section 1(a) of the Fifth Amendment; and in the
last sentence of Sections 1 (f) and 1(g) and in Section 11 of the Sixth Amendment.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
except that the term &ldquo;<B><I>Landlord</I></B>&rdquo; shall be construed to mean Main Landlord and Sublandlord, (i) as provided
in Section 6(a)(1) above, and (ii) wherever the same appears in the following parts of the Main Lease:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
third, fifth and last sentences of the first paragraph and the entire second paragraph of Section 7;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
14 - 16;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
22(a), the second, third, sixth, seventh and eighth sentences of Section 22 (b), and Sections 22 (c), (e) - (f);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
30(a) - (b);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
32 (except that the following proviso shall be added to the end of the first sentence with respect to Sublandlord, and if agreed
in writing with Main Landlord, with respect to Main Landlord: &ldquo;provided, however, that to the extent on-going, closed manufacturing
processes that require quarantine are occurring at the Subleased Premises, access to the affected portion of the Subleased Premises
shall be permitted on not less than 5 days&rsquo; prior written notice&rdquo;); and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
33.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
time limits contained in the Main Lease for the giving of notices, making of demands or performing of any act, condition or covenant
on the part of the lessee thereunder, or for the exercise by the Tenant thereunder of any right, remedy or option required to
be performed by the Tenant under the Main Lease, are changed for the purposes of incorporation herein by reference by shortening
the same in each instance by two (2) days, so that in each instance Subtenant shall have two (2) days less time to observe or
perform hereunder than Sublandlord has as the Tenant under the Main Lease, unless Sublandlord has as Tenant under the Main Lease
three (3) or fewer days in which event Subtenant shall have the time Sublandlord has as Tenant under the Main Lease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly provided in this Sublease (including, without limitation, Sections 3, 7 and 17 of this Sublease), the following parts
of the Main Lease shall be deemed deleted for the purposes of incorporation by reference in this Sublease and therefore are not
incorporated herein:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
the Main Lease,</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
2 - 4 and 6;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
proviso at the end of the second sentence of Section 30(d) is subject to Main Landlord&rsquo;s approval;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
35;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
39;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
40(c); and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits
C (including Schedules A and B) and H.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
entire First Amendment;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
the Second Amendment,</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
2 - 4 and 5 - 7;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
10 - 12; and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
B.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
entire Third Amendment;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
of the 2004 Letter Agreement;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
the Fourth Amendment,</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
5- 6;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
11 - 15 and 17 - 20; and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits
B and C.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
of the 2006 Letter Agreement except the obligation to pay the monthly installment of the Additional Tenant Improvement Allowance;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
the Fifth Amendment,</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
2 - 4; and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6 - 8.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
the Sixth Amendment,</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1(d) &amp; (e);</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
2 - 5 and 7 - 9; and</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
14.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
non-liability, waiver, release, defense indemnity or hold harmless provision in the Main Lease for the benefit of the Main Landlord
under the Main Lease that is incorporated herein by reference, shall be deemed to inure to the benefit of Sublandlord, the Main
Landlord, and any other person intended to be benefited by said provision, for the purpose of incorporation by reference in this
Sublease, except that in no event shall such non-liability, waiver, release, defense indemnity or hold harmless provision (including
without limitation the environmental indemnity in Section 30 of the Main Lease) be applicable to any claim to the extent (i) arising
from the breach of this Sublease or of the Main Lease by the Sublandlord (unless such breach of the Main Lease is caused by Subtenant),
or (ii) resulting from the negligence or willful misconduct of Sublandlord, its agents, contractors, employees or the Main Landlord,
any other Holder, its agents, contractors or employees, or (iii) arising from any environmental condition existing prior to the
Commencement Date that would have legal or financial consequences for Subtenant. In no event shall Subtenant be liable for consequential
or incidental damages or lost profits of Sublandlord or any Holder. <B> </B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
right of the Main Landlord of access or inspection and any right of the Main Landlord to do work in the premises demised under
the Main Lease or in the Building and any right of Main Landlord in respect of changing the name and/or address of the Building
and any right of the Main Landlord in respect of rules and regulations shall be deemed to inure to the benefit of Sublandlord,
the Main Landlord, and any other person intended to be benefited by said provision, for the purpose of incorporation by reference
in this Sublease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the express provisions of this Sublease shall conflict with any of the provisions incorporated by reference, such conflict
shall be resolved in every instance in favor of the express provisions of this Sublease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
services not provided by Main Landlord under Section 11 of the Main Lease shall be the responsibility of Subtenant to obtain,
at Subtenant&rsquo;s sole cost and expense, subject to the terms and conditions of the Main Lease (including, but not limited
to, cleaning and janitorial, pest control, security, copiers, HVAC/chilled water/generator/purified water maintenance and the
like). Notwithstanding the forgoing, Sublandlord shall use commercially reasonable efforts to cooperate with Subtenant in entering
into any service contracts between Subtenant and third parties with respect to the Subleased Premises, including, if applicable,
assigning to Subtenant any service contracts to which it is a party.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or before December 31, 2011, at Sublandlord&rsquo;s sole cost and expense, (1) Sublandlord shall prepare and submit to Main Landlord
and Subtenant a Surrender Plan for the Subleased Premises approved by Main Landlord and to the extent such Surrender Plan affects
the obligations of Subtenant or its subsequent use of the Subleased Premises, then approved by Subtenant; and (2) Sublandlord
shall complete the approved Surrender Plan and deliver to Main Landlord and Subtenant evidence that the approved Surrender Plan
has been satisfactorily completed. Moreover, Subtenant shall not have any obligations with respect to the Surrender Plan or the
Subleased Premises prior to the Commencement Date. Notwithstanding anything to the contrary contained in this Sublease (including,
without limitation, the incorporation by reference of Section 28 of the Main Lease), and if agreed in writing with Main Landlord,
Subtenant shall not be required to comply with the provisions of Section 28 if Subtenant retains possession of the Subleased Premises
after the termination of the Sublease Term pursuant to and in accordance with the terms and conditions of the Direct Lease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
by Main Landlord</I></B>. Upon the written request of Subtenant, Sublandlord, at Subtenant&rsquo;s sole cost and expense, shall
promptly request of the Main Landlord, and shall use reasonable efforts to obtain from Main Landlord, (i) additional services
as requested by Subtenant pursuant to the terms and provisions of the Main Lease as incorporated herein and (ii) the Main Landlord&rsquo;s
consent for any action pursuant to the terms and provisions of this Sublease and/or the Main Lease, for which the Main Landlord&rsquo;s
consent is required. In addition, upon the request of Subtenant, Sublandlord, at Subtenant&rsquo;s sole cost and expense, shall
also use reasonable efforts to cause Main Landlord to observe and/or perform the obligations of the Main Landlord under the Main
Lease which relate to the Subleased Premises (including, without limitation, Sections 5, 9, 10, 11, 13, 17, 18, 19, 24 and 38
of the Main Lease and Section 1 of the Sixth Amendment); <B><I>provided</I></B>, however, that Sublandlord shall not be required
to incur any expense or expend any sums to obtain such enforcement, except to the extent of funds advanced by Subtenant to Sublandlord
for such purpose, which sums shall be repaid by Sublandlord to Subtenant within ten (10) days after Subtenant&rsquo;s written
demand to Sublandlord therefor, and Sublandlord shall have no liability to Subtenant, nor shall Subtenant&rsquo;s obligations
under this Sublease be reduced or abated in any manner, by reason of any inconvenience, annoyance, interruption or injury to Subtenant&rsquo;s
business arising from the Main Landlord&rsquo;s making repairs or changes which the Main Landlord is required or permitted to
make. Subtenant and Sublandlord agree that after the Commencement Date, Subtenant shall be permitted to have direct communications
with the Main Landlord about matters under the Main Lease including, without limitation, communications with respect to facilities
maintenance and operations matters and services; provided, however, if any matter necessitates formal notice under the Main Lease,
or may be material to Sublandlord, then Subtenant shall provide notice to Sublandlord of such communications simultaneous with
such communications with Main Landlord. <FONT STYLE="letter-spacing: -0.15pt"><B> In no event shall Subtenant initiate any communications
with Main Landlord which may have legal or financial consequences for Sublandlord, except indirectly through Sublandlord or as
expressly provided in the second and third sentences of Section 17 hereof. </B></FONT>Subtenant shall not in any event have any
rights under this Sublease in respect of the Subleased Premises greater than Sublandlord&rsquo;s rights under the Main Lease,
and, notwithstanding any provision to the contrary, as to obligations contained in this Sublease by the incorporation by reference
of the provisions of the Main Lease or as to any obligation of the Main Landlord, Sublandlord shall not be required to make any
payment, provide any services or perform any obligation, and Sublandlord shall have no liability to Subtenant for any matter whatsoever,
except for Sublandlord&rsquo;s obligation to pay the rent due under the Main Lease and otherwise to perform its obligations under
the Main Lease and hereunder (other than any such obligations of Sublandlord under the Main Lease to be performed by Subtenant
under the express terms of this Sublease), and for Sublandlord&rsquo;s obligation to use reasonable efforts, upon request of Subtenant
and at Subtenant&rsquo;s sole cost and expense, to cause the Main Landlord to observe and/or perform its obligations under the
Main Lease. Sublandlord shall not be responsible for any failure or interruption, for any reason whatsoever other than the willful
misconduct of Sublandlord, of the services or facilities that may be appurtenant to or supplied at the Building by the Main Landlord
or otherwise, including, without limitation, heat, air conditioning, water, elevator service and cleaning service, if any; and
no failure to furnish, or interruption of, any such services or facilities shall give rise to any (a) abatement, diminution or
reduction of Subtenant&rsquo;s obligations under this Sublease, or (b) liability on the part of the Sublandlord. Nothing contained
in this Sublease shall be construed to create privity of estate or of contract between Subtenant and the Main Landlord; provided,
however, that the parties acknowledge that Main Landlord and Subtenant are concurrently herewith entering into a new direct lease
(the &ldquo;<B><I>Direct Lease</I></B>&rdquo;) with respect to the Subleased Premises for a period after the expiration of the
Sublease Term, certain provisions of which take effect prior to the expiration of the Sublease Term (for example, tenant improvement
allowance provisions). Subject to Sublandlord&rsquo;s obligations set forth in this Section 7, Subtenant waives any right to terminate
this Sublease by reason of damage, casualty loss or any Taking (as defined in the Main Lease) of the Subleased Premises or the
Project or any part thereof.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Breach of Main Lease</I></B>.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtenant
shall not do, omit to do, or permit to be done any act or thing which may constitute a breach or violation, after the expiration
of any applicable notice or cure period, of any term, covenant or condition of the Main Lease by the Tenant thereunder, whether
or not such act or thing is permitted under the provisions of this Sublease. If Subtenant shall at any time fail to make any payment
or perform any other obligation of Subtenant hereunder or which it is obligated to assume under the Main Lease, then Sublandlord
shall have the rights set forth in the Main Lease, including, without limitation, Sections 14, 20 and 21, together with such rights
as may be available at law or in equity.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sublandlord
shall not do, omit to do, or permit to be done any act or thing which may constitute a breach or violation, after the expiration
of any applicable notice or cure period, of any term, covenant or condition of the Main Lease by the Tenant thereunder, whether
or not such act or thing is permitted under the provisions of this Sublease. If Sublandlord shall at any time fail to make any
payment or perform any other obligation of Sublandlord hereunder or under the Main Lease, then Subtenant shall have the rights
set forth in the Main Lease, including, without limitation, Section 31, together with such rights as may be available at law or
in equity. In addition to the foregoing, if Sublandlord shall at any time fail to make any payment of rent under the Main Lease,
then Subtenant shall have the right, but not the obligation, if such payment has not been made 5 days after notice from Subtenant
to Sublandlord, and without waiving or releasing Sublandlord from any obligations of Sublandlord hereunder, to make such payment
to Main Landlord. Sublandlord shall pay to Subtenant upon demand all rent so paid by Subtenant under the previous sentence, and
if Sublandlord does not so pay any such sum within 30 days after demand therefor, Subtenant may offset such sum against Rent thereafter
otherwise payable to Sublandlord, subject to Subtenant&rsquo;s right thereafter to contest its obligation to pay the same.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Releases</I></B>.
Subtenant hereby releases Main Landlord to the extent that Sublandlord released Main Landlord and/or Main Landlord was relieved
of liability or responsibility pursuant to the provisions of the Main Lease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use</I></B>.
Subtenant shall use and occupy the Subleased Premises in accordance with the Main Lease, and for no other purpose. Subtenant shall
comply with the certificate of occupancy relating to the Subleased Premises and otherwise with Section 7 of the Main Lease to
the extent incorporated herein by reference pursuant to Section 6 hereof.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition
of Subleased Premises</I></B>. Subject to Sublandlord&rsquo;s obligations under the Surrender Plan set forth in Section 6(h) hereof,
Subtenant is leasing the Subleased Premises &ldquo;as is&rdquo;, and Sublandlord shall have no obligation to furnish, render or
supply any work, labor, services, material, fixtures, equipment or decorations to make the Subleased Premises ready for Subtenant&rsquo;s
occupancy. The taking of possession of the Subleased Premises by Subtenant shall be conclusive evidence as against Subtenant that
the Subleased Premises was in satisfactory condition at the time possession was taken. Subtenant&rsquo;s acceptance of the Subleased
Premises in its &ldquo;as is&rdquo; condition is only as against Sublandlord, and does not negate any obligation of Main Landlord
to perform work in the Subleased Premises under the Direct Lease with Subtenant. In making and executing this Sublease, Subtenant
has relied solely on such investigations, examinations and inspections as Subtenant has chosen to make or has made and Sublandlord&rsquo;s
representations in Sections 4 and 24 hereunder. Subtenant acknowledges that Sublandlord has afforded Subtenant the opportunity
for full and complete investigations, examinations, and inspections. The Subleased Premises shall be delivered &ldquo;broom clean&rdquo;
and vacant, except that the Purchased Assets shall remain in the Subleased Premises. If this Sublease terminates prior to the
Expiration Date for any reason, Subtenant shall remove the Purchased Assets from the Subleased Premises prior to the effective
date of such termination at the sole cost of Subtenant. Other than as set forth herein, Subtenant acknowledges that no representations
with respect to the condition of the Subleased Premises have been made to it. Notwithstanding the foregoing, the parties acknowledge
that an inspectional review of the Subleased Premises and the Building is being carried out on behalf of Main Landlord and Subtenant
and (i) Subtenant shall use reasonable efforts to cause such inspectional review to be completed within four weeks of the date
of execution of this Sublease by both parties, (ii) both Subtenant and Sublandlord shall have the right to oversee the inspection
and review the resulting report, which shall identify all systems and elements that are not in good working order and legally
compliant, (iii) Main Landlord and Sublandlord shall determine which of Main Landlord and Sublandlord shall be responsible for
correcting each deficiency identified in the report, correction of which is necessary to restore such equipment to good working
order, and shall commit to correcting such deficiencies to good working order prior to the Commencement Date, or, if reasonably
required, within a reasonable time thereafter, and (iv) if Main Landlord and Sublandlord do not come to an agreement within two
(2) weeks following the issuance of such report on allocating the correction of all such deficiencies between Main Landlord and
Sublandlord, including a plan to correct such deficiencies prior to the Commencement Date (or within a time period thereafter,
reasonably satisfactory to Subtenant), then Sublandlord, Subtenant and Main Landlord shall meet and negotiate in good faith for
an additional period not to exceed fifteen (15) days (unless otherwise agreed in writing between Sublandlord and Subtenant) with
the objective of agreeing upon a plan to address any such deficiencies, and if the parties fail to agree upon such a plan, either
Subtenant or Sublandlord shall have the right to terminate this Sublease, and upon termination, Sublandlord shall return the Security
Deposit in accordance with Section 5 and this Sublease shall otherwise have no further force and effect. If Sublandlord fails
to correct any such deficiency within the agreed time period, provided Sublandlord is not diligently working to correct such deficiencies,
then Subtenant shall have the right, but not the obligation, to undertake such work and Subtenant may offset the costs of such
work against Rent thereafter otherwise payable to Sublandlord, provided Subtenant obtains Sublandlord&rsquo;s written consent
to the costs of such work prior to commencing such work, Sublandlord not to unreasonably withhold or delay such consent.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment
and Sub-Subleases</I></B>. In no event shall any provision of this Sublease limit or modify any right of Main Landlord under Section
22 of the Main Lease, and Subtenant&rsquo;s rights under this Section 12 shall be subordinate and subject to such rights of Main
Landlord.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consents
and Approvals</I></B>. Provided that (i) Sublandlord will incur no liability by reason of granting its consent, (ii) the action
to which Sublandlord is asked to consent has no legal or financial consequences to Sublandlord, and (iii) Subtenant indemnifies,
defends and holds harmless Sublandlord from and against potential liabilities by reason of Main Landlord granting its consent,
Sublandlord shall not withhold its consent to any proposed action requiring the consent of Sublandlord and Main Landlord under
this Sublease that is approved by Main Landlord, and shall diligently pursue any such consent from Main Landlord on behalf of
Subtenant. In any instance when Sublandlord&rsquo;s consent or approval is required under this Sublease and Sublandlord has agreed
not to unreasonably withhold or delay such consent or approval, Sublandlord&rsquo;s refusal to consent to or approve any matter
or thing shall be deemed reasonable if the consent or approval of the Main Landlord is required under the terms of the Main Lease
and such consent or approval has not been obtained despite Sublandlord&rsquo;s request therefor in accordance with Section 7 above.
In the event that Subtenant shall seek the approval by or consent of Sublandlord and Sublandlord shall fail or refuse to give
such consent or approval, Subtenant shall not be entitled to any damages for any withholding or delay of such approval or consent
by Sublandlord, it being intended that Subtenant&rsquo;s sole remedy shall be an action for injunction or specific performance
and that said remedy of an action for injunction or specific performance shall be available only in those cases where Sublandlord
shall have expressly agreed in writing not to unreasonably withhold or delay its consent.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices</I></B>.
All notices, consents, approvals, demands and requests (collectively &ldquo;<B><I>Notices</I></B>&rdquo;) which are required or
desired to be given by either party to the other hereunder shall be given in accordance with Section 40(a) of the Main Lease that
has been incorporated herein by reference, except that if addressed to: (i) Subtenant then addressed to the following address:
to the Subleased Premises with a copy (which copy shall not constitute notice) to Walter R. McCabe III, Esq., Ropes &amp; Gray
LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600, and (ii) to Sublandlord then addressed to the address where
payments of Base Rent are made<B> </B>with a copy (which copy shall not constitute notice) to Robert J. Gage, Esq., Covington
&amp; Burling LLP, 1201 Pennsylvania Avenue, NW, Washington, DC 20004-2401. Each party hereto may from time to time change the
names and/or addresses to which Notices given to it shall be addressed and sent as aforesaid, by designating such other names
and/or addresses in a Notice given in accordance with the provisions of this Section.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</I></B>.
Subtenant, at Subtenant&rsquo;s sole expense, shall maintain for the benefit of Sublandlord and Main Landlord and any Landlord
Parties such policies of insurance (and in such form) as are provided in the Main Lease with respect to the Subleased Premises
including, without limitation Sections 12 and 17 of the Main Lease, which policies shall be reasonably satisfactory to Sublandlord
as to coverage and insurer (which shall be licensed to do businesss in the State of Maryland). At all times during the term hereof,
Sublandlord shall maintain in full force and effect the commercial general liability policy of insurance with respect to the Subleased
Premises required to be maintained by it under the Main Lease. Subtenant will cause its insurance carriers to include any clauses
or endorsements in favor of Main Landlord and Sublandlord which Sublandlord is required to provide pursuant to the provisions
of the Main Lease.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estoppel
Certificate</I></B>. Any statement delivered by Sublandlord or Subtenant to the other pursuant to Section 23 of the Main Lease
that has been incorporated herein by reference, may be relied upon by the Main Landlord and by any prospective assignee or transferee
of the leasehold estate under the Main Lease. Any statement delivered by Sublandlord or Main Landlord to the other pursuant to
Section 23 of the Main Lease, may be relied upon by Subtenant.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterations</I></B>.
Subtenant shall not make or cause, suffer or permit the making of any Alterations (as defined in the first sentence of Section
12 of the Main Lease, except that the reference therein to the &ldquo;<B><I>Premises</I></B>&rdquo; shall be a reference to the
Subleased Premises), without in each instance, first (i) obtaining Main Landlord&rsquo;s irrevocable prior written agreement that
such proposed Alterations may remain in the Subleased Premises at the expiration or earlier termination of the Main Lease and
surrender of the Subleased Premises to Main Landlord under the Main Lease, and that neither Sublandlord nor Subtenant shall have
any removal, repair or restoration obligations with respect to such proposed Alterations at the expiration or earlier termination
of the Main Lease and surrender of the Subleased Premises to Main Landlord under the Main Lease; (ii) obtaining the prior written
consent of Main Landlord, as required under the Main Lease, to install such proposed Alterations; and (iii) complying with this
Sublease, the Main Lease and applicable law with respect to the installation thereof. With respect to any proposed Alterations
in or to the Subleased Premises, Subtenant may submit its written request for consent to make such Alterations to the Subleased
Premises directly to Main Landlord (with a copy to Sublandlord) in accordance with the requirements set forth in Section 12 of
the Main Lease, together with such other information as requested by Main Landlord. In the event that consent from Main Landlord
as hereinabove required is received with respect to any proposed Alterations and such Alterations would not have legal or financial
consequences to Sublandlord (or, to the extent such Alterations would have legal or financial consequences to Sublandlord, the
Main Landlord has agreed that the Sublandlord shall have no responsibility or liability therefor), no further consent shall be
necessary from Sublandlord. Sublandlord agrees not to unreasonably withhold or delay its consent to any Alterations proposed by
Subtenant during the Term that require Sublandlord consent hereunder. If any Alterations are made without Main Landlord&rsquo;s
consent as required under this Section 17, Sublandlord may remove the same, and may correct, repair and restore the Subleased
Premises and any damage arising from such removal, and Subtenant shall be liable for any and all costs and expenses incurred by
Sublandlord in the performance of this work. Subtenant shall be solely responsible for all costs relating to any approved Alterations,
and shall obtain and maintain all insurance required under the Main Lease with respect to the installation, maintenance and repair
of any approved Alterations. Subtenant shall indemnify Sublandlord from and against any costs, fees or liabilities incurred by
Sublandlord (including, without limitation, under the Main Lease) by reason of any Alterations made by Subtenant to the Subleased
Premises, including, without limitation, all costs and expenses incurred by Main Landlord or Sublandlord with respect to the removal,
repair or restoration of any Alterations made by Subtenant in or to the Subleased Premises. Subtenant's obligations under this
Section 17 shall survive the termination of this Sublease.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage</I></B>.
Each party represents to the other that no broker or other person had any part, or was instrumental in any way, in bringing about
this Sublease other than Verity Commercial, which represented Sublandlord (the &ldquo;<B><I>Broker</I></B>&rdquo;), and each party
shall pay, and shall indemnify, defend and hold harmless, the other from and against, any claims made by any broker or other person
(other than the Broker) for a brokerage commission, finder&rsquo;s fee, or similar compensation, by reason of or in connection
with this Sublease, and any loss, liability, damage, cost and expense (including, without limitation, reasonable attorneys&rsquo;
fees) in connection with such claims if such other broker or other person claims to have had dealings with such indemnifying party.
Sublandlord agrees to pay a commission to the Broker in accordance with a separate agreement between Sublandlord and the Broker.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding
Over</I></B>. Notwithstanding anything to the contrary contained in this Sublease (including, without limitation, the incorporation
by reference of Section 8 of the Main Lease), Subtenant shall not be deemed to be retaining possession of the Subleased Premises
after the termination of the Sublease Term if such possession shall be pursuant to and in accordance with the terms and conditions
of the Direct Lease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Waiver</I></B>. The failure of a party hereto to insist in any one or more cases upon the strict performance or observance of
any obligation of the other party hereunder or to exercise any right or option contained herein shall not be construed as a waiver
or relinquishment for the future of any such obligation of the other party or any right or option of such party. Sublandlord&rsquo;s
receipt and acceptance of Base Rent or Additional Rent, or Sublandlord&rsquo;s acceptance of performance of any other obligation
by Subtenant, with knowledge of Subtenant&rsquo;s breach of any provision of this Sublease, shall not be deemed a waiver of such
breach. No waiver by a party hereto of any term, covenant or condition of this Sublease shall be deemed to have been made unless
expressed in writing and signed by the other party.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successors
and Assigns</I></B>. The provisions of this Sublease, except as herein otherwise specifically provided, shall extend to, bind
and inure to the benefit of the parties hereto and their respective successors and permitted assigns. In the event of any assignment
or transfer of the leasehold estate under the Main Lease, the transferor or assignor, as the case may be, shall be and hereby
is entirely relieved and freed of all further obligations under this Sublease.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Personal Liability</I></B>. None of Sublandlord&rsquo;s nor Subtenant&rsquo;s respective partners, principals, members, stockholders,
directors, officers, employees, agents or representatives, disclosed or undisclosed, shall have any personal liability under this
Sublease for or in connection with any default or breach by Sublandlord or Subtenant, respectively, of any of the terms, covenants
or conditions of this Sublease to be performed or observed by Sublandlord or Subtenant, respectively, or for any other matter
or thing in connection with the Subleased Premises, this Sublease or otherwise. In any such event, each party hereto shall look
solely to the assets and property of the other party for the satisfaction of any remedy or the collection of any judgment (or
other judicial process) requiring the payment of money, or otherwise, and no property of any partner, principal. member, employee,
agent or representative of either party (other than the property of such party, itself) shall be subject to levy, execution or
other enforcement procedure for the satisfaction of any remedy for any such default or breach, or in connection with any other
matter or thing in connection with the Subleased Premises, this Sublease or otherwise.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</I></B>.
Irrespective of the place of execution or performance, this Sublease shall be governed by and construed in accordance with the
laws of the State of Maryland. If any provision of this Sublease or the application thereof to any person or circumstance shall,
for any reason and to any extent, be invalid or unenforceable, the remainder of this Sublease and the application of that provision
to other persons or circumstances shall not be affected but rather shall be enforced to the extent permitted by law. The headings
in this Sublease are solely for convenience of reference and shall not affect its interpretation. This Sublease shall be construed
without regard to any presumption or other rule requiring construction against the party causing this Sublease to be drafted.
If any words or phrases in this Sublease shall have been stricken out or otherwise eliminated, whether or not any other words
or phrases have been added, this Sublease shall be construed as if the words or phrases so stricken out or otherwise eliminated
were never included in this Sublease and no implication or inference shall be drawn from the fact that said words or phrases were
so stricken out or otherwise eliminated. Each covenant, agreement, obligation or other provision of this Sublease shall be deemed
and construed as a separate and independent covenant of the party bound by, undertaking or making same. This Sublease may be executed
in one or more counterparts which together shall constitute one instrument.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Representations</I></B>.<B> </B>Subtenant further represents and warrants to Sublandlord that (i) it has all requisite corporate
power and authority to execute, deliver and perform this Sublease, (ii) all corporate actions required to execute, deliver and
perform this Sublease have been properly taken, (iii) it has executed and delivered this Sublease; and (iv) this Sublease is its
valid, legal and binding agreement, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors&rsquo; rights
and to general equity principles. Sublandlord further represents and warrants to Subtenant that (i) it has all requisite corporate
power and authority to execute, deliver and perform this Sublease, (ii) all corporate actions required to execute, deliver and
perform this Sublease have been properly taken, (iii) it has executed and delivered this Sublease; and (iv) this Sublease is its
valid, legal and binding agreement, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors&rsquo; rights
and to general equity principles. </FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent
of Main Landlord</I>. </B>This Sublease is subject to the approval and consent of Main Landlord under Section 22 of the Main Lease,
which Sublandlord agrees to use all reasonable efforts to obtain. This Sublease shall not become effective unless and until a
written approval and consent reasonably acceptable to Subtenant (the &ldquo;<B><I>Consent</I></B>&rdquo;) is executed and delivered
by the Main Landlord.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B><I>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Closing
Conditions</I></B>.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
within fourteen (14) days of the date of execution of this Sublease by both parties (or such later date as the parties may agree
in writing), Subtenant and the Main Landlord fail to execute a lease for the Building for a term commencing April 1, 2013, as
well as a lease for the premises located at 22 Firstfield Road, Gaithersburg, Maryland 20878 (the &ldquo;<B><I>22 Firstfield Premises</I></B>&rdquo;),
for a term commencing April 1, 2014, Sublandlord and Subtenant shall each have the right to terminate this Sublease upon written
notice to the other within seven (7) days, whereupon Sublandlord shall return the Security Deposit in accordance with Section
5 and neither party shall have any further obligation to the other pursuant to this Sublease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
within fourteen (14) days of the date of execution of this Sublease by both parties (or such later date as the parties may agree
in writing), Sublandlord and the Main Landlord fail to execute an amendment to the lease in effect on the date hereof between
Sublandlord and the Main Landlord with respect to the Building and an amendment to the lease in effect on the date hereof between
Sublandlord and the Main Landlord with respect to the 22 Firstfield Premises, Sublandlord and Subtenant shall each have the right
to terminate this Sublease upon written notice to the other within seven (7) days, whereupon Sublandlord shall return the Security
Deposit in accordance with Section 5 and neither party shall have any further obligation to the other pursuant to this Sublease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
within fourteen (14) days of the date of execution of this Sublease by both parties (or such later date as the parties may agree
in writing), the Consent has not been obtained from the Main Landlord under this Sublease or under the sublease between Sublandlord
and Subtenant for the 22 Firstfield Premises, Sublandlord and Subtenant shall each have the right to terminate this Sublease upon
written notice to the other within seven (7) days, whereupon Sublandlord shall return the Security Deposit in accordance with
Section 5 and neither party shall have any further obligation to the other pursuant to this Sublease.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="color: Black">IN WITNESS
WHEREOF, Sublandlord and Subtenant have hereunto executed this Sublease as of the day and year first above written.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="color: Black"><B>SUBLANDLORD:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="color: Black">INTERCELL USA, INC.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;a Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none; padding-bottom: 1pt"><FONT STYLE="color: Black">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in; text-autospace: none; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/
    David Venables</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Name:</FONT></TD>
    <TD STYLE="width: 39%; tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">David Venables</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Title:</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Chief Operating Officer, USA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in; text-autospace: none; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/
    Jeff Hackman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Name:</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Jeff Hackman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Title:</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Senior Vice President, USA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="color: Black">SUBTENANT:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none; font-weight: bold"><FONT STYLE="color: Black">NOVAVAX, INC.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-autospace: none"><FONT STYLE="color: Black">a Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="tab-stops: right 6.5in; text-autospace: none; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/
    Stanley C. Erck</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Name:</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Stanley C. Erck</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">Title:</FONT></TD>
    <TD STYLE="tab-stops: right 6.5in; text-autospace: none"><FONT STYLE="color: Black">President &amp; Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>6
<FILENAME>v304706_ex10-25.htm
<DESCRIPTION>EXHIBIT 10.25
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.25</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">LEASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS LEASE AGREEMENT</B>
(&ldquo;<B>this Lease</B>&rdquo;) is made as of this 18th day of November, 2011, between <FONT STYLE="font-size: 10pt"><B>ARE-20/22/1300
FIRSTFIELD QUINCE ORCHARD, LLC</B>, a Delaware limited liability company</FONT> (&ldquo;<B>Landlord</B>&rdquo;), and <B>NOVAVAX,
INC</B>., a Delaware corporation (&ldquo;<B>Tenant</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>BASIC LEASE PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-indent: 0in; font-weight: bold">Address:</TD>
    <TD STYLE="width: 85%; text-indent: 0in">Suites 210, 230, and 270, 22 Firstfield Road, Gaithersburg, Maryland&nbsp; 20878.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">Premises:</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">That portion of the Project, containing approximately 20,745 rentable square feet, as determined by Landlord, as shown on <B>Exhibit A</B>.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: justify"><B>Project</B>:</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">The real property on which the building (&ldquo;<B>Building</B>&rdquo;) in which the Premises are located, together with all improvements thereon and appurtenances thereto as described on <B>Exhibit B</B>.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-indent: 0in"><B>Base Rent</B>: $42,181.50, per month</TD>
    <TD STYLE="width: 55%; text-indent: 0in"><B>Rentable Area of Premises</B>: 20,745 sq. ft.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Rentable Area of Project</B>: 54,000 sq. ft.</TD>
    <TD STYLE="text-indent: 0in"><B>Tenant&rsquo;s Share of Operating Expenses</B>: 38.42%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Security Deposit</B>: $210,907.50</TD>
    <TD STYLE="text-indent: 0in"><B>Rent Adjustment Percentage</B>: 3%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -85.5pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; text-indent: 0in; text-align: justify"><B>Base Term</B>:</TD>
    <TD STYLE="width: 83%; text-indent: 0in; text-align: justify">Beginning on April 1, 2012 and ending on October 31, 2023.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: justify"><B>Permitted Use</B>:</TD>
    <TD STYLE="text-indent: 0in; text-align: justify">office and related uses consistent with the character of the Project and otherwise in compliance with the provisions of <U>Section 7</U> hereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold">Address for Rent Payment:</TD>
    <TD STYLE="width: 50%; font-weight: bold">Landlord&rsquo;s Notice Address:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>For <U>check</U> payments remit to:</TD>
    <TD>385 E. Colorado Blvd., Suite 299</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Pasadena, CA &nbsp;91101</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SunTrust Bank</TD>
    <TD>Attention: Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>P.O. Box 79840</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Baltimore, MD &nbsp;21279-0840</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>For <U>overnight courier</U> remit to:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lockbox # 79840</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>c/o SunTrust Bank</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1000 Stewart Avenue</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Glen Burnie, MD 21061</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Tenant&rsquo;s Notice Address (before the Intercell Sublease Commencement Date):</TD>
    <TD STYLE="font-weight: bold">Tenant&rsquo;s Notice Address (from and after the Intercell Sublease Commencement Date):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Executive Director of Legal Affairs and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Corporate Secretary</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Executive Director of Legal Affairs and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Corporate Secretary</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>9920 Belward Campus Drive</TD>
    <TD>20 Firstfield Road</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Rockville, MD&nbsp; 20850</TD>
    <TD>Gaithersburg, MD &nbsp;20878</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: right; vertical-align: bottom">&nbsp;<IMG SRC="ex10-25logo.jpg" ALT=""></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">Copyright &copy; </FONT>2011<FONT STYLE="color: black">,
        Alexandria Real Estate Equities, Inc. ALL</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RIGHTS RESERVED. Confidential and Proprietary &ndash; Do Not</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Copy or Distribute. Alexandria and the Alexandria Logo are</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">registered trademarks of Alexandria Real Estate Equities, Inc.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>With a copy of notices of Default (whether before or after the
        Intercell Sublease Commencement Date)</B>:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ropes &amp; Gray LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Prudential Tower, 800 Boylston Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Boston, MA 02199-3600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Walter R. McCabe, Esquire</P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following Exhibits and Addenda are attached hereto and incorporated
herein by this reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%; font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
<B>&nbsp;EXHIBIT A</B> - PREMISES DESCRIPTION</FONT></TD>
    <TD STYLE="width: 2%; font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;<B>EXHIBIT A-1</B> &ndash; PARKING AREA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
<B>EXHIBIT B</B> - DESCRIPTION OF PROJECT</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
<B>EXHIBIT C</B> &ndash; INTENTIONALLY DELETED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
<B> EXHIBIT D</B> - COMMENCEMENT DATE</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;<B>EXHIBIT E</B> - RULES AND REGULATIONS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;<B>EXHIBIT F</B> - TENANT&rsquo;S PERSONAL PROPERTY</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
<B>EXHIBIT G</B> &ndash; FORM OF LETTER OF CREDIT</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;<B>EXHIBIT H</B> &ndash; NON-OFFICE PERMITTED USE PROVISIONS</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;<B>EXHIBIT I</B> &ndash; INTERCELL LICENSE AGREEMENT</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Lease
of Premises</B>. Upon and subject to all of the terms and conditions hereof, Landlord hereby leases the Premises to Tenant and
Tenant hereby leases the Premises from Landlord. The portions of the Project which are for the non-exclusive use of tenants of
the Project (including entrance doors, lobby areas, stairwells, and restrooms) are collectively referred to herein as the &ldquo;<B>Common
Areas</B>.&rdquo; Landlord reserves the right to modify the Common Areas, provided that such modifications do not materially adversely
affect Tenant&rsquo;s use of the Premises for the Permitted Use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delivery;
Acceptance of Premises; Commencement Date</B>. As of the Commencement Date, <FONT STYLE="color: black">Intercell USA, Inc., a Delaware
corporation (&ldquo;<B>Intercell</B>&rdquo;), leases the Premises from Landlord pursuant to the terms and conditions of a </FONT>Lease
Agreement dated as of March 19, 2009, as amended (&ldquo;<B>Intercell Prime Lease</B>&rdquo;). Pursuant to the Sublease (&ldquo;<B>Intercell
Sublease</B>&rdquo;) dated as of October&nbsp;21, 2011 between <FONT STYLE="color: black">Intercell, as sublandlord, and Tenant,
as subtenant, Tenant will sublease the Premises from Intercell beginning on the Intercell Sublease Commencement Date (as defined
below) and ending on March 31, 2012, the expiration date of the Intercell Sublease and one year and one day before the Rent Commencement
Date. Effective as of April 1, 2012, </FONT>Landlord shall use reasonable efforts to make the Premises available to Tenant (&ldquo;<B>Delivery</B>&rdquo;
or &ldquo;<B>Deliver</B>&rdquo;). If Landlord fails to timely Deliver the Premises, Landlord shall not be liable to Tenant for
any loss or damage resulting therefrom, and this Lease shall not be void or voidable except as provided herein. If Landlord does
not Deliver the Premises within 60 days of April 1, 2012 for any reason other than Force Majeure Delays and Intercell Delays (as
defined below), this Lease may be terminated by Tenant by written notice to Landlord, and if so terminated: (a) the Security Deposit,
or any balance thereof (i.e., after deducting therefrom all amounts to which Landlord is entitled under the provisions of this
Lease), shall be returned to Tenant, and (b) neither Landlord nor Tenant shall have any further rights, duties or obligations under
this Lease, except with respect to provisions which expressly survive termination of this Lease. If Tenant does not elect to void
this Lease within 5 business days of the lapse of such 60 day period, such right to void this Lease shall be waived and this Lease
shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Defined
Terms</B>. For purposes of this Lease, (i) <FONT STYLE="color: black">&ldquo;<B>Commencement Date</B>&rdquo; means the date on
which this Lease is fully executed by Landlord and Tenant, </FONT>(ii)&nbsp;&ldquo;<B>Force Majeure Delays</B>&rdquo; means delays
arising by reason of any Force Majeure (as defined in <U>Section 34</U>), (iii) &ldquo;<B>Intercell Delays</B>&rdquo; means any
delay by Intercell in vacating the Premises by March 31, 2012, (iv)&nbsp;&ldquo;<B>Intercell Sublease Commencement Date</B>&rdquo;
means January 1, 2012, (v) <FONT STYLE="color: black">&ldquo;<B>Rent Commencement Date</B>&rdquo; means April&nbsp;1, 2013 (subject
to the Rent Abatement [as defined in <U>Section&nbsp;4(b)</U>])</FONT>, and (vi)&nbsp;&ldquo;<B>Term</B>&rdquo; means the Base
Term, as defined above in the Basic Lease Provisions and any Extension Term that Tenant may elect pursuant to <U>Section&nbsp;39</U>
hereof.<FONT STYLE="color: black"> </FONT>Landlord and Tenant shall execute and deliver a written acknowledgment of the Commencement
Date, the Rent Commencement Date, and the expiration date of the Term when such are established in the form of the &ldquo;Acknowledgement
of Commencement Date&rdquo; attached to this Lease as <B>Exhibit D</B>; <U>provided</U>, <U>however</U>, that Tenant&rsquo;s failure
to execute and deliver such acknowledgment shall not affect Landlord&rsquo;s rights hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Condition
of Premises</B>. Except as set forth in this Lease, if applicable: (i) Tenant shall accept the Premises in their condition as of
the Intercell Sublease Commencement Date, subject to all applicable Legal Requirements (as defined in <U>Section 7</U>), (ii)&nbsp;Landlord
shall have no obligation for any defects in the Premises, and (iii) Tenant&rsquo;s taking possession of the Premises shall be conclusive
evidence that Tenant accepts the Premises and that the Premises were in good condition at the time possession was taken. Notwithstanding
the foregoing provisions of this paragraph, <FONT STYLE="color: black">Tenant shall have the period January 1, 2012 through March
31, 2012, inclusive, to reasonably identify in writing any defects in the mechanical, fire and life safety, electrical, and plumbing
systems serving the Premises (which defects were not caused, created, or exacerbated by Tenant or any Tenant Party). Landlord will
promptly repair such identified defects at Landlord&rsquo;s sole expense. </FONT>Any entry onto the Premises by Tenant before the
Intercell Sublease Commencement Date shall be subject to Tenant&rsquo;s compliance with the provisions of <U>Sections 16</U> (Indemnification)
and <U>17</U> (Insurance) of the Intercell Prime Lease as though Tenant were the Tenant thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Complete
Agreement</B>. Tenant agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty
with respect to the condition of all or any portion of the Premises or the Project, and/or the suitability of the Premises or the
Project for the conduct of Tenant&rsquo;s business, and Tenant waives any implied warranty that the Premises or the Project are
suitable for the Permitted Use. This Lease constitutes the complete agreement of Landlord and Tenant with respect to the subject
matter hereof and supersedes any and all prior representations, inducements, promises, agreements, understandings and negotiations
which are not contained herein. Landlord in executing this Lease does so in reliance upon Tenant&rsquo;s representations, warranties,
acknowledgments and agreements contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Conditions</B>.
This Lease is contingent on the following events (&ldquo;<B>Conditions</B>&rdquo;) occurring: (i)&nbsp;Landlord and Intercell executing
and delivering an amendment to the Intercell Prime Lease, (ii)&nbsp;Landlord and Intercell executing and delivering an amendment
to the lease agreement between Intercell and Landlord for premises located at 20 Firstfield Drive, Gaithersburg, Maryland, (iii)
Landlord, Intercell, and Tenant executing and delivering a Consent to Sublease for the Premises, and (iv) Landlord, Intercell,
and Tenant executing and delivering a Consent to Sublease for premises located at 20 Firstfield Drive, Gaithersburg, Maryland.
Within 10 days after written request from either Landlord or Tenant, Landlord and Tenant shall execute and deliver a statement
in form and substance reasonably acceptable to them confirming that the Conditions have been satisfied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rent</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base
Rent</B>. The first month&rsquo;s Base Rent shall be due and payable on delivery by Tenant of an executed copy of this Lease to
Landlord. Subject to the Rent Abatement (as defined below), beginning on the Rent Commencement Date Tenant shall pay to Landlord
in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent on or before the first day of each
calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of
Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments
of Base Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord
and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abate,
reduce, or set-off any Rent (as defined in <U>Section 5</U>) due hereunder except for any abatement as may be expressly provided
in this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional
Rent</B>. In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent (&ldquo;<B>Additional Rent</B>&rdquo;):
(i) Tenant&rsquo;s Share of &ldquo;Operating Expenses&rdquo; (as defined in <U>Section 5</U>), and (ii) any and all other amounts
Tenant assumes or agrees to pay under the provisions of this Lease, including, without limitation, any and all other sums that
may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of
this Lease to be performed by Tenant, after any applicable notice and cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base
Rent Adjustments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>.
Base Rent shall be increased on each anniversary of the first day of the first full month of the Term of this Lease beginning after
the Rent Commencement Date (for clarity, the first adjustment shall occur on April 1, 2014) (each an &ldquo;<B>Adjustment Date</B>&rdquo;)
by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting
amount to the Base Rent (which for this purpose shall be adjusted pursuant to the last sentence of this paragraph) payable immediately
before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any
fractional calendar month shall be prorated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Base
Rent Abatement</B>. Provided Tenant is not in Default hereunder, Landlord hereby grants Tenant an abatement of (i) the Base Rent
and Operating Expenses payable hereunder for the first 12 full calendar months commencing on April 1, 2012, and (ii) the Base Rent
payable hereunder for the first 12 full calendar months commencing on the Rent Commencement Date (collectively, the &ldquo;<B>Rent
Abatement</B>&rdquo;). Thereafter, Tenant shall pay the full amount of Base Rent due in accordance with the provisions of this
Lease. Notwithstanding anything to the contrary in this <U>Section 4(b)</U>, the adjustment in the Base Rent as set forth in this
<U>Section 4</U> shall be based on the full and unabated amount of Base Rent payable for the first 12 month period from and after
the Rent Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Operating
Expense Payments</B>. Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the
Term (&ldquo;<B>Annual Estimate</B>&rdquo;), which may be revised by Landlord from time to time but no more frequently than twice
during such calendar year. Beginning on the Rent Commencement Date, Tenant shall pay Landlord on or before the first day of each
calendar month during the Term hereof an amount equal to 1/12<SUP>th</SUP> of Tenant&rsquo;s Share of the Annual Estimate. Payments
for any fractional calendar month shall be prorated. <FONT STYLE="color: black">All Operating Expenses shall be determined according
to generally accepted accounting principles, consistently applied (&ldquo;<B>GAAP</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Operating
Expenses</B>&rdquo; means all costs and expenses of any kind or description whatsoever incurred or accrued each calendar year by
Landlord with respect to the Project (including, without duplication, Taxes (as defined in <U>Section 9</U>), capital repairs and
improvements(such capital repairs and improvements to be amortized over their useful life in accordance with GAAP, the costs of
Landlord&rsquo;s third party property manager not to exceed a management fee of 3% of Base Rent or, if there is no third party
property manager, administration rent in the amount of 3% of Base Rent, in either case computed without reference to any period
of Rent Abatement), excluding only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
original construction costs of the Project and renovation prior to the date of this Lease and costs of correcting defects in such
original construction or renovation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital
expenditures for expansion of the Project, and any capital improvements made within the last 24 month period of the Term;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest,
principal payments of Mortgage (as defined in <U>Section 27</U>) debts of Landlord, financing costs and amortization of funds borrowed
by Landlord, whether secured or unsecured and all payments of base rent (but not taxes or operating expenses) under any ground
lease or other underlying lease of all or any portion of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;depreciation
of the Project (except for depreciation of capital improvements, the cost of which are expressly included in Operating Expenses);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;advertising,
legal and space planning expenses and leasing commissions and other costs and expenses incurred in procuring and leasing space
to tenants for the Project, including any leasing office maintained in the Project, free rent and construction allowances for tenants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;legal
and other expenses incurred in the negotiation or enforcement of leases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;completing,
fixturing, improving, renovating, painting, redecorating or other work, which Landlord pays for or performs for other tenants within
their premises, and costs of correcting defects in such work;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
of utilities outside normal business hours sold to tenants of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
to be reimbursed by other tenants of the Project, if any, or Taxes to be paid directly by Tenant or other tenants of the Project,
if any, whether or not actually paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;salaries,
wages, benefits and other compensation paid to officers and employees of Landlord who are not assigned in whole or in part to the
operation, management, maintenance or repair of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general
organizational, administrative and overhead costs relating to maintaining Landlord&rsquo;s existence, either as a corporation,
partnership, or other entity, including general corporate, legal and accounting expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
(including attorneys&rsquo; fees and costs of settlement, judgments and payments in lieu thereof) incurred in connection with disputes
with tenants, other occupants, or prospective tenants, and costs and expenses, including legal fees, incurred in connection with
negotiations or disputes with employees, consultants, management agents, leasing agents, purchasers or mortgagees of the Building;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
incurred by Landlord due to the violation by Landlord, its employees, agents or contractors or any tenant of the terms and conditions
of any lease of space in the Project or any Legal Requirement (as defined in <U>Section 7</U>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;penalties,
fines or interest incurred as a result of Landlord&rsquo;s inability or failure to make payment of Taxes and/or to file any tax
or informational returns when due, or from Landlord&lsquo;s failure to make any payment of Taxes required to be made by Landlord
hereunder before delinquency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;overhead
and profit increment paid to Landlord or to subsidiaries or affiliates of Landlord for goods and/or services in or to the Project
to the extent the same exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive
basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
of Landlord&rsquo;s charitable or political contributions, or of fine art maintained at the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
in connection with services (including electricity), items or other benefits of a type which are not standard for the Project and
which are not available to Tenant without specific charges therefor, but which are provided to another tenant or occupant of the
Project, whether or not such other tenant or occupant is specifically charged therefor by Landlord;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
incurred in the sale or refinancing of the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net
income taxes of Landlord or the owner of any interest in the Project (except to the extent such net income taxes are in substitution
for any Taxes payable hereunder), franchise, capital stock, gift, estate or inheritance taxes or any federal, state or local documentary
taxes imposed against the Project or any portion thereof or interest therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
expenses otherwise includable within Operating Expenses to the extent actually reimbursed by persons other than tenants of the
Project under leases for space in the Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reserves
for future repairs and replacements; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
incurred by Landlord for repair or replacement of Building structural elements for which Landlord is responsible under this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Within 150 days after the
end of each calendar year, Landlord shall furnish to Tenant a statement (an &ldquo;<B>Annual Statement</B>&rdquo;) showing in reasonable
detail: (a) the total and Tenant&rsquo;s Share of actual Operating Expenses for the previous calendar year, and (b) the total of
Tenant&rsquo;s payments in respect of Operating Expenses for such year. If Tenant&rsquo;s Share of actual Operating Expenses for
such year exceeds Tenant&rsquo;s payments of Operating Expenses for such year, the excess shall be due and payable by Tenant as
Rent within 30 days after delivery of such Annual Statement to Tenant. If Tenant&rsquo;s payments of Operating Expenses for such
year exceed Tenant&rsquo;s Share of actual Operating Expenses for such year Landlord shall pay the excess to Tenant within 30 days
after delivery of such Annual Statement, except that after the expiration, or earlier termination of the Term or if Tenant is delinquent
in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting all other amounts due Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Annual Statement shall
be final and binding upon Tenant and Landlord unless Tenant, within 30 days after Tenant&rsquo;s receipt thereof, shall reasonably
and in good faith question or contest any item therein by giving written notice to Landlord, specifying each item questioned or
contested and the reason therefor. In response to such written notice, Landlord will provide Tenant with access to Landlord&rsquo;s
books and records relating to the operation of the Project and such information as Landlord reasonably determines to be responsive
to Tenant&rsquo;s questions (&ldquo;<B>Expense Information</B>&rdquo;). Landlord shall make the Expense Information available to
Tenant at the Premises or at Landlord&rsquo;s place of business in the Washington, D.C. metropolitan area. If after Tenant&rsquo;s
review of such Expense Information, Landlord and Tenant cannot agree upon the amount of Tenant&rsquo;s Share of Operating Expenses,
then Tenant shall have the right to have an independent public accounting firm selected by Tenant from among the 5 largest (as
measured by the number of certified public accountants) operating in the greater Washington, D.C. metropolitan area, working pursuant
to a fee arrangement other than a contingent fee (at Tenant&rsquo;s sole cost and expense) and approved by Landlord (which approval
shall not be unreasonably withheld, conditioned, or delayed), audit and/or review the Expense Information for the year in question
(&ldquo;<B>Independent Review</B>&rdquo;). Landlord hereby approves Grant Thornton as Tenant&rsquo;s independent accounting firm
for all purposes under this Lease. Should Tenant elect to use a different independent accounting firm, Tenant&rsquo;s selection
shall be subject to Landlord&rsquo;s approval as provided in this paragraph. The results of any such Independent Review shall be
binding on Landlord and Tenant. If the Independent Review shows that the payments actually made by Tenant with respect to Operating
Expenses for the calendar year in question exceeded Tenant&rsquo;s Share of Operating Expenses for such calendar year, Landlord
shall pay the excess to Tenant within 30 days after delivery of such statement, except that after the expiration or earlier termination
of this Lease or if Tenant is delinquent in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting
all other amounts due Landlord. If the Independent Review shows that Tenant&rsquo;s payments with respect to Operating Expenses
for such calendar year were less than Tenant&rsquo;s Share of Operating Expenses for the calendar year, Tenant shall pay the deficiency
to Landlord within 30 days after delivery of such statement. If the Independent Review shows that Tenant has overpaid with respect
to Operating Expenses by more than 5% then Landlord shall reimburse Tenant for all costs incurred by Tenant for the Independent
Review by means of deducting such costs from the next monthly installment(s) of Base Rent or refund such amount within 30 days
if no Base Rent is due. Operating Expenses for the calendar years in which Tenant&rsquo;s obligation to share therein begins and
ends shall be prorated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tenant&rsquo;s
Share</B>&rdquo; shall be the percentage set forth in the Basic Lease Provisions as Tenant&rsquo;s Share as reasonably adjusted
by Landlord for changes in the physical size of the Premises or the Project occurring thereafter. Landlord may equitably increase
Tenant&rsquo;s Share for any item of expense or cost reimbursable by Tenant that relates to a repair, replacement, or service that
benefits only the Premises or only a portion of the Project that includes the Premises or that varies with occupancy or use. <FONT STYLE="color: black">In
calculating the Operating Expenses, no expense shall be charged more than once. </FONT>Base Rent, Tenant&rsquo;s Share of Operating
Expenses, and all other amounts payable by Tenant to Landlord hereunder are collectively referred to herein as &ldquo;<B>Rent</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Security
Deposit</B>. Tenant shall deposit with Landlord, on or before January 31, 2012, a security deposit (&ldquo;<B>Security Deposit</B>&rdquo;)
for the performance of all of Tenant&rsquo;s obligations hereunder in the amount set forth in the Basic Lease Provisions, which
Security Deposit shall be in the form of an unconditional and irrevocable letter of credit (&ldquo;<B>Letter of Credit</B>&rdquo;):
(i) substantially in the form of <B>Exhibit G</B> attached hereto and otherwise in form and substance reasonably satisfactory to
Landlord, (ii) naming Landlord as beneficiary, (iii) expressly allowing Landlord to draw upon it at any time from time to time
by delivering to the issuer notice that Landlord is entitled to draw thereunder, (iv) issued by an FDIC-insured financial institution
reasonably satisfactory to Landlord, and (v)&nbsp;redeemable by presentation of a sight draft in the State of Maryland. If Tenant
does not provide Landlord with a substitute Letter of Credit complying with all of the requirements hereof at least 10 days before
the stated expiration date of any then current Letter of Credit, Landlord shall have the right to draw the full amount of the current
Letter of Credit and hold the funds drawn in cash without obligation for interest thereon as the Security Deposit. On Landlord&rsquo;s
receipt of a replacement Letter of Credit that complies with the terms and conditions of this Section, Landlord shall return the
unapplied cash to Tenant. The Security Deposit shall be held by Landlord as security for the performance of Tenant&rsquo;s obligations
under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord&rsquo;s damages in case of Tenant&rsquo;s
default. Upon each occurrence of a Default (as defined in <U>Section 20</U>), Landlord may use all or any part of the Security
Deposit to pay delinquent payments due under this Lease, and the cost of any damage, injury, expense or liability caused by such
Default, without prejudice to any other remedy provided herein or provided by law. Upon any such use of all or any portion of the
Security Deposit, Tenant shall pay Landlord within 5 business days after written demand the amount that will restore the Security
Deposit (by posting a replacement Letter of Credit) to the amount set forth in the Basic Lease Provisions. Tenant hereby waives
the provisions of any law, now or hereafter in force, which provide that Landlord may claim from a security deposit only those
sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Tenant or to clean the Premises,
it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other loss
or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any officer, employee, agent or invitee of
Tenant. Upon bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied
first to the payment of Rent and other charges due Landlord for periods prior to the filing of such proceedings. Upon any such
use of all or any portion of the Security Deposit, Tenant shall, within 5 business days after demand from Landlord, restore the
Security Deposit to its original amount (by posting a replacement Letter of Credit). If Tenant shall fully perform every provision
of this Lease to be performed by Tenant, the Security Deposit, or any balance thereof (i.e., after deducting therefrom all amounts
to which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant (or, at Landlord&rsquo;s option,
to the last assignee of Tenant&rsquo;s interest hereunder) within 90 days after the expiration or earlier termination of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Landlord transfers its
interest in the Project or this Lease, Landlord shall either (a) transfer any Security Deposit then held by Landlord to a person
or entity assuming Landlord&rsquo;s obligations under this <U>Section 6</U>, or (b) return to Tenant any Security Deposit then
held by Landlord and remaining after the deductions permitted herein. Upon such transfer to such transferee or the return of the
Security Deposit to Tenant, Landlord shall have no further obligation with respect to the Security Deposit, and Tenant&rsquo;s
right to the return of the Security Deposit shall apply solely against Landlord&rsquo;s transferee. The Security Deposit is not
an advance rental deposit or a measure of Landlord&rsquo;s damages in case of Tenant&rsquo;s default. Landlord&rsquo;s obligation
respecting the Security Deposit is that of a debtor, not a trustee, and no interest shall accrue thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Use</B>.
The Premises shall be used solely for the Permitted Use set forth in the Basic Lease Provisions, and in compliance with all laws,
orders, judgments, ordinances, regulations, codes, directives, permits, licenses, covenants and restrictions now or hereafter applicable
to the Premises, and to the use and occupancy thereof, including, without limitation, the Americans With Disabilities Act, 42 U.S.C.
&sect; 12101, et seq. (together with the regulations promulgated pursuant thereto, &ldquo;<B>ADA</B>&rdquo;) (collectively, &ldquo;<B>Legal
Requirements</B>&rdquo; and each, a &ldquo;<B>Legal Requirement</B>&rdquo;). Tenant shall, upon 5 days&rsquo; written notice from
Landlord, discontinue any use of the Premises which is declared by any Governmental Authority (as defined in <U>Section 9</U>)
having jurisdiction to be a violation of a Legal Requirement. Tenant will not use or permit the Premises to be used for any purpose
or in any manner that would void Tenant&rsquo;s or Landlord&rsquo;s insurance, increase the insurance risk, or cause the disallowance
of any sprinkler or other credits. Tenant shall not permit any part of the Premises to be used as a &ldquo;place of public accommodation&rdquo;,
as defined in the ADA or any similar legal requirement. Tenant shall reimburse Landlord promptly upon demand for any additional
premium charged for any such insurance policy by reason of Tenant&rsquo;s failure to comply with the provisions of this Section
or otherwise caused by Tenant&rsquo;s use and/or occupancy of the Premises. Tenant will use the Premises in a careful, safe and
proper manner and will not commit or permit waste, overload the floor or structure of the Premises, subject the Premises to use
that would damage the Premises or obstruct or interfere with the rights of Landlord or other tenants or occupants of the Project,
including conducting or giving notice of any auction, liquidation, or going out of business sale on the Premises, or using or allowing
the Premises to be used for any unlawful purpose. Tenant shall cause any equipment or machinery to be installed in the Premises
so as to reasonably prevent sounds or vibrations from the Premises from extending into Common Areas or other space in the Project.
From and after the Commencement Date, Tenant shall not place any machinery or equipment weighing 500 pounds or more in or upon
the Premises unless Tenant shall have delivered to Landlord, at Tenant&rsquo;s sole expense, a certification from a reputable structural
engineer reasonably acceptable to Landlord stating that the placement of such heavy machinery or equipment will not adversely affect
the structural integrity of the Project. Tenant shall be solely liable for any damage caused to the Project by the placement of
such heavy machinery or equipment. Landlord hereby consents to the placement of the equipment located in the Premises as of the
Commencement Date. Subject to the provisions of <U>Section 12</U> (Alterations and Tenant&rsquo;s Property), Tenant shall not,
without the prior written consent of Landlord, use the Premises in any manner which will require ventilation, air exchange, heating,
gas, steam, electricity or water beyond the existing capacity of the Project as proportionately allocated to the Premises based
upon Tenant&rsquo;s Share as usually furnished for the Permitted Use. Notwithstanding any contrary provision contained in this
paragraph, Landlord shall be responsible for the compliance of the Common Areas of the Project with the ADA as of the Commencement
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modifications
to Common Areas</B>. Landlord shall, as an Operating Expense (to the extent such Legal Requirement is generally applicable to similar
buildings in the area in which the Project is located) or at Tenant&rsquo;s expense (to the extent such Legal Requirement is applicable
solely by reason of Tenant&rsquo;s, as compared to other tenants of the Project, particular use of the Premises) make any alterations
or modifications to the Common Areas or exterior of the Building that are required by Legal Requirements, including the ADA; <U>provided</U>,
<U>however</U>, that any such structural alterations or modifications shall be performed by Landlord at Landlord&rsquo;s expense.
Tenant, at its sole expense, shall make any alterations or modifications to the interior of the Premises that are required by Legal
Requirements (including, without limitation, compliance of the Premises with the ADA. Notwithstanding any other provision herein
to the contrary, Tenant shall be responsible for any and all demands, claims, liabilities, losses, costs, expenses, actions, causes
of action, damages or judgments, and all reasonable expenses incurred in investigating or resisting the same (including, without
limitation, reasonable attorneys&rsquo; fees, charges and disbursements and costs of suit) (collectively, &ldquo;<B>Claims</B>&rdquo;)
arising out of or in connection with Legal Requirements, and Tenant shall indemnify, defend, hold and save Landlord harmless from
and against any and all Claims arising out of or in connection with any failure of the Premises to comply with any Legal Requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black"><B>Access</B>.
Tenant will have uninterrupted access to the Premises </FONT>24 hours per day, 7 days per week; provided, however, that in <FONT STYLE="color: black">the
case of emergencies affecting the Building and in the event of pre-scheduled periodic repairs and maintenance affecting the Building,
</FONT>Tenant&rsquo;s complete access to all areas of the Premises may be reasonably limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black"><B>Non-Office
Permitted Use</B></FONT>. Tenant shall have the right, either itself or a subtenant pursuant to a sublease of all or a portion
of the Premises, to use the Premises for research, development, testing, manufacturing, storage, production, and sale of biologic,
pharmaceutical, or any other products (including raw materials and consumables) regulated by the United States Food and Drug Administration,
and with Landlord&rsquo;s prior written consent for any other use permitted by the Legal Requirements (which consent shall not
be unreasonably withheld, conditioned, or delayed) (collectively, &ldquo;<B>Non-Office Permitted Use</B>&rdquo;), subject in all
cases to the following requirements, covenants, and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tenant
shall notify Landlord at least 30 days in advance of Tenant&rsquo;s intention to use all or a part of the Premises for a Non-Office
Permitted Use, identifying the areas of the Premises to be so used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tenant
shall comply with the applicable provisions of this Lease in connection with the Non-Office Permitted Use, including, but not limited
to, <U>Section 7</U> (Use), <U>Section 12</U> (Alterations and Tenant&rsquo;s Property), and <U>Section 22</U> (Assignment and
Subletting). Nothing in this <U>Section 7(c)</U> shall be deemed an approval of any proposed subletting of all or a portion of
the Premises, it being understood and agreed that <U>Section 22</U> shall govern any proposed subletting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>From
and after the date on which Tenant uses all or a portion of the Premises for the Non-Office Permitted Use, Tenant shall comply
with the terms and conditions set forth in <B>Exhibit H</B> attached hereto. These terms and conditions supplant the corresponding
provisions in this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Non-Office Permitted Use shall be in addition to the Permitted Use.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Holding
Over</B>. If, with Landlord&rsquo;s express written consent, Tenant retains possession of the Premises after the termination of
the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord
at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent
pursuant to <U>Section 4</U> hereof) shall remain in full force and effect (excluding any expansion or renewal option or other
similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the
date of the expiration or earlier termination of this Lease or such other amount as Landlord may indicate, in Landlord&rsquo;s
sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease.
If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written
consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental
shall be equal to (I) 150% of Rent in effect during the last 30 days of the Term for the first 30 day period of the holdover, (II)
175% of Rent in effect during the last 30 days of the Term for the second 30 day period of the holdover, and (III) 200% of Rent
in effect during the last 30 days of the Term for the third 30 day period of the holdover, and (B)&nbsp;Tenant shall be responsible
for all damages suffered by Landlord resulting from or occasioned by Tenant&rsquo;s holding over (including, from and after 90
days after the end of the Term, consequential damages if Landlord has advised Tenant in writing in advance that a particular tenant
has signed a new lease with Landlord for the Premises and any particular consequential damages that Landlord may incur or suffer
under such new lease as a result of Tenant&rsquo;s holding over, including, without limitation, consequential damages that Landlord
may incur or suffer by reason of Landlord&rsquo;s inability to lease the Premises or deliver occupancy to such particular tenant).
Tenant shall pay Base Rent and Tenant&rsquo;s Share of Operating Expenses on a per diem basis at such monthly rental rate for each
day that Tenant so retains possession. No holding over by Tenant, whether with or without consent of Landlord, shall operate to
extend this Lease except as otherwise expressly provided, and this <U>Section 8</U> shall not be construed as consent for Tenant
to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Term or earlier termination of
this Lease shall not result in a renewal or reinstatement of this Lease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxes</B>.
Landlord shall pay, as part of Operating Expenses, all taxes, levies, fees, assessments and governmental charges of any kind, existing
as of the Commencement Date or thereafter enacted (collectively referred to as &ldquo;<B>Taxes</B>&rdquo;), imposed by any federal,
state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies
(collectively, &ldquo;<B>Governmental Authority</B>&rdquo;) during the Term, including, without limitation, all Taxes: (i)&nbsp;imposed
on or measured by or based, in whole or in part, on rent payable to (or gross receipts received by) Landlord under this Lease and/or
from the rental by Landlord of the Project or any portion thereof, or (ii) based on the square footage, assessed value or other
measure or evaluation of any kind of the Premises or the Project, or (iii) assessed or imposed by or on the operation or maintenance
of any portion of the Premises or the Project, including parking, or (iv) assessed or imposed by, or at the direction of, or resulting
from Legal Requirements, or interpretations thereof, promulgated by any Governmental Authority, or (v)&nbsp;imposed as a license
or other fee, charge, tax, or assessment on Landlord&rsquo;s business or occupation of leasing space in the Project. Landlord may
contest by appropriate legal proceedings the amount, validity, or application of any Taxes or liens securing Taxes and any reduction
in Taxes will be credited to the Operating Expenses during the Term or refunded to Tenant within 30 days if received after the
expiration of the Term (which credit or refund shall be net of the costs and expenses [including attorneys&rsquo; fees] incurred
by Landlord in obtaining any such reduction). Taxes shall not include any net income taxes imposed on Landlord except to the extent
such net income taxes are in substitution for any Taxes payable hereunder. If any such Tax is levied or assessed directly against
Tenant, then Tenant shall be responsible for and shall pay the same at such times and in such manner as the taxing authority shall
require. Tenant shall pay, prior to delinquency, any and all Taxes levied or assessed against any personal property or trade fixtures
placed by Tenant in the Premises, whether levied or assessed against Landlord or Tenant. If any Taxes on Tenant&rsquo;s personal
property or trade fixtures are levied against Landlord or Landlord&rsquo;s property, or if the assessed valuation of the Project
is increased by a value attributable to improvements in or alterations to the Premises, whether owned by Landlord or Tenant and
whether or not affixed to the real property so as to become a part thereof, higher than the base valuation on which Landlord from
time-to-time allocates Taxes to all tenants in the Project, Landlord shall have the right, but not the obligation, to pay such
Taxes. Landlord&rsquo;s determination of any excess assessed valuation shall be binding and conclusive, absent manifest error.
The amount of any such payment by Landlord shall constitute Additional Rent due from Tenant to Landlord immediately upon demand.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Parking</B>.
Subject to all Legal Requirements, Force Majeure, a Taking (as defined in <U>Section 19</U> below), and the exercise by Landlord
of its rights hereunder, Tenant shall have the right, in common with other tenants of the Project pro rata in accordance with the
rentable area of the Premises and the rentable areas of the Project occupied by such other tenants, to park in those areas designated
for non-reserved parking, subject in each case to Landlord&rsquo;s reasonable rules and regulations. Landlord may allocate parking
spaces among Tenant and other tenants in the Project pro rata as described above if Landlord determines that such parking facilities
are becoming crowded. Landlord shall not be responsible for enforcing Tenant&rsquo;s parking rights against any third parties.
Attached hereto as a part hereof as <B>Exhibit A</B> is a plan showing the parking areas located within the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Utilities,
Services.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B>.
Landlord shall provide, subject to the terms of this <U>Section 11</U>, janitorial services to the Common Areas, water, electricity,
heat, light, power, telephone, sewer, and other utilities (including gas and fire sprinklers to the extent the Project is plumbed
for such services), and refuse and trash collection (collectively, &ldquo;<B>Utilities</B>&rdquo;). Landlord shall pay, as Operating
Expenses or subject to Tenant&rsquo;s reimbursement obligation below, for all Utilities used on the Premises, all maintenance charges
for Utilities, and any storm sewer charges or other similar charges for Utilities imposed by any Governmental Authority or Utility
provider, and any taxes, penalties, surcharges, or similar charges thereon. Landlord may cause, at Tenant&rsquo;s expense, any
Utilities to be separately metered or charged directly to Tenant by the provider. Tenant shall pay directly to the Utility provider,
prior to delinquency, any separately metered Utilities and services that may be furnished to Tenant or the Premises during the
Term. Tenant shall pay, as part of Operating Expenses, its share of all charges for jointly metered Utilities based upon consumption,
as reasonably determined by Landlord. No interruption or failure of Utilities, from any cause whatsoever other than Landlord&rsquo;s
willful misconduct, shall result in eviction or constructive eviction of Tenant, termination of this Lease or, except as provided
in <U>Section 11(c)</U> below, the abatement of Rent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-underline-style: none; color: windowtext">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Service
Interruption</B>. <FONT STYLE="font-weight: normal; text-underline-style: none; color: black">Notwithstanding anything to the contrary
set forth herein, if (i) a stoppage of an Essential Service (as defined below) to the Premises shall occur and such stoppage is
due solely to the negligent acts or omissions of Landlord and not due in any part to any act or omission on the part of Tenant
or any Tenant Party or any matter beyond Landlord&rsquo;s reasonable control (any such stoppage of an Essential Service being hereinafter
referred to as a &ldquo;</FONT><B>Service Interruption</B><FONT STYLE="font-weight: normal">&rdquo;), and (ii) such Service Interruption
continues for more than 10 consecutive business days after Landlord shall have received written notice thereof from Tenant, and
(iii) as a result of such Service Interruption, the conduct of Tenant&rsquo;s normal operations in the Premises are materially
and adversely affected, then, to the extent that such Service Interruption is covered by rental interruption insurance carried
by Landlord pursuant to this Lease, there shall be an abatement of 1 day&rsquo;s Base Rent for each day during which such Service
Interruption continues after such 10 business day period; </FONT><U>provided</U><FONT STYLE="text-underline-style: none">, </FONT><U>however</U><FONT STYLE="text-underline-style: none">,
that if any part of the Premises is reasonably useable for Tenant&rsquo;s normal business operations or if Tenant conducts all
or any part of its operations in any portion of the Premises notwithstanding the Service Interruption, then the amount of each
daily abatement of Base Rent shall only be proportionate to the nature and extent of the interruption of Tenant&rsquo;s normal
operations or ability to use the Premises. The rights granted to Tenant under this paragraph shall be Tenant&rsquo;s sole and exclusive
remedy resulting from a failure of Landlord to provide services, and Landlord shall not otherwise be liable for any loss or damage
suffered or sustained by Tenant resulting from any failure or cessation of services. For purposes hereof, the term &ldquo;</FONT><B>Essential
Services</B><FONT STYLE="font-weight: normal">&rdquo; shall mean the following services: heating, ventilating, and air conditioning
(&ldquo;&rdquo;</FONT><B>HVAC</B><FONT STYLE="font-weight: normal">&rdquo;) service, water, sewer, and electricity, but in each
case only to the extent that Landlord has an obligation to provide same to Tenant under this Lease. The provisions of this paragraph
shall only apply as long as Novavax, Inc. is the tenant occupying the Premises under this Lease and shall not apply to any assignee
or sublessee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Alterations
and Tenant&rsquo;s Property</B>. For purposes of this Lease, any alterations, additions, or improvements made to the Premises by
or on behalf of Tenant, including additional locks or bolts of any kind or nature upon any doors or windows in the Premises, but
excluding installation, removal or realignment of furniture systems (other than removal of furniture systems owned or paid for
by Landlord) not involving any modifications to the structure or connections (other than by ordinary plugs or jacks) to Building
Systems (as defined in <U>Section 13</U>) shall be referred to as &ldquo;<B>Alterations</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice-Only
Alterations</B>. Tenant may construct Alterations in the Premises without Landlord&rsquo;s prior consent if the aggregate cost
of any such Alteration does not exceed $50,000, such work will not materially affect the structure or Building Systems as reasonably
determined by Landlord, and such work will not affect the aesthetics of the exterior of the Building as reasonably determined by
Landlord (collectively, a &ldquo;<B>Notice-Only Alteration</B>&rdquo;). Tenant shall notify Landlord in writing of such intended
Notice-Only Alteration not less than 5 business days in advance of commencing construction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Consent
Alterations</B>. Any Alterations other than a Notice-Only Alteration (such Alterations, &ldquo;<B>Consent Alterations</B>&rdquo;)
shall be subject to Landlord&rsquo;s prior written consent, which consent shall not be unreasonably withheld, delayed, or conditioned.
Tenant&rsquo;s written request for consent to any Consent Alteration shall be accompanied by plans, specifications, work contracts,
and such other information concerning the nature and cost of the Consent Alteration, including the identities and mailing addresses
of all persons performing work or supplying materials, as may be reasonably requested by Landlord, which written request for consent
and accompanying materials shall be delivered to Landlord not less than 10 business days in advance of any proposed construction.
Landlord shall respond to such request for consent within 7 business days of receipt of Tenant&rsquo;s request. If Landlord does
not respond to such request within such 7 business day period, Tenant shall send a second written notice to Landlord (together
with a concurrent copy sent by a reputable overnight delivery service providing receipted evidence of delivery to Mr. Lawrence
Diamond, Alexandria Real Estate Equities, Inc., 946 Clopper Road, Gaithersburg, Maryland 20878) requesting Landlord&rsquo;s approval
of the proposed Consent Alteration. If Landlord does not respond within 5 business days after receipt of such second notice, such
request for Consent Alterations shall be deemed to have been approved by Landlord. Such second notice to Landlord <FONT STYLE="letter-spacing: -0.15pt">shall
state the following in bold face type in capitalized letters:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><B>LANDLORD&rsquo;S FAILURE TO RESPOND <FONT STYLE="text-transform: uppercase">WITHIN five (5) BUSINESS</FONT> DAYS AFTER RECEIPT
OF THIS <FONT STYLE="text-transform: uppercase">request</FONT> SHALL MEAN THAT LANDLORD HAS BEEN DEEMED TO HAVE <FONT STYLE="text-transform: uppercase">APPROVED
</FONT>THE REQUEST FOR CONSENT ALTERATIONS DESCRIBED IN THIS REQUEST.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">If Landlord approves (or
is deemed to approve) any Consent Alterations, Landlord may impose such reasonable conditions on Tenant in connection with the
commencement, performance, and completion of such Consent Alterations as Landlord may deem appropriate in Landlord&rsquo;s reasonable
discretion. Landlord&rsquo;s right to review plans and specifications and to monitor construction of Consent Alterations shall
be solely for its own benefit, and Landlord shall have no duty to ensure that such plans and specifications or construction comply
with applicable Legal Requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>General</B>.
Tenant shall cause, at its sole cost and expense, all Alterations to comply with insurance requirements and with Legal Requirements
and shall implement at its sole cost and expense any alteration or modification required by Legal Requirements as a result of any
Alterations. Tenant shall pay to Landlord, as Additional Rent, on demand an amount equal to the out of pocket expense incurred
by Landlord in connection with third party review of any Consent Alteration, which amount shall not exceed an aggregate amount
equal to 0.5% of the cost of such Consent Alteration. Before Tenant begins any Alteration, Landlord may post on and about the Premises
notices of non-responsibility pursuant to applicable law. Tenant shall reimburse Landlord for, and indemnify and hold Landlord
harmless from, any expense incurred by Landlord by reason of faulty work done by Tenant or its contractors, delays caused by such
work, or inadequate cleanup.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Insurance</B>.
With respect to any Consent Alteration costing in excess of $100,000, Tenant shall, at Tenant&rsquo;s election, either evidence
adequate cash balances, furnish security, or make other arrangements reasonably satisfactory to Landlord to assure payment for
the completion of the Consent Alteration work free and clear of liens. With respect to all Alterations, Tenant shall provide (and
cause each contractor or subcontractor to provide) certificates of insurance (in form and substance reasonably satisfactory to
Landlord; form ACORD 28 [2006/07] is not satisfactory to Landlord) for workers&rsquo; compensation and other coverage in amounts
and from an insurance company reasonably satisfactory to Landlord protecting Landlord against liability for personal injury or
property damage during construction. Upon completion of any Consent Alterations, Tenant shall deliver to Landlord: (i) sworn statements
setting forth the names of all contractors and subcontractors who did the work and final lien waivers from all such contractors
and subcontractors; and (ii) &ldquo;as built&rdquo; plans for the Consent Alterations. Upon completion of any Notice-Only Alterations,
Tenant shall deliver to Landlord &ldquo;as built&rdquo; plans for the Notice-Only Alterations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant&rsquo;s
Property; FF&amp;E Installations</B>. Other than (i) the items, if any, listed on <B>Exhibit F</B> attached hereto, (ii) any items
agreed by Landlord in writing to be included on <B>Exhibit F</B> in the future, and (iii) any trade fixtures, machinery, equipment
and other personal property that may be removed without material damage to the Premises, which damage shall be repaired (including
capping or terminating utility hook-ups behind walls) by Tenant during the Term (collectively, &ldquo;<B>Tenant&rsquo;s Property</B>&rdquo;),
all Alterations, real property fixtures, built-in machinery and equipment, built-in casework and cabinets and other similar additions
and improvements built into the Premises so as to become an integral part of the Premises (collectively, &ldquo;<B>Installations</B>&rdquo;)
shall be and shall remain the property of Landlord during the Term and following the expiration or earlier termination of the Term,
shall not be removed by Tenant at any time during the Term and shall remain upon and be surrendered with the Premises as a part
thereof in accordance with the provisions of this Section and <U>Section 28</U> following the expiration or earlier termination
of this Lease; <U>provided</U>, <U>however</U>, that (a) during the Term, Tenant shall have the right to remove, modify, and relocate
its furniture, fixtures, and equipment (&ldquo;<B>FF&amp;E</B>&rdquo;), (b) at the expiration or earlier termination of this Lease,
Tenant shall have the right to remove any FF&amp;E; Tenant&rsquo;s right to remove, modify, or relocate the FF&amp;E as described
in clauses (a) and (b) shall be subject to Tenant&rsquo;s compliance with, and satisfaction of, the following conditions: (1) Tenant
repairs any damage caused by the removal of any FF&amp;E, and (2) the Premises will remain fully functional for use as office space
in good repair and working order, and (c) Landlord shall, at the time its approval of such Installation is requested or at the
time it receives notice of a Notice-Only Alteration, notify Tenant if it has elected to cause Tenant to remove such Installation
upon the expiration or earlier termination of this Lease. If Landlord so elects, Tenant shall remove such Installation upon the
expiration or earlier termination of this Lease and restore any damage caused by or occasioned as a result of such removal, including,
when removing any of Tenant&rsquo;s Property which was plumbed, wired or otherwise connected to any of the Building Systems, capping
off all such connections behind the walls of the Premises and repairing any holes. During any such restoration period, Tenant shall
pay Rent to Landlord as provided herein as if said space were otherwise occupied by Tenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Landlord&rsquo;s
Repairs</B>. Landlord shall, at its expense, maintain the structural components (i.e., the footings, exterior walls, foundations,
and structural steel columns and girders) of the Building in good repair, reasonable wear and tear and uninsured losses and damages
caused by Tenant, or by any of Tenant&rsquo;s agents, servants, employees, invitees (including Collaborators [as defined below])
and contractors (collectively, &ldquo;<B>Tenant Parties</B>&rdquo;) excluded. Landlord shall, as an Operating Expense, maintain
the Building&rsquo;s fa&ccedil;ade and the parking and other Common Areas of the Project, including HVAC, plumbing, fire sprinklers,
and all other building systems serving the Premises and other portions of the Project (&ldquo;<B>Building Systems</B>&rdquo;) within
the Project in good repair, reasonable wear and tear and uninsured losses and damages caused by Tenant, or by any Tenant Parties
excluded. Losses and damages caused by Tenant or any Tenant Party shall be repaired by Landlord, to the extent not covered by insurance,
at Tenant&rsquo;s sole cost and expense. Landlord reserves the right to stop Building Systems services when reasonably necessary
(i) by reason of accident or emergency, or (ii) upon 5 business days&rsquo; notice to Tenant for planned repairs, alterations or
improvements to the structural components of the Building, which are, in the judgment of Landlord, desirable or necessary to be
made, until said repairs, alterations or improvements shall have been completed. Landlord shall have no responsibility or liability
for failure to supply Building Systems services during any such period of interruption. Landlord shall, except in case of emergency,
give Tenant 5 business days&rsquo; notice of any planned stoppage of Building Systems services for routine maintenance, repairs,
alterations or improvements to the structural components of the Building. Tenant shall promptly give Landlord written notice of
any repair required by Landlord pursuant to this Section, after which Landlord shall have a reasonable opportunity to effect such
repair. Subject to Tenant&rsquo;s self-help rights set forth in <U>Section 31</U> below, Landlord shall not be liable for any failure
to make any repairs or to perform any maintenance unless such failure shall persist for an unreasonable time after Tenant&rsquo;s
written notice of the need for such repairs or maintenance. Tenant waives its rights under any state or local law to terminate
this Lease or, except as provided in <U>Section 31</U> below, to make such repairs at Landlord&rsquo;s expense and agrees that
the parties&rsquo; respective rights with respect to such matters shall be solely as set forth herein. Repairs required as the
result of fire, earthquake, flood, vandalism, war, or similar cause of damage or destruction shall be controlled by <U>Section
18</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Card
Reader System</B>. As of the Commencement Date, a card reader access system that controls access to the Building on an after-hours
basis and on holidays recognized by the federal government is located within the Building.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual
Inspection Report</B>. From and after April 1, 2012, on no less than 5 business days prior notice to Tenant, Landlord shall have
the right, at its sole cost and expense, to conduct an annual inspection of the Premises with a consultant selected by Landlord
for the purpose of ensuring that Tenant is complying with its repair and maintenance obligations under this Lease. Landlord shall
use commercially reasonable efforts to minimize disturbance with Tenant&rsquo;s Permitted Use in connection with such inspection.
If such inspection reveals any noncompliance by Tenant with such obligations, Tenant shall promptly bring such matters into compliance
at its sole cost and expense. No such inspection shall release or discharge Tenant from such obligations if such inspection fails
to reveal any noncompliance by Tenant with such obligations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant&rsquo;s
Repairs</B>. Except as expressly provided in <U>Section 13</U>, Tenant shall, at its expense, repair, replace and maintain in good
condition all portions of the Premises, including, without limitation, entries, doors, ceilings, interior windows, interior walls,
and the interior side of demising walls. Such repair and replacement may include capital expenditures and repairs whose benefit
may extend beyond the Term. Tenant shall, at its sole cost and expense, provide its own janitorial service to the Premises. Should
Tenant fail to make any such repair or replacement or fail to maintain the Premises, Landlord shall give Tenant notice of such
failure. Subject to Force Majeure, if Tenant fails to commence cure of such failure within 15 days of Landlord&rsquo;s notice,
and thereafter diligently prosecute such cure to completion, Landlord may perform such work and shall be reimbursed by Tenant within
10 days after demand therefor; <U>provided</U>, <U>however</U>, that if such failure by Tenant creates or could create an emergency,
Landlord may immediately commence cure of such failure and shall thereafter be entitled to recover the costs of such cure from
Tenant. Subject to <U>Sections 17</U> and <U>18</U>, Tenant shall bear the full uninsured cost of any repair or replacement to
any part of the Project that results from damage caused by Tenant or any Tenant Party and any repair that benefits only the Premises.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mechanic&rsquo;s
Liens</B>. Tenant shall discharge, by bond or otherwise, any mechanic&rsquo;s lien filed against the Premises or against the Project
for work claimed to have been done for, or materials claimed to have been furnished to, Tenant within 20 days after the filing
thereof, at Tenant&rsquo;s sole cost and shall otherwise keep the Premises and the Project free from any liens arising out of work
performed, materials furnished or obligations incurred by Tenant. Should Tenant fail to discharge any lien described herein, Landlord
shall have the right, but not the obligation, to pay such claim or post a bond or otherwise provide security to eliminate the lien
as a claim against title to the Project and the cost thereof shall be immediately due from Tenant as Additional Rent. If Tenant
shall lease or finance the acquisition of office equipment, furnishings, or other personal property of a removable nature utilized
by Tenant in the operation of Tenant&rsquo;s business, Tenant warrants that any Uniform Commercial Code Financing Statement filed
as a matter of public record by any lessor or creditor of Tenant will upon its face or by exhibit thereto indicate that such Financing
Statement is applicable only to removable personal property of Tenant located within the Premises. In no event shall the address
of the Project be furnished on the statement without qualifying language as to applicability of the lien only to removable personal
property, located in an identified suite held by Tenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification</B>.
Tenant hereby indemnifies and agrees to defend, save and hold Landlord harmless from and against any and all Claims for injury
or death to persons or damage to property occurring within or about the Premises, arising directly or indirectly out of use or
occupancy of the Premises or a breach or default by Tenant in the performance of any of its obligations hereunder, unless caused
solely by the willful misconduct or gross negligence of Landlord. Landlord shall not be liable to Tenant for, and Tenant assumes
all risk of damage to, personal property (including, without limitation, loss of records kept within the Premises). Tenant further
waives any and all Claims for injury to Tenant&rsquo;s business or loss of income relating to any such damage or destruction of
personal property (including, without limitation, any loss of records). Landlord shall not be liable for any damages arising from
any act, omission or neglect of any tenant in the Project or of any other third party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>.
Landlord shall maintain all risk property and, if applicable, sprinkler damage insurance covering the full replacement cost of
the Project. Landlord shall further procure and maintain commercial general liability insurance with a single loss limit of not
less than $2,000,000 for bodily injury and property damage with respect to the Project. Landlord may, but is not obligated to,
maintain such other insurance and additional coverages as it may deem necessary, including, but not limited to, flood, environmental
hazard and earthquake, loss or failure of building equipment, errors and omissions, rental loss during the period of repair or
rebuilding, workers&rsquo; compensation insurance and fidelity bonds for employees employed to perform services and insurance for
any improvements installed by Tenant or which are in addition to the standard improvements customarily furnished by Landlord without
regard to whether or not such are made a part of the Project. All such insurance shall be included as part of the Operating Expenses.
The Project may be included in a blanket policy (in which case the cost of such insurance allocable to the Project will be determined
by Landlord based upon the insurer&rsquo;s cost calculations). Tenant shall also reimburse Landlord for any increased premiums
or additional insurance which Landlord reasonably deems necessary as a result of Tenant&rsquo;s use of the Premises, provided Landlord
provides a certificate of insurance evidencing such additional insurance.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Tenant, at its sole cost
and expense, shall maintain during the Term: all risk property insurance with business interruption and extra expense coverage,
covering the full replacement cost of all property and improvements installed or placed in the Premises by Tenant at Tenant&rsquo;s
expense; workers&rsquo; compensation insurance with no less than the minimum limits required by law; employer&rsquo;s liability
insurance with such limits as required by law; and commercial general liability insurance, with a minimum limit of not less than
$2,000,000 per occurrence for bodily injury and property damage with respect to the Premises. The commercial general liability
insurance policy shall name Landlord and Alexandria Real Estate Equities, Inc., and its and their respective members, officers,
directors, employees, managers, and agents (collectively, &ldquo;<B>Landlord Parties</B>&rdquo;), as additional insureds; insure
on an occurrence and not a claims-made basis; be issued by insurance companies which have a rating of not less than policyholder
rating of A and financial category rating of at least Class X in &ldquo;Best&rsquo;s Insurance Guide&rdquo;; shall not be cancelable
for nonpayment of premium unless 30 days prior written notice shall have been given to Landlord from the insurer; contain a hostile
fire endorsement and a contractual liability endorsement; and provide primary coverage to Landlord (any policy issued to Landlord
providing duplicate or similar coverage shall be deemed excess over Tenant&rsquo;s policies). Copies of such policies (if requested
by Landlord), or certificates of insurance (in form and substance satisfactory to Landlord; form ACORD 28 [2006/07] is not satisfactory
to Landlord) showing the limits of coverage required hereunder and showing Landlord as an additional insured, along with reasonable
evidence of the payment of premiums for the applicable period, shall be delivered to Landlord by Tenant upon commencement of the
Term and upon each renewal of said insurance. Tenant&rsquo;s policy may be a &ldquo;blanket policy&rdquo; with an aggregate per
location endorsement which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by
the policy. Tenant shall, at least 5 days prior to the expiration of such policies, furnish Landlord with renewal certificates.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In each instance where
insurance is to name Landlord as an additional insured, Tenant shall upon written request of Landlord also designate and furnish
certificates so evidencing Landlord as additional insured to: (i) any lender of Landlord holding a security interest in the Project
or any portion thereof, (ii) the landlord under any lease wherein Landlord is tenant of the real property on which the Project
is located, if the interest of Landlord is or shall become that of a tenant under a ground or other underlying lease rather than
that of a fee owner, and/or (iii) any management company retained by Landlord to manage the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The property insurance
obtained by Landlord and Tenant shall include a waiver of subrogation by the insurers and all rights based upon an assignment from
its insured, against Landlord or Tenant, and their respective officers, directors, employees, managers, agents, invitees and contractors
(&ldquo;<B>Related Parties</B>&rdquo;), in connection with any loss or damage thereby insured against. Neither party nor its respective
Related Parties shall be liable to the other for loss or damage caused by any risk insured against under property insurance required
to be maintained hereunder, and each party waives any claims against the other party, and its respective Related Parties, for such
loss or damage. The failure of a party to insure its property shall not void this waiver. Landlord and its respective Related Parties
shall not be liable for, and Tenant hereby waives all claims against such parties for, business interruption and losses occasioned
thereby sustained by Tenant or any person claiming through Tenant resulting from any accident or occurrence in or upon the Premises
or the Project from any cause whatsoever. If the foregoing waivers shall contravene any law with respect to exculpatory agreements,
the liability of Landlord or Tenant shall be deemed not released but shall be secondary to the other&rsquo;s insurer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Landlord may require insurance
policy limits to be raised to conform with requirements of Landlord&rsquo;s lender and/or to bring coverage limits to commercially
reasonable levels then being generally required of new tenants within the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restoration</B>.
If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord
shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will
take to restore the Project or the Premises, as applicable (&ldquo;<B>Restoration Period</B>&rdquo;). If the Restoration Period
is estimated to exceed 12 months (&ldquo;<B>Maximum Restoration Period</B>&rdquo;), Landlord may, in such notice, elect to terminate
this Lease as of the date that is 75 days after the date of discovery of such damage or destruction;<U> provided</U>, <U>however</U>,
that notwithstanding Landlord&rsquo;s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord
delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than
the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to
receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the
Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from
the collection of insurance proceeds, from Force Majeure events or as reasonably needed to obtain any license, clearance or other
authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction
over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined
in <U>Section 30</U>) in, on or about the Premises (collectively referred to herein as &ldquo;<B>Hazardous Materials Clearances</B>&rdquo;);
<U>provided</U>, <U>however</U>, that if repair or restoration of the Premises is not substantially complete as of the end of the
Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not
to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the
expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event
Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date
that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials
Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election
by Landlord or Tenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Tenant, at its expense,
shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in
<U>Section 34</U>) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord
and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing,
Landlord may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates
that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent
shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored,
in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises.
Such abatement shall be the sole remedy of Tenant, and except as provided in this <U>Section 18</U>, Tenant waives any right to
terminate this Lease by reason of damage or casualty loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The provisions of this
Lease, including this <U>Section 18</U>, constitute an express agreement between Landlord and Tenant with respect to any and all
damage to, or destruction of, all or any part of the Premises, or any other portion of the Project, and any statute or regulation
which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part
of the Premises or any other portion of the Project, the parties hereto expressly agreeing that this <U>Section 18</U> sets forth
their entire understanding and agreement with respect to such matters.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Condemnation</B>.
If the whole or any material part of the Premises or the Project is taken for any public or quasi-public use under governmental
law, ordinance, or regulation, or by right of eminent domain, or by private purchase in lieu thereof (a &ldquo;<B>Taking</B>&rdquo;
or &ldquo;<B>Taken</B>&rdquo;), and the Taking would either prevent or materially interfere with Tenant&rsquo;s use of the Premises
or materially interfere with or impair Landlord&rsquo;s ownership or operation of the Project, then upon written notice by Landlord
this Lease shall terminate and Rent shall be apportioned as of said date. If part of the Premises shall be Taken, and this Lease
is not terminated as provided above, Landlord shall promptly restore the Premises and the Project as nearly as is commercially
reasonable under the circumstances to their condition prior to such partial Taking and the rentable square footage of the Building,
the rentable square footage of the Premises, Tenant&rsquo;s Share of Operating Expenses and the Rent payable hereunder during the
unexpired Term shall be reduced to such extent as may be fair and reasonable under the circumstances. Upon any such Taking, Landlord
shall be entitled to receive the entire price or award from any such Taking without any payment to Tenant, and Tenant hereby assigns
to Landlord Tenant&rsquo;s interest, if any, in such award. Tenant shall have the right, to the extent that same shall not diminish
Landlord&rsquo;s award, to make a separate claim against the condemning authority (but not Landlord) for such compensation as may
be separately awarded or recoverable by Tenant for moving expenses and damage to Tenant&rsquo;s trade fixtures, if a separate award
for such items is made to Tenant. Tenant hereby waives any and all rights it might otherwise have pursuant to any provision of
state law to terminate this Lease upon a partial Taking of the Premises or the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Events
of Default</B>. Each of the following events shall be a default (&ldquo;<B>Default</B>&rdquo;) by Tenant under this Lease:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment
Defaults</B>. Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; <U>provided</U>, <U>however</U>,
that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 5 days of any such notice not more
than twice in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed
to be, any notice required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>.
Any insurance required to be maintained by Tenant pursuant to this Lease shall be canceled or terminated or shall expire or shall
be reduced or materially changed, or Landlord shall receive a notice of nonrenewal of any such insurance and Tenant shall fail
to obtain replacement insurance at least 20 days before the expiration of the current coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Abandonment</B>.
Tenant shall abandon the Premises without (i) the release of the Premises of all Hazardous Materials Clearances and free of any
residual impact from the Tenant HazMat Operations, and (ii) complying with the provisions of <U>Section 28</U>. For purposes of
this paragraph, Tenant shall not be deemed to have abandoned the Premises if Tenant is not occupying the Premises but is otherwise
complying with the terms and conditions of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Improper
Transfer</B>. Tenant shall assign, sublease or otherwise transfer or attempt to transfer all or any portion of Tenant&rsquo;s interest
in this Lease or the Premises except as expressly permitted herein, or Tenant&rsquo;s interest in this Lease shall be attached,
executed upon, or otherwise judicially seized and such action is not released within 90 days of the occurrence of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Liens</B>.
Tenant shall fail to discharge or otherwise obtain the release of any lien placed upon the Premises in violation of Tenant&rsquo;s
obligations under this Lease within 20 days after any such lien is filed against the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insolvency
Events</B>. Tenant shall: (A) make a general assignment for the benefit of creditors; (B) commence any case, proceeding or other
action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a
receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively
a &ldquo;<B>Proceeding for Relief</B>&rdquo;); (C)&nbsp;become the subject of any Proceeding for Relief which is not dismissed
within 90 days of its filing or entry; or (D) be dissolved or otherwise fail to maintain its legal existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Estoppel
Certificate or Subordination Agreement.</B> Tenant fails to execute any document required from Tenant under <U>Sections 23</U>
or <U>27</U> within 5 days after a second notice requesting such document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Defaults</B>. Tenant shall fail to comply with any provision of this Lease other than those specifically referred to in this <U>Section
20</U>, and, except as otherwise expressly provided herein, such failure shall continue for a period of 20 days after written notice
thereof from Landlord to Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice given under <U>Section 20(h)</U>
hereof shall: (i) specify the alleged default, (ii) demand that Tenant cure such default, (iii) be in lieu of, and not in addition
to, or shall be deemed to be, any notice required under any provision of applicable law, and (iv) not be deemed a forfeiture or
a termination of this Lease unless Landlord elects otherwise in such notice; <U>provided</U> that if the nature of Tenant&rsquo;s
default pursuant to <U>Section 20(h)</U> is such that it cannot be cured by the payment of money and reasonably requires more than
20 days to cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said 20 day period and thereafter
diligently prosecutes the same to completion; <U>provided</U>, <U>however</U>, that such cure shall be completed no later than
60 days from the date of Landlord&rsquo;s notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Landlord&rsquo;s
Remedies</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest</B>.
Upon a Default by Tenant hereunder, Landlord may, without waiving or releasing any obligation of Tenant hereunder, make such payment
or perform such act. All sums so paid or incurred by Landlord, together with interest thereon, from the date such sums were paid
or incurred, at the annual rate equal to 12% per annum or the highest rate permitted by law (&ldquo;<B>Default Rate</B>&rdquo;),
whichever is less, shall be payable to Landlord on demand as Additional Rent. Except as expressly set forth in clause (d) below,
nothing herein shall be construed to create or impose a duty on Landlord to mitigate any damages resulting from Tenant&rsquo;s
Default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Late
Payment Rent</B>. Late payment by Tenant to Landlord of Rent and other sums due will cause Landlord to incur costs not contemplated
by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Such costs include, but are
not limited to, processing and accounting charges and late charges which may be imposed on Landlord under any Mortgage covering
the Premises. Therefore, if any installment of Rent due from Tenant is not received by Landlord within 5 days after the date such
payment is due, Tenant shall pay to Landlord an additional sum of 6% of the overdue Rent as a late charge (provided that Tenant
shall not be required to pay such late charge upon the first occurrence of a late payment by Tenant of Rent during any 12 month
period). The parties agree that this late charge represents a fair and reasonable estimate of the costs Landlord will incur by
reason of late payment by Tenant. In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate
from the 5th day after the date due until paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re-Entry</B>.
Landlord shall have the right, immediately or at any time thereafter, without further notice to Tenant (unless otherwise provided
herein), to enter the Premises, without terminating this Lease or being guilty of trespass, and do any and all acts as Landlord
may deem necessary, proper or convenient to cure such default, for the account and at the expense of Tenant, any notice to quit
or notice of Landlord&rsquo;s intention to re-enter being hereby expressly waived, and Tenant agrees to pay to Landlord as Additional
Rent all damage and/or expense incurred by Landlord in so doing, including interest at the Default Rate, from the due date until
the date payment is received by Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
Landlord shall have the right to terminate this Lease and Tenant&rsquo;s right to possession of the Premises and, with or without
legal process, take possession of the Premises and remove Tenant, any occupant and any property therefrom, using such force as
may be necessary, without being guilty of trespass and without relinquishing any rights of Landlord against Tenant, any notice
to quit, or notice of Landlord&rsquo;s intention to re-enter being hereby expressly waived. Landlord shall be entitled to recover
damages from Tenant for all amounts covenanted to be paid during the remainder of the Term (except for the period of any holdover
by Tenant, in which case the monthly rental rate stated at <U>Section 8</U> herein shall apply), which may be accelerated by Landlord
at its option, together with (i) all expenses of any proceedings (including, but not limited to, legal expenses and attorney&rsquo;s
fees) which may be necessary in order for Landlord to recover possession of the Premises, (ii) the expenses of the re-renting of
the Premises (including, but not limited to, any commissions paid to any real estate agent, advertising expense and the costs of
such alterations, repairs, replacements or modifications that Landlord, in its sole judgment, considers advisable and necessary
for the purpose of re-renting), and (iii) interest computed at the Default Rate from the due date until paid; provided, however,
that there shall be credited against the amount of such damages all amounts received by Landlord from such re-renting of the Premises,
with any overage being refunded to Tenant. Landlord shall in no event be liable in any way whatsoever for failure to re-rent the
Premises or, in the event that the Premises are re-rented, for failure to collect the rent thereof under such re-renting and, except
as expressly provided in the following paragraph, Tenant expressly waives any duty of the Landlord to mitigate damages. No act
or thing done by Landlord shall be deemed to be an acceptance of a surrender of the Premises, unless Landlord shall execute a written
agreement of surrender with Tenant. Tenant&rsquo;s liability hereunder shall not be terminated by the execution of a new lease
of the Premises by Landlord, unless that new lease expressly so states. In the event Landlord does not exercise its option to accelerate
the payment of amounts owed as provided hereinabove, then Tenant agrees to pay to Landlord, upon demand, the amount of damages
herein provided after the amount of such damages for any month shall have been ascertained; provided, however, that any expenses
incurred by Landlord shall be deemed to be a part of the damages for the month in which they were incurred. Separate actions may
be maintained each month or at other times by Landlord against Tenant to recover the damages then due, without waiting until the
end of the term of this Lease to determine the aggregate amount of such damages. Tenant hereby expressly waives any and all rights
of redemption granted by or under any present or future laws in the event of Tenant being evicted or being dispossessed for any
cause, or in the event of Landlord obtaining possession of the Premises by reason of the violation by Tenant of any of the covenants
and conditions of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as expressly provided
in this paragraph and as a material inducement for Landlord to enter into this Lease, Tenant agrees and acknowledges that Landlord
shall have no obligation whatsoever to mitigate any damages resulting from a Default by Tenant under this Lease. In case of a Default
by Tenant under this Lease, Landlord&rsquo;s sole obligation to so mitigate its damages shall be to list the Premises with a licensed
broker, list the Premises on Co-Star (or its successor entity), and install (if permissible by the Legal Requirements) a &ldquo;for
lease&rdquo; sign on or about the Project. On compliance with the foregoing criteria regarding the re-letting of the Premises after
a Default by Tenant, Landlord shall be deemed to have fully satisfied Landlord&rsquo;s obligation to mitigate damages under this
Lease regardless of any contrary Legal Requirement in effect on the Commencement Date or at the time of Tenant&rsquo;s Default.
Tenant waives and releases, to the fullest extent permissible under any Legal Requirement, any right to assert in any action by
Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of setoff or recoupment respecting the mitigation
of damages by Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Lien
for Rent</B>. Upon any Default by Tenant in the payment of Rent or other amounts owed hereunder, Landlord shall have a lien upon
the property of Tenant in the Premises for the amount of such unpaid amounts, and Tenant hereby specifically waives any and all
exemptions allowed by law. In such event, Tenant shall not remove any of Tenant&rsquo;s property from the Premises except with
the prior written consent of Landlord, and Landlord shall have the right and privilege, at its option, to take possession of all
Tenant&rsquo;s property in the Premises, to store the same on the Premises, or to remove it and store it in such place as may be
selected by Landlord, at Tenant&rsquo;s risk and expense. If Tenant fails to redeem the personal property so seized, by payment
of whatever sum may be due Landlord hereunder (including all storage costs), Landlord shall have the right, after twenty (20) days
written notice to Tenant of its intention to do so, to sell such personal property so seized at public or private sale and upon
such terms and conditions as may appear advantageous to Landlord, and after the payment of all proper charges incident to such
sale, apply the proceeds thereof to the payment of any balance due to Landlord on account of rent or other obligations of Tenant
pursuant to this Lease. In the event there shall then remain in the hands of Landlord any balance realized from the sale of said
personal property, the same shall be paid over to Tenant. The exercise of the foregoing remedy by Landlord shall not relieve or
discharge Tenant from any deficiency owed to Landlord which Landlord has the right to enforce pursuant to any of the provisions
of this Lease. Tenant shall also be liable for all expenses incident to the foregoing process, including any auctioneer or attorney&rsquo;s
fees or commissions. <FONT STYLE="color: black">At Tenant&rsquo;s request, Landlord shall subordinate its lien rights as set forth
in this paragraph to the lien, operation, and effect of any bona fide third party financing for equipment, trade fixtures, leasehold
improvements, and/or working capital pursuant to a subordination agreement in form and substance reasonably acceptable to Landlord.
Such subordination shall be limited to specific items of equipment and shall not be in the form of a blanket lien subordination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Remedies</B>. In addition to the foregoing, Landlord, at its option, without further notice or demand to Tenant, shall have all
other rights and remedies provided at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Assignment
and Subletting</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General
Prohibition</B>. Without Landlord&rsquo;s prior written consent subject to and on the conditions described in this <U>Section 22</U>,
Tenant shall not, directly or indirectly, voluntarily or by operation of law, assign this Lease or sublease the Premises or any
part thereof or mortgage, pledge, or hypothecate its leasehold interest or grant any concession or license within the Premises,
and any attempt to do any of the foregoing shall be void and of no effect. If Tenant is a corporation, partnership or limited liability
company, the shares or other ownership interests thereof which are not actively traded upon a stock exchange or in the over-the-counter
market, a transfer or series of transfers whereby more than 50% of the issued and outstanding shares or other ownership interests
of such corporation are, or voting control is, transferred (but excepting transfers upon deaths of individual owners) from a person
or persons or entity or entities which were owners thereof at time of execution of this Lease to persons or entities who were not
owners of shares or other ownership interests of the corporation, partnership or limited liability company at time of execution
of this Lease, shall be deemed an assignment of this Lease requiring the consent of Landlord as provided in this <U>Section 22</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Permitted
Transfers</B>. If Tenant desires to assign, sublease, hypothecate or otherwise transfer this Lease or sublet the Premises other
than pursuant to a Permitted Assignment (as defined below), then at least 10 days, but not more than 30 days, before the date Tenant
desires the assignment or sublease to be effective (&ldquo;<B>Assignment Date</B>&rdquo;), Tenant shall give Landlord a notice
(&ldquo;<B>Assignment Notice</B>&rdquo;) containing such information about the proposed assignee or sublessee, including the proposed
use of the Premises and any Hazardous Materials proposed to be used, stored handled, treated, generated in or released or disposed
of from the Premises, the Assignment Date, any relationship between Tenant and the proposed assignee or sublessee, and all material
terms and conditions of the proposed assignment or sublease, including a copy of any proposed assignment or sublease in its final
form, and such other information as Landlord may deem reasonably necessary or appropriate to its consideration whether to grant
its consent. Landlord may, by giving written notice to Tenant within 10 business days after receipt of the Assignment Notice: (i)
grant such consent, (ii) refuse such consent, in its sole and absolute discretion, if the proposed assignment, hypothecation or
other transfer or subletting concerns 25% or less (together with all other then effective subleases) of the Premises, (iii) refuse
such consent, which consent shall not be unreasonably withheld, delayed, or conditioned, if the proposed subletting concerns (together
with all other then effective subleases) more than 25% of the Premises (provided that Landlord shall further have the right to
review and reasonably approve or disapprove the proposed form of sublease prior to the effective date of any such subletting),
or (iv) terminate this Lease with respect to the space described in the Assignment Notice as of the Assignment Date (an &ldquo;<B>Assignment
Termination</B>&rdquo;). If Landlord delivers notice of its election to exercise an Assignment Termination, Tenant shall have the
right to withdraw such Assignment Notice by written notice to Landlord of such election within 5 business days after Landlord&rsquo;s
notice electing to exercise the Assignment Termination. If Tenant withdraws such Assignment Notice, this Lease shall continue in
full force and effect. If Tenant does not withdraw such Assignment Notice, this Lease, and the term and estate herein granted,
shall terminate as of the Assignment Date with respect to the space described in such Assignment Notice. No failure of Landlord
to exercise any such option to terminate this Lease, or to deliver a timely notice in response to the Assignment Notice, shall
be deemed to be Landlord&rsquo;s consent to the proposed assignment, sublease or other transfer. Tenant shall pay to Landlord a
fee equal to $1,500 in connection with its consideration of any Assignment Notice and/or its preparation or review of any consent
documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Permitted
Assignment</B>. Notwithstanding the foregoing, Tenant shall have the right, upon 30 days&rsquo; prior written notice to Landlord
but without obtaining Landlord&rsquo;s prior written consent, to<FONT STYLE="background-color: white"> </FONT>(i)&nbsp;assign this
Lease or sublet any portion of the Premises to any entity controlling, controlled by, or under common control with Tenant (a &ldquo;<B>Permitted
Assignment</B>&rdquo;), provided that Landlord shall have the right to approve the form of any such sublease or assignment, and
(ii) <FONT STYLE="background-color: white">permit a business entity that is a contractor or collaborator of Tenant, or otherwise
has a business relationship with Tenant, and is providing Tenant services in the course of Tenant&rsquo;s business operations at
the Premises or is occupying the Building in furtherance of such business relationship with Tenant (a &ldquo;<B>Collaborator</B>&rdquo;)
to use a portion of the Premises for any Permitted Use; <U>provided</U>, <U>however</U>, that (A) Tenant receives no compensation
for such Collaborator use, (b) the entity remains a Collaborator for the entire duration of such use and the entity is not indicated
on the Building directory or any signage on the Premises, and (c) the entity occupies no more than </FONT>25%<FONT STYLE="background-color: white">
of the rentable area of the Premises (&ldquo;<B>Collaborator Occupancy</B>&rdquo;). Such Collaborator Occupancy shall not be deemed
a sublease or assignment hereunder, nor shall it vest in any such Collaborator any right, title, or interest in this Lease or the
Premises nor shall it relieve, release, impair, or discharge any of Tenant&rsquo;s obligations hereunder. Tenant shall ensure that
the Collaborator complies with the terms of this Lease, including, but not limited to, the obligation to obtain and maintain the
insurance coverages as more fully described in <U>Section 17</U> (Insurance).</FONT> In connection with a Permitted Assignment,
Landlord shall not have the right to elect an Assignment Termination and, in the case of a Permitted Assignment not involving a
sublease, Tenant shall not be required to share Excess Rents (as defined below) with Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Tenant shall have the right,
as a Permitted Assignment, to assign this Lease, upon 20 days prior written notice to Landlord but without obtaining Landlord&rsquo;s
prior written consent, to a corporation or other entity that is a successor-in-interest to Tenant, by way of merger, consolidation,
or corporate reorganization, or by the purchase of all or substantially all of the assets or the ownership interests of Tenant
provided that (i) such merger or consolidation, or such acquisition or assumption, as the case may be, is for a good business purpose
and not principally for the purpose of transferring this Lease, and (ii)&nbsp;the net worth (as determined in accordance with GAAP)
of the assignee is not less than the net worth (as determined in accordance with GAAP) of Tenant as of the date of Tenant&rsquo;s
most current quarterly or annual financial statements, and (iii) such assignee shall agree in writing to assume all of the terms,
covenants, and conditions of this Lease arising after the effective date of the assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional
Conditions</B>. As a condition to any such assignment or subletting, whether or not Landlord&rsquo;s consent is required, Landlord
may require:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that
any assignee or subtenant agree, in writing at the time of such assignment or subletting, that if Landlord gives such party notice
that Tenant is in default under this Lease, such party shall thereafter make all payments otherwise due Tenant directly to Landlord,
which payments will be received by Landlord without any liability except to credit such payment against those due under this Lease,
and any such third party shall agree to attorn to Landlord or its successors and assigns should this Lease be terminated for any
reason; <U>provided</U>, <U>however</U>, in no event shall Landlord or its successors or assigns be obligated to accept such attornment;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
list of Hazardous Materials, certified by the proposed assignee or sublessee to be true and correct, which the proposed assignee
or sublessee intends to use, store, handle, treat, generate in or release or dispose of from the Premises, together with copies
of all documents relating to such use, storage, handling, treatment, generation, release or disposal of Hazardous Materials by
the proposed assignee or subtenant in the Premises or on the Project, prior to the proposed assignment or subletting, including,
without limitation: permits; approvals; reports and correspondence; storage and management plans; plans relating to the installation
of any storage tanks to be installed in or under the Project (provided, said installation of tanks shall only be permitted after
Landlord has given its written consent to do so, which consent may be withheld in Landlord&rsquo;s sole and absolute discretion);
and all closure plans or any other documents required by any and all federal, state and local Governmental Authorities for any
storage tanks installed in, on or under the Project for the closure of any such tanks. Neither Tenant nor any such proposed assignee
or subtenant is required, however, to provide Landlord with any portion(s) of the such documents containing information of a proprietary
nature which, in and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Release of Tenant, Sharing of Excess Rents</B>. Notwithstanding any assignment or subletting, Tenant and any guarantor or surety
of Tenant&rsquo;s obligations under this Lease shall at all times remain fully and primarily responsible and liable for the payment
of Rent and for compliance with all of Tenant&rsquo;s other obligations under this Lease. Other than with respect to a Permitted
Assignment, if the Rent due and payable by a sublessee or assignee (or a combination of the rental payable under such sublease
or assignment plus any bonus or other consideration therefor or incident thereto in any form) exceeds the sum of the rental payable
under this Lease (excluding however, any Rent payable under this Section) and actual and reasonable brokerage fees, legal costs,
free rent or rent abatement, and any design or construction fees directly related to and required pursuant to the terms of any
such sublease) (&ldquo;<B>Excess Rent</B>&rdquo;), then Tenant shall be bound and obligated to pay Landlord as Additional Rent
hereunder 50% of such Excess Rent within 20 days following receipt thereof by Tenant. If Tenant shall sublet the Premises or any
part thereof, Tenant hereby immediately and irrevocably assigns to Landlord, as security for Tenant&rsquo;s obligations under this
Lease, all rent from any such subletting, and Landlord as assignee and as attorney-in-fact for Tenant, or a receiver for Tenant
appointed on Landlord&rsquo;s application, may collect such rent and apply it toward Tenant&rsquo;s obligations under this Lease;
except that, until the occurrence of a Default, Tenant shall have the right to collect such rent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Waiver</B>. The consent by Landlord to an assignment or subletting shall not relieve Tenant or any assignees of this Lease or any
sublessees of the Premises from obtaining the consent of Landlord to any further assignment or subletting nor shall it release
Tenant or any assignee or sublessee of Tenant from full and primary liability under this Lease. The acceptance of Rent hereunder,
or the acceptance of performance of any other term, covenant, or condition thereof, from any other person or entity shall not be
deemed to be a waiver of any of the provisions of this Lease or a consent to any subletting, assignment or other transfer of the
Premises.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prior
Conduct of Proposed Transferee</B>. Notwithstanding any other provision of this <U>Section 22</U>, if (i) the proposed assignee
of Tenant has been required by any prior landlord pursuant to the terms of the lease agreement between such prior landlord and
Tenant, lender, or Governmental Authority to take remedial action in connection with Hazardous Materials contaminating a property,
where the contamination resulted from such party&rsquo;s action or use of the property in question, (ii) the proposed assignee
is subject to an enforcement order issued by any Governmental Authority in connection with the use, storage, handling, treatment,
generation, release or disposal of Hazardous Materials (including, without limitation, any order related to the failure to make
a required reporting to any Governmental Authority), or (iii) because of the existence of a pre-existing environmental condition
in the vicinity of or underlying the Project, the risk that Landlord would be targeted as a responsible party in connection with
the remediation of such pre-existing environmental condition would be materially increased or exacerbated by the proposed use of
Hazardous Materials by such proposed assignee, Landlord shall have the absolute right to refuse to consent to any assignment to
any such party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Consent
to Intercell License Agreement</B>. Tenant and Intercell have entered into a License Agreement dated October 21, 2011 (&ldquo;<B>Intercell
License Agreement</B>&rdquo;) that allows Intercell to use Suite 210 (&ldquo;<B>License Area</B>&rdquo;) on the terms and conditions
set forth therein. Tenant represents and warrants to Landlord that a true and complete copy of the Intercell License Agreement
is attached hereto as <B>Exhibit I</B>. Landlord, in its capacity as landlord under the Intercell Prime Lease and as Landlord under
this Lease, hereby consents to the Intercell License Agreement, subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Landlord
neither approves nor disapproves the terms, conditions, and agreements contained in the Intercell License Agreement, all of which
shall be subordinate and at all times subject to: (A) all of the covenants, agreements, terms, provisions, and conditions contained
in the Intercell Prime Lease and this Lease, (B)&nbsp;superior ground leases, mortgages, deeds of trust, or any other hypothecation
or security now existing or hereafter placed upon the real property of which the License Area is a part and to any and all advances
secured thereby and to all renewals, modifications, consolidations, replacements, and extensions thereof, and (C) all matters of
record affecting the License Area and all laws, ordinances, and regulations now or hereafter affecting the License Area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nothing
contained in this <U>Section 22</U> or in the Intercell License Agreement shall be construed to: (A)&nbsp;modify, waive, impair,
or affect any of the terms, covenants, or conditions contained in the Intercell Prime Lease or this Lease (including Tenant&rsquo;s
obligation to obtain any required consents for any other or future license agreements), or to waive any breach thereof, or any
rights or remedies of Landlord under the Intercell Prime Lease or this Lease against any person, firm, association, or corporation
liable for the performance thereof, or to enlarge or increase Landlord&rsquo;s obligations or liabilities under the Intercell Prime
Lease or this Lease, and all terms, covenants, and conditions of the Intercell Prime Lease and this Lease are hereby declared to
be in full force and effect, or (B)&nbsp;require Landlord to accept any payments from Intercell on behalf of Tenant. Tenant shall
remain liable and responsible for the due keeping, performance, and observance of all the terms, covenants, and conditions set
forth in this Lease on the part of Tenant to be kept, performed, and observed and for the payment of the Base Rent, Additional
Rent, and all other sums now and hereafter becoming payable thereunder for all of the Premises, including, without limitation,
the License Area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Intercell License Agreement shall be deemed and agreed to be a license only and not an assignment and there shall be no further
licensing of all or any portion of the Premises demised under the Intercell Prime Lease or this Lease except in accordance with
the terms and conditions of the Intercell Prime Lease and this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
Landlord terminates the Intercell Prime Lease or this Lease as a result of a default by Tenant thereunder or the Intercell Prime
Lease or this Lease terminates for any other reason, the Intercell License Agreement shall automatically terminate concurrently
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tenant
shall pay any broker commissions or fees that may be payable as a result of the Intercell License Agreement and Tenant hereby indemnifies,
defends, and agrees to hold Landlord harmless from and against any loss or liability arising therefrom or from any other commissions
or fees payable in connection with the Intercell License Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tenant
shall not modify or amend the Intercell License Agreement in any way without the prior written consent of Landlord, which consent
shall not be unreasonably withheld, delayed, or conditioned. Any modification or amendment of the Intercell License Agreement without
Landlord&rsquo;s prior written consent shall be void and of no force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
act or omission of Intercell or anyone claiming under or through Intercell that violates any of the provisions of the Intercell
Prime Lease or this Lease shall be deemed a violation of the Intercell Prime Lease or this Lease by Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
any conflict between the terms of the Intercell License Agreement and this <U>Section&nbsp;22</U>, this <U>Section 22</U> shall
control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Estoppel
Certificate</B>. Tenant shall, within 10 business days of written notice from Landlord, execute, acknowledge and deliver a statement
in writing in any form reasonably requested by a proposed lender or purchaser, (i) certifying that this Lease is unmodified and
in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease as so modified
is in full force and effect) and the dates to which the rental and other charges are paid in advance, if any, (ii)&nbsp;acknowledging
that there are not any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed, and
(iii) setting forth such further information with respect to the status of this Lease or the Premises as may be requested thereon.
Any such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property of
which the Premises are a part. Tenant&rsquo;s failure to deliver such statement within such time shall, at the option of Landlord,
be conclusive upon Tenant that this Lease is in full force and effect and without modification except as may be represented by
Landlord in any certificate prepared by Landlord and delivered to Tenant for execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Quiet
Enjoyment</B>. So long as Tenant shall perform all of the covenants and agreements herein required to be performed by Tenant, Tenant
shall, subject to the terms of this Lease, at all times during the Term, have peaceful and quiet enjoyment of the Premises against
any person claiming by, through or under Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prorations</B>.
All prorations required or permitted to be made hereunder shall be made on the basis of a 360 day year and 30 day months.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rules
and Regulations</B>. Tenant shall, at all times during the Term and any extension thereof, comply with all reasonable rules and
regulations at any time or from time to time established by Landlord covering use of the Premises and the Project. The current
rules and regulations are attached hereto as <B>Exhibit E</B>. If there is any conflict between said rules and regulations and
other provisions of this Lease, the terms and provisions of this Lease shall control. Landlord shall not have any liability or
obligation for the breach of any rules and regulations by other tenants in the Project and shall not enforce such rules and regulations
in a discriminatory manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subordination</B>.
This Lease and Tenant&rsquo;s interest and rights hereunder are hereby made and shall be subject and subordinate at all times to
the lien of any Mortgage hereafter created on or against the Project or the Premises, and all amendments, restatements, renewals,
modifications, consolidations, refinancing, assignments and extensions thereof, without the necessity of any further instrument
or act on the part of Tenant; <U>provided</U>, <U>however</U> that so long as there is no Default hereunder, Tenant&rsquo;s right
to possession of the Premises shall not be disturbed by the Holder of any such Mortgage. Tenant agrees, at the election of the
Holder of any such Mortgage, to attorn to any such Holder. Tenant agrees upon demand to execute, acknowledge and deliver such instruments,
confirming such subordination, and such instruments of attornment as shall be requested by any such Holder, provided any such instruments
contain appropriate non-disturbance provisions assuring Tenant&rsquo;s quiet enjoyment of the Premises as set forth in <U>Section
24</U> hereof. Tenant hereby appoints Landlord attorney-in-fact for Tenant irrevocably (such power of attorney being coupled with
an interest) to execute, acknowledge and deliver any such instrument and instruments for and in the name of Tenant and to cause
any such instrument to be recorded. Notwithstanding the foregoing, any such Holder may at any time subordinate its Mortgage to
this Lease, without Tenant&rsquo;s consent, by notice in writing to Tenant, and thereupon this Lease shall be deemed prior to such
Mortgage without regard to their respective dates of execution, delivery or recording and in that event such Holder shall have
the same rights with respect to this Lease as though this Lease had been executed prior to the execution, delivery and recording
of such Mortgage and had been assigned to such Holder. From and after the Commencement Date, <FONT STYLE="color: black">Landlord
shall obtain from any Holder of a <FONT STYLE="letter-spacing: -0.15pt">Mortgage covering any or all of the Project or the Premises
a </FONT>subordination, non-disturbance, and attornment agreement (&ldquo;<B>SNDA</B>&rdquo;) on Holder&rsquo;s standard form (which
form shall be reasonably acceptable to Landlord and Tenant) in favor of Tenant assuring Tenant&rsquo;s quiet enjoyment of the Premises
as set forth in <U>Section&nbsp;24</U> hereof. Landlord represents to Tenant that, as of the Commencement Date, the Project is
not encumbered by a Mortgage. </FONT>The term &ldquo;<B>Mortgage</B>&rdquo; whenever used in this Lease shall be deemed to include
deeds of trust, security assignments and any other encumbrances, and any reference to the &ldquo;<B>Holder</B>&rdquo; of a Mortgage
shall be deemed to include the beneficiary under a deed of trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Surrender</B>.
Upon the expiration of the Term or earlier termination of Tenant&rsquo;s right of possession, Tenant shall surrender the Premises
to Landlord in the same condition as received, subject to any Alterations or Installations permitted by Landlord to remain in the
Premises, free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed
of from, the Premises by any person other than a Landlord Party (collectively, &ldquo;<B>Tenant HazMat Operations</B>&rdquo;) and
released of all Hazardous Materials Clearances, broom clean, ordinary wear and tear and casualty loss and condemnation covered
by <U>Sections 18</U> and <U>19</U> excepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent in Tenant&rsquo;s
possession or control, Tenant shall immediately return to Landlord all keys and/or access cards to parking, the Project, restrooms
or all or any portion of the Premises furnished to or otherwise procured by Tenant. Any Tenant&rsquo;s Property, Alterations and
property not so removed by Tenant as permitted or required herein shall be deemed abandoned and may be stored, removed, and disposed
of by Landlord at Tenant&rsquo;s expense, and Tenant waives all claims against Landlord for any damages resulting from Landlord&rsquo;s
retention and/or disposition of such property. All obligations of Tenant hereunder not fully performed as of the termination of
the Term, including the obligations of Tenant under <U>Section 30</U> hereof, shall survive the expiration or earlier termination
of the Term, including, without limitation, indemnity obligations, payment obligations with respect to Rent and obligations concerning
the condition and repair of the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Waiver
of Jury Trial</B>. TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY JURY OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LANDLORD AND TENANT ARISING OUT OF THIS LEASE OR ANY OTHER INSTRUMENT,
DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Environmental
Requirements</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prohibition/Compliance/Indemnity</B>.
Tenant shall not cause or permit any Hazardous Materials (as hereinafter defined) to be brought upon, kept, used, stored, handled,
treated, generated in or about, or released or disposed of from, the Premises or the Project in violation of applicable Environmental
Requirements (as hereinafter defined) by Tenant or any Tenant Party. If Tenant breaches the obligation stated in the preceding
sentence, or if the presence of Hazardous Materials in the Premises during the Term or any holding over results in contamination
of the Premises, the Project or any adjacent property or if contamination of the Premises, the Project or any adjacent property
by Hazardous Materials brought into, kept, used, stored, handled, treated, generated in or about, or released or disposed of from,
the Premises by <FONT STYLE="color: black">anyone other than Landlord and Landlord&rsquo;s employees, agents, and contractors otherwise
occurs during the Term or any holding over</FONT>, Tenant hereby indemnifies and shall defend and hold Landlord, its officers,
directors, employees, agents and contractors harmless from any and all actions (including, without limitation, remedial or enforcement
actions of any kind, administrative or judicial proceedings, and orders or judgments arising out of or resulting therefrom), costs,
claims, damages (including, without limitation, damages based upon diminution in value of the Premises or the Project, or the loss
of, or restriction on, use of the Premises or any portion of the Project), expenses (including, without limitation, reasonable
attorneys&rsquo;, consultants&rsquo; and experts&rsquo; fees, court costs and amounts paid in settlement of any claims or actions),
fines, forfeitures or other civil, administrative or criminal penalties, injunctive or other relief (whether or not based upon
personal injury, property damage, or contamination of, or adverse effects upon, the environment, water tables or natural resources),
liabilities or losses (collectively, &ldquo;<B>Environmental Claims</B>&rdquo;) which arise during or after the Term as a result
of such contamination. This indemnification of Landlord by Tenant includes, without limitation, costs incurred in connection with
any investigation of site conditions or any cleanup, treatment, remedial, removal, or restoration work required by any federal,
state or local Governmental Authority because of Hazardous Materials present in the air, soil or ground water above, on, or under
the Premises, but such indemnification excludes the matters described in <U>Section 30(i)</U> below. Without limiting the foregoing,
if the presence of any Hazardous Materials on the Premises, the Project or any adjacent property caused or permitted by Tenant
or any Tenant Party results in any contamination of the Premises, the Project or any adjacent property, Tenant shall promptly take
all actions at its sole expense and in accordance with applicable Environmental Requirements as are necessary to return the Premises,
the Project or any adjacent property to the condition existing prior to the time of such contamination, provided that Landlord&rsquo;s
approval of such action shall first be obtained, which approval shall not unreasonably be withheld, conditioned, or delayed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Business</B>.
Landlord acknowledges that it is not the intent of this <U>Section 30</U> to prohibit Tenant from keeping and using Hazardous Materials
in types and minimal amounts customary for housekeeping purposes in an office setting (which such activities are not subject to
the reporting or other obligations of this <U>Section 30(b)</U>), or using the Premises for the Permitted Use. Tenant may operate
its business according to prudent industry practices so long as the use or presence of Hazardous Materials is strictly and properly
monitored according to all then applicable Environmental Requirements. Tenant shall complete and certify disclosure statements
as reasonably requested by Landlord from time to time relating to Tenant&rsquo;s use, storage, handling, treatment, generation,
manufacture, transportation, release, or disposal of Hazardous Materials on or from the Premises. Tenant is not required, however,
to provide Landlord with any portion(s) of documents containing information of a proprietary nature which, in and of themselves,
do not contain a reference to any Hazardous Materials or hazardous activities. It is not the intent of this Section to provide
Landlord with information which could be detrimental to Tenant&rsquo;s business should such information become possessed by Tenant&rsquo;s
competitors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant
Representation and Warranty</B>. Tenant hereby represents and warrants to Landlord that, to Tenant&rsquo;s actual knowledge, (i)
Tenant has not been required by any prior landlord, lender or Governmental Authority at any time to take remedial action in connection
with Hazardous Materials contaminating a property which contamination was permitted by Tenant or resulted from Tenant&rsquo;s action
or use of the property in question, and (ii) Tenant is not subject to any pending enforcement order issued by any Governmental
Authority in connection with the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials (including,
without limitation, any order related to the failure to make a required report to any Governmental Authority). If this representation
and warranty was not true as of the date of this Lease, Landlord shall have the right to terminate this Lease in Landlord&rsquo;s
sole and absolute discretion.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Testing</B>.
Landlord shall have the right to conduct reasonably-scoped annual tests of the Premises to determine whether any contamination
of the Premises or the Project has occurred as a result of Tenant&rsquo;s use. In connection with such testing, upon the request
of Landlord, Tenant shall deliver to Landlord or its consultant such non-proprietary and non-confidential information concerning
the use of Hazardous Materials in or about the Premises by Tenant or any Tenant Party. Any such testing shall be performed only
by qualified consultants who possess adequate types and amounts of insurance, and shall be performed in a manner that does not
unreasonably interfere with Tenant&rsquo;s use of the Premises for the Permitted Use. Such tests shall be conducted at Landlord&rsquo;s
expense (which shall not constitute an Operating Expense), unless such tests reveal that contamination has occurred for which Tenant
is liable under this <U>Section 30</U>, in which case Tenant shall reimburse Landlord as Additional Rent for the reasonable costs
of such tests. Landlord shall provide Tenant with a copy of all third party, non-confidential reports and tests of the Premises
made by or on behalf of Landlord during the Term without representation or warranty and subject to a confidentiality agreement.
Tenant shall, at its sole cost and expense, promptly and satisfactorily remediate any environmental conditions for which Tenant
or any Tenant Party is responsible identified by such testing in accordance with all Environmental Requirements. Landlord&rsquo;s
receipt of or satisfaction with any environmental assessment in no way waives any rights which Landlord may have against Tenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Underground
Tanks</B>. Tenant shall have no right to install any underground or other storage tanks storing Hazardous Materials located on
the Premises or the Project.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Obligations</B>.
Each party&rsquo;s obligations under this <U>Section 30</U> shall survive the expiration or earlier termination of this Lease.
During any period of time after the expiration or earlier termination of this Lease required by Tenant or Landlord to complete
the removal from the Premises of any Hazardous Materials for which Tenant is responsible under this <U>Section 30</U>, Tenant shall
continue to pay the full Rent in accordance with this Lease for any portion of the Premises not relet by Landlord in Landlord&rsquo;s
sole discretion, which Rent shall be prorated daily.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reports</B>.
Whenever Landlord requests reports, documents, or other materials from Tenant relating to Hazardous Materials under this Lease
and such reports, documents or materials contain Tenant&rsquo;s trade secrets or proprietary information, as a condition to the
production of such reports Tenant may redact any trade secrets or proprietary information from such reports, documents, or other
materials as long as any information regarding Hazardous Materials is not so redacted..</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions</B>.
As used herein, (i) the term &ldquo;<B>Environmental Requirements</B>&rdquo; means all applicable present and future statutes,
regulations, ordinances, rules, codes, judgments, orders or other similar enactments of any Governmental Authority regulating or
relating to health, safety, or environmental conditions on, under, or about the Premises or the Project, or the environment, including
without limitation, the following: the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation
and Recovery Act; and all state and local counterparts thereto, and any regulations or policies promulgated or issued thereunder,
and (ii) the term &ldquo;<B>Hazardous Materials</B>&rdquo; means and includes any substance, material, waste, pollutant, or contaminant
listed or defined as hazardous or toxic, or regulated by reason of its impact or potential impact on humans, animals and/or the
environment under any Environmental Requirements, asbestos and petroleum, including crude oil or any fraction thereof, natural
gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or mixtures of natural gas and such synthetic gas). As defined
in Environmental Requirements, Tenant is and shall be deemed to be the &ldquo;<B>operator</B>&rdquo; of Tenant&rsquo;s &ldquo;<B>facility</B>&rdquo;
and the &ldquo;<B>owner</B>&rdquo; of all Hazardous Materials brought on the Premises by Tenant or any Tenant Party, and the wastes,
by-products, or residues generated, resulting, or produced therefrom.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Past
Contamination</B>. If the applicable Governmental Authority requires that Landlord remediate Hazardous Materials contamination
on the Premises or the Project, which contamination predates the Intercell Sublease Commencement Date, Landlord shall remediate
the contamination in accordance with applicable Legal Requirements at no cost or expense to Tenant. To the extent (and only to
the extent) covered by Landlord&rsquo;s pollution legal liability insurance, Landlord hereby agrees to hold harmless Tenant from
any Environmental Claims that existed, accrued, or arose prior to the Intercell Sublease Commencement Date, and that Tenant did
not cause, contribute to, or exacerbate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Environmental
Report</B>. Tenant acknowledges receipt of a copy of the environmental site assessment for the Project dated November 15, 2011
prepared by ENVIRON International Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenant&rsquo;s
Remedies/Limitation of Liability</B>. Landlord shall not be in default hereunder unless Landlord fails to perform any of its obligations
hereunder within 30 days after written notice from Tenant specifying such failure (unless such performance will, due to the nature
of the obligation, require a period of time in excess of 30 days, then after such period of time as is reasonably necessary). Upon
any default by Landlord, Tenant shall give notice by registered or certified mail to any Holder of a Mortgage covering the Premises
and to any landlord of any lease of property in or on which the Premises are located and Tenant shall offer such Holder and/or
landlord a reasonable opportunity to cure the default, including time to obtain possession of the Project by power of sale or a
judicial action if such should prove necessary to effect a cure; <U>provided</U> Landlord shall have furnished to Tenant in writing
the names and addresses of all such persons who are to receive such notices. All obligations of Landlord hereunder shall be construed
as covenants, not conditions; and, except as may be otherwise expressly provided in this Lease, Tenant may not terminate this Lease
for breach of Landlord&rsquo;s obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if any claimed Landlord default hereunder will immediately, materially, and adversely affect Tenant&rsquo;s ability to conduct
its business in the Premises (a &ldquo;<B>Material Landlord Default</B>&rdquo;), Tenant shall, as soon as reasonably possible,
but in any event within 4 business days of obtaining knowledge of such claimed Material Landlord Default, give Landlord written
notice of such claim and telephonic notice to Tenant&rsquo;s principal contact with Landlord. Landlord shall then have 4 business
days to commence cure of such claimed Material Landlord Default and shall diligently prosecute such cure to completion. If Tenant
failed to give Landlord the notice required hereunder within 4 business days of learning of the conditions giving rise to the claimed
Material Landlord Default, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord
in connection with such cure in excess of the costs, if any, that Landlord would otherwise have been liable to pay hereunder. If
Landlord fails to commence cure of any claimed Material Landlord Default as provided above, Tenant may commence and prosecute such
cure to completion, and shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord,
to the extent of Landlord&rsquo;s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations
set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All obligations of Landlord
under this Lease will be binding upon Landlord only during the period of its ownership of the Premises and not thereafter. The
term &ldquo;<B>Landlord</B>&rdquo; in this Lease shall mean only the owner for the time being of the Premises. Upon the transfer
by such owner of its interest in the Premises, such owner shall thereupon be released and discharged from all obligations of Landlord
thereafter accruing, but such obligations shall be binding during the Term upon each new owner for the duration of such owner&rsquo;s
ownership.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inspection
and Access</B>. Landlord and its agents, representatives, and contractors may enter the Premises at any reasonable time to inspect
the Premises and to make such repairs as may be required or permitted pursuant to this Lease and for any other business purpose.
Landlord and Landlord&rsquo;s representatives may enter the Premises during business hours on not less than 48 hours advance written
notice (except in the case of emergencies in which case no such notice shall be required and such entry may be at any time) for
the purpose of effecting any such repairs, inspecting the Premises, showing the Premises to prospective purchasers and, during
the last year of the Term, to prospective tenants or for any other business purpose. <FONT STYLE="color: black">During any such
entry, Landlord shall use commercially reasonable efforts to minimize interference with Tenant&rsquo;s business operations and
shall comply with Tenant&rsquo;s reasonable safety, security, and environmental regulations that are uniformly and routinely imposed
by Tenant on any Tenant Party as long as such regulations do not adversely affect or materially increase the cost of Landlord&rsquo;s
performance of its activities on the Premises. Except in the case of emergencies, Landlord shall use commercially reasonable efforts
to perform any repairs or maintenance activities during the non-business hours of the Building, and Landlord shall promptly restore
any damage caused by Landlord during any such repair or maintenance. </FONT>Landlord may erect a suitable sign on the Premises
stating that the Project is available for sale and, in the last year of the Term, that the Premises are available for let. Landlord
may grant easements, make public dedications, designate Common Areas and create restrictions on or about the Premises, <U>provided</U>
that no such easement, dedication, designation or restriction materially, adversely affects Tenant&rsquo;s use or occupancy of
the Premises for the Permitted Use. At Landlord&rsquo;s request, Tenant shall execute such instruments as may be necessary for
such easements, dedications or restrictions. Tenant shall at all times, except in the case of emergencies, have the right to escort
Landlord or its agents, representatives, contractors or guests while the same are in the Premises, provided such escort does not
materially and adversely affect Landlord&rsquo;s access rights hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Security</B>.
Tenant acknowledges and agrees that security devices and services, if any, while intended to deter crime may not in given instances
prevent theft or other criminal acts and that Landlord is not providing any security services with respect to the Premises. Tenant
agrees that Landlord shall not be liable to Tenant for, and Tenant waives any claim against Landlord with respect to, any loss
by theft or any other damage suffered or incurred by Tenant in connection with any unauthorized entry into the Premises or any
other breach of security with respect to the Premises. Tenant shall be solely responsible for the personal safety of Tenant&rsquo;s
officers, employees, agents, contractors, guests and invitees while any such person is in, on or about the Premises and/or the
Project. Tenant shall at Tenant&rsquo;s cost obtain insurance coverage to the extent Tenant desires protection against such criminal
acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">34.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Force
Majeure</B>. Neither Landlord nor Tenant shall be responsible or liable for delays in the performance of its obligations hereunder
when caused by, related to, or arising out of acts of God, strikes, lockouts, or other labor disputes, embargoes, quarantines,
weather, national, regional, or local disasters, calamities, or catastrophes, inability to obtain labor or materials (or reasonable
substitutes therefor) at reasonable costs or failure of, or inability to obtain, utilities necessary for performance, governmental
restrictions, orders, limitations, regulations, or controls, national emergencies, delay in issuance or revocation of permits,
enemy or hostile governmental action, terrorism, insurrection, riots, civil disturbance or commotion, fire or other casualty, and
other causes or events beyond the reasonable control of such party (&ldquo;<B>Force Majeure</B>&rdquo;); <U>provided</U>, <U>however</U>,
that in no event shall Force Majeure excuse Tenant from performing any monetary obligation under this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">35.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Brokers</B>.
Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, &ldquo;<B>Broker</B>&rdquo;)
in connection with this transaction and that no Broker brought about this transaction, other than Scheer Partners. Scheer Partners
<FONT STYLE="color: black">shall be p</FONT>aid by Landlord pursuant to a separate agreement between Landlord and Scheer Partners.
Landlord and Tenant each hereby agrees to indemnify and hold the other harmless from and against any claims by any Broker, other
than the broker, if any named in this <U>Section 35</U>, claiming a commission or other form of compensation by virtue of having
dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">36.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limitation
on Landlord&rsquo;s Liability.</B> NOTWITHSTANDING ANYTHING SET FORTH HEREIN OR IN ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT
TO THE CONTRARY: (A) LANDLORD SHALL NOT BE LIABLE TO TENANT OR ANY OTHER PERSON FOR (AND TENANT AND EACH SUCH OTHER PERSON ASSUME
ALL RISK OF) LOSS, DAMAGE OR INJURY, WHETHER ACTUAL OR CONSEQUENTIAL TO: TENANT&rsquo;S PERSONAL PROPERTY OF EVERY KIND AND DESCRIPTION,
INCLUDING, WITHOUT LIMITATION TRADE FIXTURES, EQUIPMENT, INVENTORY, SCIENTIFIC RESEARCH, SCIENTIFIC EXPERIMENTS, LABORATORY ANIMALS,
PRODUCT, SPECIMENS, SAMPLES, AND/OR SCIENTIFIC, BUSINESS, ACCOUNTING AND OTHER RECORDS OF EVERY KIND AND DESCRIPTION KEPT AT THE
PREMISES AND ANY AND ALL INCOME DERIVED OR DERIVABLE THEREFROM; (B) THERE SHALL BE NO PERSONAL RECOURSE TO LANDLORD FOR ANY ACT
OR OCCURRENCE IN, ON OR ABOUT THE PREMISES OR ARISING IN ANY WAY UNDER THIS LEASE OR ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND ANY LIABILITY OF LANDLORD HEREUNDER SHALL BE STRICTLY LIMITED SOLELY TO LANDLORD&rsquo;S
INTEREST IN THE PROJECT OR ANY PROCEEDS FROM SALE OR CONDEMNATION THEREOF AND ANY INSURANCE PROCEEDS PAYABLE IN RESPECT OF LANDLORD&rsquo;S
INTEREST IN THE PROJECT OR IN CONNECTION WITH ANY SUCH LOSS; AND (C) IN NO EVENT SHALL ANY PERSONAL LIABILITY BE ASSERTED AGAINST
ANY OF LANDLORD&rsquo;S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS. UNDER NO CIRCUMSTANCES SHALL LANDLORD OR ANY OF
LANDLORD&rsquo;S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS BE LIABLE FOR INJURY TO TENANT&rsquo;S BUSINESS OR FOR ANY
LOSS OF INCOME OR PROFIT THEREFROM.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">37.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Severability</B>.
If any clause or provision of this Lease is illegal, invalid or unenforceable under present or future laws, then and in that event,
it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby. It is also the intention
of the parties to this Lease that in lieu of each clause or provision of this Lease that is illegal, invalid or unenforceable,
there be added, as a part of this Lease, a clause or provision as similar in effect to such illegal, invalid or unenforceable clause
or provision as shall be legal, valid and enforceable. This Lease, including the exhibits attached hereto, constitutes the entire
agreement between Landlord and Tenant pertaining to the subject matter hereof and supersedes all prior agreements, understandings,
letters of intent, negotiations, and discussions, whether oral or written, of the parties, and there are no warranties, representations,
or other agreements, express or implied, made to either party by the other party in connection with the subject matter hereof except
as specifically set forth herein or in the documents delivered pursuant hereto or in connection herewith.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">38.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Signs;
Exterior Appearance</B>. <FONT STYLE="color: black">Except as set forth in this <U>Section 38</U>, </FONT>Tenant shall not, without
the prior written consent of Landlord, which may be granted or withheld in Landlord&rsquo;s sole discretion: (i) attach any awnings,
exterior lights, decorations, balloons, flags, pennants, banners, painting or other projection to any outside wall of the Project,
(ii) use any curtains, blinds, shades or screens other than Landlord&rsquo;s standard window coverings, (iii) coat or otherwise
sunscreen the interior or exterior of any windows, (iv)&nbsp;place any bottles, parcels, or other articles on the window sills,
(v) place any equipment, furniture or other items of personal property on any exterior balcony, or (vi) paint, affix or exhibit
on any part of the Premises or the Project any signs, notices, window or door lettering, placards, decorations, or advertising
media of any type which can be viewed from the exterior of the Premises. Interior signs on doors and the directory tablet shall
be inscribed, painted or affixed for Tenant by Landlord at the sole cost and expense of Tenant, and shall be of a size, color and
type acceptable to Landlord. Nothing may be placed on the exterior of corridor walls or corridor doors other than Landlord&rsquo;s
standard lettering. The directory tablet shall be provided exclusively for the display of the name and location of tenants. Landlord
shall, at its sole cost and expense and using Landlord&rsquo;s standard lettering, add Tenant&rsquo;s name to (A) Landlord&rsquo;s
monument signage in front of the Project, and (B) the Building directory based on Tenant&rsquo;s proportionate share of the Building.
Tenant acknowledges that its monument signage rights under this paragraph are non-exclusive.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">39.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
to Extend Term</B>. Tenant shall have the right to extend the Term of this Lease upon the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Extension
Rights</B>. Tenant shall have 2 consecutive rights (each, an &ldquo;<B>Extension Right</B>&rdquo;) to extend the term of this Lease
for 5 years each (each, an &ldquo;<B>Extension Term</B>&rdquo;) on the same terms and conditions as this Lease (other than Base
Rent) by giving Landlord written notice (&ldquo;<B>Extension Notice</B>&rdquo;) of its election to exercise each Extension Right
at least 12 months prior, and no earlier than 16 months prior, to the expiration of the Base Term of this Lease or the expiration
of any prior Extension Term. The Extension Notice shall expressly state whether Tenant desires to exercise the Extension Right
for the entire Premises or for one or more separately demised contiguous suites that comprise the Premises. If the Extension Notice
does not so expressly state, Tenant shall be deemed to have exercised the Extension Right for the entire Premises. With respect
to the second Extension Right, the Extension Right shall apply only to the area of the Premises leased by Tenant under this Lease
as of the expiration of the first Extension Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon the commencement of
any Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on
each anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at
the time the Market Rate is determined. As used herein, &ldquo;<B>Market Rate</B>&rdquo; shall mean the then market rental rate
as determined by Landlord and agreed to by Tenant. The Market Rate shall be based on the &ldquo;as is&rdquo; condition of the Premises
without regard to any equipment or removable improvements paid for, and installed, by Tenant within the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If, on or before the date
that is 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any prior Extension Term, Tenant
has not agreed with Landlord&rsquo;s determination of the Market Rate and the rent escalations during such subsequent Extension
Term after negotiating in good faith, Tenant may by written notice to Landlord not later than 120 days prior to the expiration
of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in <U>Section
39(b)</U> below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further
extend, the Term of this Lease and all of the remaining Extension Rights shall terminate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Arbitration</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Within
10 days of Tenant&rsquo;s notice to Landlord of its election to arbitrate Market Rate and escalations, each party shall deliver
to the other a proposal containing the Market Rate and escalations that the submitting party believes to be correct (&ldquo;<B>Extension
Proposal</B>&rdquo;). If either party fails to timely submit an Extension Proposal, the other party&rsquo;s submitted proposal
shall determine the Base Rent and escalations for the Extension Term. If both parties submit Extension Proposals, then Landlord
and Tenant shall meet within 7 days after delivery of the last Extension Proposal and make a good faith attempt to mutually appoint
a single Arbitrator (and defined below) to determine the Market Rate and escalations. If Landlord and Tenant are unable to agree
upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an
Arbitrator. If either party fails to timely give notice of its selection for an Arbitrator, the other party&rsquo;s submitted proposal
shall determine the Base Rent for the Extension Term. The 2 Arbitrators so appointed shall, within 5 business days after their
appointment, appoint a third Arbitrator. If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator
within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator
by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior
written notice to the other party of such intent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator,
as applicable. The decision of the single Arbitrator shall be final and binding upon the parties. The average of the two closest
Arbitrators in a three Arbitrator panel shall be final and binding upon the parties. Each party shall pay the fees and expenses
of the Arbitrator appointed by or on behalf of such party and the fees and expenses of the third Arbitrator shall be borne equally
by both parties. If the Market Rate and escalations are not determined by the first day of the Extension Term, then Tenant shall
pay Landlord Base Rent in an amount equal to the Base Rent in effect immediately prior to the Extension Term (which Base Rent shall
be calculated on a per square foot basis if Tenant exercises the Extension Right for less than the entire Premises) and increased
by the Rent Adjustment Percentage until such determination is made. After the determination of the Market Rate and escalations,
the parties shall make any necessary adjustments to such payments made by Tenant. Landlord and Tenant shall then execute an amendment
recognizing the Market Rate and escalations for the Extension Term and, if Tenant exercises the Extension Right for less than the
entire Premises, the rentable square footage of the reduced area of the Premises and Tenant&rsquo;s Share of Operating Expenses
based on the reduced area of the Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
&ldquo;<B>Arbitrator</B>&rdquo; shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions
hereof and: (A) shall be (1) a member of the American Institute of Real Estate Appraisers with not less than 10 years of experience
in the appraisal of improved office and high tech industrial real estate in the greater Washington, D.C. metropolitan area, or
(2) a licensed commercial real estate broker with not less than 15 years experience representing landlords and/or tenants in the
leasing of high tech or life sciences space in the greater Washington, D.C. metropolitan area, (A)&nbsp;devoting substantially
all of their time to professional appraisal or brokerage work, as applicable, at the time of appointment and (C) be in all respects
impartial and disinterested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Extension Rights are personal to Novavax, Inc. and are not assignable without Landlord&rsquo;s consent, which
may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Extension Rights may be assigned in connection with any Permitted Assignment
of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding anything set forth above to the contrary, the Extension Rights shall not be in effect and Tenant may not exercise
any of the Extension Rights: (i) during any period of time that Tenant is in Default of any monetary provision under this Lease;
or (ii) if Tenant has been in Default of any monetary provision under this Lease 3 or more times, regardless of whether the Defaults
are cured, during the 12 month period immediately prior to the date that Tenant intends to exercise an Extension Right, regardless
of whether the Defaults are cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Extensions</B>. The period of time within which any Extension Rights may be exercised shall not be extended or enlarged by reason
of Tenant&rsquo;s inability to exercise the Extension Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
The Extension Rights shall terminate and be of no further force or effect even after Tenant&rsquo;s due and timely exercise of
an Extension Right, if, after such exercise, but prior to the commencement date of an Extension Term, (i) Tenant fails to timely
cure any Default by Tenant under any monetary provision under this Lease; or (ii) Tenant has Defaulted under any monetary provision
under this Lease 3 or more times during the period from the date of the exercise of an Extension Right to the date of the commencement
of the Extension Term, regardless of whether such Defaults are cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">40.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Roof
Equipment</B>. As long as Tenant is not in Default at the time of the installation thereof, Tenant shall have the right, subject
to compliance with all Legal Requirements and in accordance with the terms and conditions set forth in this <U>Section 40</U>,
to install, maintain, and remove on the top of the roof of the Building directly above the Premises one or more satellite dishes,
communication antennae, or other equipment (all of which having a diameter and height reasonably acceptable to Landlord) for the
transmission or reception of communication of signals as Tenant may from time to time desire, as well as mechanical equipment,
dunnage for equipment, and other related equipment <FONT STYLE="color: black">(all of which having dimensions reasonably acceptable
to Landlord)</FONT> (collectively, the &ldquo;<B>Roof Equipment</B>&rdquo;). Tenant&rsquo;s right to use such available rooftop
area directly above the Premises shall be limited to Tenant&rsquo;s proportionate share of the space available on the roof, which
proportionate share shall be based on the then current area of the Premises. If Tenant has exercised the Extension Right for less
than the entire original area of the Premises (i.e., 20,745 rentable square feet), Tenant&rsquo;s proportionate share of the space
available on the roof shall be proportionately decreased effective from and after the commencement of the applicable Extension
Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Requirements</B>.
Tenant shall submit to Landlord (i) the plans and specifications for the installation of the Roof Equipment, (ii) copies of all
required governmental and quasi-governmental permits, licenses, and authorizations that Tenant will and must obtain at its own
expense, with the cooperation of Landlord, if necessary for the installation and operation of the Roof Equipment, and (iii) an
insurance policy or certificate of insurance evidencing insurance coverage as required by this Lease and any other insurance as
reasonably required by Landlord for the installation and operation of the Roof Equipment. Landlord shall not unreasonably withhold
or delay its approval for the installation and operation of the Roof Equipment; <U>provided</U>, <U>however</U>, that Landlord
may reasonably withhold its approval if the installation or operation of the Roof Equipment (A) may damage the structural integrity
of the Building, (B) may void, terminate, or invalidate any applicable roof warranty, (C) may interfere with any service provided
by Landlord, (D) may reduce the leasable space in the Building, or (E) is not properly screened from the viewing public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Damage to Roof</B>. If Tenant or its agents shall cause any damage to the roof during the installation, operation, and removal
of the Roof Equipment such damage shall be repaired promptly at Tenant&rsquo;s expense and the roof shall be restored in the same
condition it was in before the damage. Landlord shall not charge Tenant Additional Rent for the installation and use of the Roof
Equipment. If, however, Landlord&rsquo;s insurance premium or Tax assessment increases as a result of the Roof Equipment, Tenant
shall pay such increase as Additional Rent within 20 days after receipt of a reasonably detailed invoice from Landlord. Tenant
shall not be entitled to any abatement or reduction in the amount of Rent payable under this Lease if for any reason Tenant is
unable to use the Roof Equipment. In no event whatsoever shall the installation, operation, maintenance, or removal of the Roof
Equipment by Tenant or its agents void, terminate, or invalidate any applicable roof warranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Protection</B>.
The installation, operation, and removal of the Roof Equipment shall be at Tenant&rsquo;s sole risk. Tenant shall indemnify, defend,
and hold Landlord harmless from and against any and all claims, costs, damages, liabilities and expenses (including, but not limited
to, attorneys&rsquo; fees) of every kind and description that may arise out of or be connected in any way with Tenant&rsquo;s installation,
operation, or removal of the Roof Equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Removal</B>.
At the expiration or earlier termination of this Lease, Tenant shall, at its sole cost and expense, remove the Roof Equipment from
the Building. Tenant shall leave the portion of the roof where the Roof Equipment was located in good order and repair, reasonable
wear and tear excepted. If Tenant does not so remove the Roof Equipment, Tenant hereby authorizes Landlord to remove and dispose
of the Roof Equipment and charge Tenant as Additional Rent for all reasonable costs and expenses incurred by Landlord in such removal
and disposal. Tenant agrees that Landlord shall not be liable for any Roof Equipment or related property disposed of or removed
by Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Interference</B>. The Roof Equipment shall not interfere with the proper functioning of any equipment or devices that have been
installed by Landlord before the date of the installation of the Roof Equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Relocation</B>.
Landlord shall have the right, at its expense and after 60 days prior notice to Tenant, to relocate the Roof Equipment to another
site on the roof of the Building as long as such site reasonably meets Tenant&rsquo;s sight line and interference requirements
and does not unreasonably interfere with Tenant&rsquo;s use and operation of the Roof Equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Access</B>.
Landlord grants to Tenant the right of ingress and egress on a 24 hour 7 day per week basis to install, operate, and maintain the
Roof Equipment. Before receiving access to the roof of the Building, Tenant shall give Landlord at least 24 hours&rsquo; advance
written or oral notice, except in emergency situations, in which case 2 hours&rsquo; advance oral notice (or such shorter period
as reasonably necessary) shall be given by Tenant. Landlord shall supply Tenant with the name, telephone, and pager numbers of
the contact individual(s) responsible for providing access during emergencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Appearance</B>.
If permissible by Legal Requirements, the Roof Equipment shall be painted the same color as the Building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Assignment</B>. Except in connection with any Permitted Assignment of this Lease and in cases where Landlord has consented to an
assignment of this Lease or a subletting of all or part of the Premises in accordance with the terms and conditions of this Lease,
the right of Tenant to use and operate the Roof Equipment shall be personal solely to Novavax, Inc., and (i) no other person or
entity shall have any right to use or operate the Roof Equipment, and (ii) Tenant shall not assign, convey, or otherwise transfer
to any person or entity any right, title, or interest in all or any portion of the Roof Equipment or the use and operation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">41.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
of First Negotiation</B>. If during the Term Landlord desires to sell its fee interest in the Project, then prior to making an
offer or proposal or accepting any offer or proposal for such sale, Landlord shall first give Tenant the opportunity (&ldquo;<B>Right
of First Negotiation</B>&rdquo;) to purchase such fee interest subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice
of Intent to Sell</B>. Landlord shall notify Tenant of Landlord&rsquo;s intent to sell the Project, which notice shall include
the purchase price and other terms upon which Landlord is willing to sell the Project (&ldquo;<B>Notice of Intent to Sell</B>&rdquo;).
If Tenant wishes to purchase the Premises upon the terms and conditions set forth in the Notice of Intent to Sell, then within
10 days after Tenant&rsquo;s receipt of the Notice of Intent to Sell Tenant shall give Landlord written notice (&ldquo;<B>Offer
Exercise Notice</B>&rdquo;) of its election to exercise its right to purchase the Project. Failure of Tenant to respond within
such 10 day period shall be deemed an election not to exercise Tenant&rsquo;s right to purchase granted herein; <U>provided</U>,
<U>however</U>, that Tenant agrees to confirm promptly such deemed waiver by executing a written waiver. For a period of 15 days
after the date of Landlord&rsquo;s receipt of the Offer Exercise Notice, Landlord and Tenant shall negotiate in good faith for
Tenant&rsquo;s purchase of the Project on the terms and conditions set forth in the Notice of Intent to Sell or on such other terms
and conditions as may be acceptable to Landlord and Tenant. If Landlord and Tenant are unable to reach agreement and enter into
a mutually agreeable term sheet within such 15 day time period, Landlord shall have the right to sell the Premises to whomever
it desires; <U>provided</U>, <U>however</U>, that (i)&nbsp;the purchase price to be paid by the prospective purchaser shall not
be less than 95% of the purchase price set forth in the Notice of Intent to Sell, and (ii) the other terms and conditions offered
to the prospective purchaser shall be substantially the same as those set forth in the Notice of Intent to Sell. For purposes of
this <U>Section 41</U> and <U>Section 42</U> (Right of First Refusal), such terms and conditions shall consist solely of the allocation
of any applicable recordation and transfer taxes, the amount of any earnest money deposit, the duration of any due diligence inspection
period, the determination of the closing date, and, if specified, the survival period for any representations and warranties. If
(y) the proposed purchase price on the sale of the Project to the prospective purchaser is less than 95% of the purchase price
set forth in the Notice of Intent to Sell or if the other terms and conditions offered to the prospective purchaser are not substantially
the same as those set forth in the Notice of Intent to Sell, or (z)&nbsp;the closing under the purchase and sale agreement with
the prospective purchaser does not occur by the first anniversary of the Notice of Intent to Sell, Landlord shall be required to
give Tenant another Notice of Intent to Sell specifying the proposed terms of sale and affording Tenant the opportunity, once again,
to elect to purchase the Project on the terms so specified, in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Affiliate
Transactions</B>. Notwithstanding anything to the contrary contained herein, this Section shall not require Landlord to provide
Tenant with a Notice of Intent to Sell prior to selling or transferring its interest in the Project to an Affiliated Entity (as
defined below). As used herein, an &ldquo;<B>Affiliated Entity</B>&rdquo; means an entity owned or controlled by Landlord, or any
member of Landlord, or an entity under common control with Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entity
Transfers</B>. Nothing set forth in this Section shall restrict, limit, or prevent Landlord from (i)&nbsp;making an assignment
of its interest in this Lease for security, (ii) admitting party(ies) as members of the limited liability company that constitutes
Landlord or (iii) granting to lenders or others equity interests in the limited liability company that constitutes Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
Provided Tenant has been afforded the rights granted to Tenant in this Section, Tenant&rsquo;s right to purchase the Premises pursuant
to Section shall forever terminate automatically upon the consummation of a sale of the Project to a third party purchaser. Tenant
shall confirm the termination of its rights hereunder by executing a written termination and providing such further assurances
thereof as Landlord may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Right of First Negotiation is personal to Novavax, Inc. and is not assignable without Landlord&rsquo;s consent,
which may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Right of First Negotiation may be assigned in connection with any Permitted
Assignment of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding anything set forth above to the contrary, the Right of First Negotiation shall not be in effect and Tenant may
not exercise the Right of First Negotiation: (i)&nbsp;during any period of time that Tenant is in Default; (ii) if Tenant has been
in Default 3 or more times, regardless of whether the Defaults are cured, during the 12 month period immediately prior to the date
that Tenant intends to exercise the Right of First Negotiation, regardless of whether the Defaults are cured; (iii) if the sale
of the Project is part of a sale of other assets of Landlord or its affiliates and such sale is not intentionally designed solely
to defeat the Right of First Negotiation, or (iv) if Tenant has exercised the Extension Right for less than Suites 230 and 270.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not
Binding on Lenders</B>. Subject to Tenant&rsquo;s rights under any SNDA, this <U>Section 41</U> shall not be binding on any holder
of a Mortgage encumbering all or any part of the Project created by Landlord or on any purchaser at <FONT STYLE="letter-spacing: -0.15pt">any
foreclosure proceeding or sale or any sale in lieu of a foreclosure affecting </FONT>all or any part of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subordination</B>.
The Right of First Negotiation shall be subject and subordinate to any right of first negotiation in favor of any other tenant
of the Project as of the Commencement Date. If Tenant exercises the Extension Right for less than the entire original area of the
Premises (i.e., 20,745 rentable square feet), then Landlord may subordinate Tenant&rsquo;s Right of First Negotiation to any right
of first negotiation in favor of any other tenant of the Project that, as of such date, is leasing a larger percentage of the Building
than Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">42.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
of First Refusal</B>. If during the Term Landlord receives a bona fide written offer (&ldquo;<B>Purchase Offer</B>&rdquo;) for
the purchase of the Project on terms and conditions that Landlord is willing to accept, Landlord shall give Tenant the right (&ldquo;<B>Right
of First Refusal</B>&rdquo;) to purchase the Project subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Purchase
Offer Notice</B>. Landlord shall notify Tenant in writing of Landlord&rsquo;s receipt of the Purchase Offer (&ldquo;<B>Purchase
Offer Notice</B>&rdquo;), which Purchase Offer Notice shall contain a copy of the Purchase Offer. For a period of 15 days after
the date of Tenant&rsquo;s receipt of the Purchase Offer Notice, Landlord and Tenant shall negotiate in good faith for Tenant&rsquo;s
purchase of the Project on the terms and conditions set forth in the Purchase Offer Notice. If Landlord and Tenant are unable to
execute and deliver a binding contract of sale within such 15 day period, Landlord shall be able to sell the Premises to whomever
it desires for a period of 1 year after the expiration of such 15 day period; <U>provided</U>, <U>however</U>, that (i)&nbsp;the
purchase price to the prospective purchaser shall not be less than 95% of the purchase price set forth in the Purchase Offer Notice,
and (ii) the other terms and conditions offered to the prospective purchaser shall be substantially the same as those set forth
in the Purchase Offer Notice. If the proposed purchase price on the sale of the Project to the prospective purchaser is less than
95% of the purchase price set forth in the Purchase Offer Notice or if the other terms and conditions offered to the prospective
purchaser are not substantially the same as those set forth in the Purchase Offer Notice, Landlord shall be required to give Tenant
another Purchase Offer Notice specifying the proposed terms of sale and affording Tenant the opportunity, once again, to elect
to purchase the Project on the terms so specified, in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Affiliate
Transactions</B>. Notwithstanding anything to the contrary contained herein, this Section shall not require Landlord to provide
Tenant with a Purchase Offer Notice prior to selling or transferring Landlord&rsquo;s interest in the Project to an Affiliated
Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entity
Transfers</B>. Nothing set forth in this Section shall restrict, limit, or prevent Landlord from (i)&nbsp;making an assignment
of its interest in this Lease for security, (ii) admitting party(ies) as members of the limited liability company that constitutes
Landlord or (iii) granting to lenders or others equity interests in the limited liability company that constitutes Landlord.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
Provided Tenant has been afforded the rights granted to Tenant in this Section, Tenant&rsquo;s right to purchase the Premises pursuant
to Section shall forever terminate automatically upon the consummation of a sale of the Project to a third party purchaser. Tenant
shall confirm the termination of its rights hereunder by executing a written termination and providing such further assurances
thereof as Landlord may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Right of First Refusal is personal to Novavax, Inc. and is not assignable without Landlord&rsquo;s consent, which
may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Right of First Refusal may be assigned in connection with any Permitted
Assignment of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding anything set forth above to the contrary, the Right of First Refusal shall not be in effect and Tenant may not
exercise the Right of First Refusal: (i)&nbsp;during any period of time that Tenant is in Default; (ii) if Tenant has been in Default
3 or more times, regardless of whether the Defaults are cured, during the 12 month period immediately prior to the date that Tenant
intends to exercise the Right of First Refusal, regardless of whether the Defaults are cured; (iii) if the sale of the Project
is part of a sale of other assets of Landlord or its affiliates and such sale is not intentionally designed solely to defeat the
Right of First Refusal, or (iv) if Tenant has exercised the Extension Right for less than Suites 230 and 270.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not
Binding on Lenders</B>. Subject to Tenant&rsquo;s rights under any SNDA, this <U>Section 42</U> shall not be binding on any holder
of a Mortgage encumbering all or any part of the Project created by Landlord or on any purchaser at <FONT STYLE="letter-spacing: -0.15pt">any
foreclosure proceeding or sale or any sale in lieu of a foreclosure affecting </FONT>all or any part of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Subordination</B>.
The Right of First Refusal shall be subject and subordinate to any right of first refusal in favor of any other tenant of the Project
as of the Commencement Date. If Tenant exercises the Extension Right for less than the entire original area of the Premises (i.e.,
20,745 rentable square feet), then Landlord may subordinate Tenant&rsquo;s Right of First Refusal to any right of first refusal
in favor of any other tenant of the Project that, as of such date, is leasing a larger percentage of the Building than Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">43.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Right
to Negotiate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Expansion
in the Project</B>. If at any time during the Term any Available Space (as defined below) in the Project becomes available for
lease, Landlord shall give notice of such availability to Tenant. Landlord shall thereafter, for a period of up to 20 days, negotiate
in good faith with Tenant for Tenant&rsquo;s lease of the Available Space on such terms as shall be acceptable to Landlord and
Tenant (&ldquo;<B>Negotiation Right</B>&rdquo;). For purposes of this <U>Section 43(a)</U>, &ldquo;<B>Available Space</B>&rdquo;
shall mean any space in the Project that is not occupied by a tenant or that is occupied by an existing tenant whose lease is expiring
within 6 months or less and such tenant does not wish to renew (regardless of whether such tenant has a right to renew) its occupancy
of such space. Provided that no right to expand is exercised by any tenant with superior rights, Tenant shall be entitled to lease
the Available Space upon the terms and conditions, if any, agreed to by Landlord and Tenant. As of the Commencement Date, Maxcyte,
Inc. and American Type Culture Collection have superior rights of expansion to Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amended
Lease</B>. If after the expiration of such 20 day period, no lease amendment or lease agreement for the Available Space has been
executed, the Negotiation Right shall be waived and of no further force or effect with respect to such Available Space at any time
during the balance of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exceptions</B>.
Notwithstanding the above, the Negotiation Right shall not be in effect and may not be exercised by Tenant: (i) during any period
of time that Tenant is in Default under any provision of this Lease; or (ii) if Tenant has been in Default under any provision
of this Lease 3 or more times, regardless of whether the Defaults are cured, during the 12 month period prior to the date on which
Tenant seeks to exercise the Negotiation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.
The Negotiation Right shall terminate and be of no further force or effect even after Tenant&rsquo;s due and timely exercise of
the Expansion Right, if, after such exercise, but prior to the commencement date of the lease of such Available Space, (i) Tenant
fails to timely cure any default by Tenant under this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from
the date of the exercise of the Negotiation Right to the date of the commencement of the lease of the Available Space, regardless
of whether such Defaults are cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights
Personal</B>. The Negotiation Right is personal to Novavax, Inc. and is not assignable without Landlord&rsquo;s consent, which
may be granted or withheld in Landlord&rsquo;s sole discretion separate and apart from any consent by Landlord to an assignment
of Tenant&rsquo;s interest in this Lease, except that the Right of First Refusal may be assigned in connection with any Permitted
Assignment of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Extensions</B>. The period of time within which the Negotiation Right may be exercised shall not be extended or enlarged by reason
of Tenant&rsquo;s inability to exercise the Negotiation Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">44.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Miscellaneous</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notices</B>.
All notices or other communications between the parties shall be in writing and shall be deemed duly given upon delivery or refusal
to accept delivery by the addressee thereof if delivered in person, or upon actual receipt if delivered by reputable overnight
guaranty courier, addressed and sent to the parties at their addresses set forth above. Landlord and Tenant may from time to time
by written notice to the other designate another address for receipt of future notices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Joint
and Several Liability</B>. If and when included within the term &ldquo;<B>Tenant</B>,&rdquo; as used in this instrument, there
is more than one person or entity, each shall be jointly and severally liable for the obligations of Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
Information</B>. Tenant shall furnish Landlord with true and complete copies of (i)&nbsp;Tenant&rsquo;s most recent audited annual
financial statements within 90 days of the end of each of Tenant&rsquo;s fiscal years during the Term, and (ii) Tenant&rsquo;s
most recent Form 10K and 10Q promptly after the filing thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Recordation</B>.
Neither this Lease nor a memorandum of lease shall be filed by or on behalf of Tenant in any public record. Landlord may prepare
and file, and upon request by Landlord Tenant will execute, a memorandum of lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interpretation</B>.
The normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Lease or any exhibits or amendments hereto. Words of any gender used in this Lease shall be held
and construed to include any other gender, and words in the singular number shall be held to include the plural, unless the context
otherwise requires. The captions inserted in this Lease are for convenience only and in no way define, limit or otherwise describe
the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not
Binding Until Executed</B>. The submission by Landlord to Tenant of this Lease shall have no binding force or effect, shall not
constitute an option for the leasing of the Premises, nor confer any right or impose any obligations upon either party until execution
of this Lease by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limitations
on Interest</B>. It is expressly the intent of Landlord and Tenant at all times to comply with applicable law governing the maximum
rate or amount of any interest payable on or in connection with this Lease. If applicable law is ever judicially interpreted so
as to render usurious any interest called for under this Lease, or contracted for, charged, taken, reserved, or received with respect
to this Lease, then it is Landlord&rsquo;s and Tenant&rsquo;s express intent that all excess amounts theretofore collected by Landlord
be credited on the applicable obligation (or, if the obligation has been or would thereby be paid in full, refunded to Tenant),
and the provisions of this Lease immediately shall be deemed reformed and the amounts thereafter collectible hereunder reduced,
without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Choice
of Law</B>. Construction and interpretation of this Lease shall be governed by the internal laws of the state in which the Premises
are located, excluding any principles of conflicts of laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Time</B>.
Time is of the essence as to the performance of Tenant&rsquo;s obligations under this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>OFAC</B>.
Tenant, and all beneficial owners of Tenant, are currently (i) in compliance with and shall at all times during the Term of this
Lease remain in compliance with the regulations of the Office of Foreign Assets Control (&ldquo;<B>OFAC</B>&rdquo;) of the U.S.
Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the &ldquo;<B>OFAC Rules</B>&rdquo;),
(ii) not listed on, and shall not during the Term of this Lease be listed on, the Specially Designated Nationals and Blocked Persons
List maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing
statute, executive order, or regulation, and (iii) not a person or entity with whom a U.S. person is prohibited from conducting
business under the OFAC Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incorporation
by Reference</B>. All exhibits and addenda attached hereto are hereby incorporated into this Lease and made a part hereof. If there
is any conflict between such exhibits or addenda and the terms of this Lease, such exhibits or addenda shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Accord and Satisfaction</B>. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of Base
Rent or any Additional Rent will be other than on account of the earliest stipulated Base Rent and Additional Rent, nor will any
endorsement or statement on any check or letter accompanying a check for payment of any Base Rent or Additional Rent be an accord
and satisfaction. Landlord may accept such check or payment without prejudice to Landlord&rsquo;s right to recover the balance
of such Rent or to pursue any other remedy provided in this Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Hazardous
Activities</B>. Notwithstanding any other provision of this Lease, Landlord, for itself and its employees, agents and contractors,
reserves the right to refuse to perform any repairs or services in any portion of the Premises which, pursuant to Tenant&rsquo;s
routine safety guidelines, practices or custom or prudent industry practices, require any form of protective clothing or equipment
other than safety glasses. In any such case, Tenant shall contract with parties who are acceptable to Landlord, in Landlord&rsquo;s
reasonable discretion, for all such repairs and services, and Landlord shall, to the extent required, equitably adjust Tenant&rsquo;s
Share of Operating Expenses in respect of such repairs or services to reflect that Landlord is not providing such repairs or services
to Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Confidentiality</B>.
Except as otherwise provided in this Lease, the terms and conditions of this Lease shall be kept confidential by Landlord and Tenant
and not disclosed to third-parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>By
Landlord</B>. Notwithstanding the confidentiality provisions herein, Landlord may disclose the existence and/or contents of this
Lease: (i)&nbsp;as and only to the extent required by Legal Requirements or in response to a request by a Governmental Authority;
(ii) as necessary to (A) manage its investment in the Building or Project or (B)&nbsp;seek advice from existing or prospective
professional advisors, including, without limitation, analysts, investors, tax preparers, bank personnel, brokers, business advisors,
legal advisors, lenders, and financial advisors; (iii)&nbsp;as necessary to manage and enforce the terms of this Lease, (iv) if
the information is already a matter of public record or generally known to the public, or (v) as otherwise reasonably necessary
in the course of operations of the property or business of Landlord and its affiliates, including, without limitation, capital
formation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>By
Tenant</B>. Notwithstanding the confidentiality provisions herein, Tenant may disclose the existence and/or contents of this Lease:
(i)&nbsp;as and only to the extent required by Legal Requirements or in response to a request by a Governmental Authority; (ii)
as necessary to seek advice from existing or prospective professional advisors, including, without limitation, tax preparers, bank
personnel, brokers, business advisors, legal advisors, lenders, and financial advisors; (iii)&nbsp;as necessary to manage and enforce
the terms of this Lease, or (iv) if the information is already a matter of public record or generally known to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Press
Release</B>. Neither party shall issue a press release or other public announcement concerning the existence and/or contents of
the Lease without the prior written consent of the other party (such consent not to be unreasonably withheld, delayed, or conditioned).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ Signatures on next page ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, Landlord
and Tenant have executed this Lease under seal as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">LANDLORD:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>ARE-20/22/1300 FIRSTFIELD QUINCE ORCHARD, LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 44%">ARE-GP/VI HOLDINGS QRS CORP.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>its managing member</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: windowtext 1pt solid">/s/ Eric S. Johnson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Eric S. Johnson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">VP, Real Estate Legal Affairs</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">TENANT:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>NOVAVAX, INC.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: windowtext 1pt solid">/s/ Stanley C. Erck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Stanley C. Erck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">President &amp; CEO</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>v304706_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We have issued our report dated March
14, 2012, with respect to the financial statements and financial statement schedule and our report dated March 14, 2012 on internal
control over financial reporting included in the Annual Report of Novavax, Inc. on Form 10-K for the year ended December 31, 2011.
We hereby consent to the incorporation by reference of said report in the Registration Statements of Novavax, Inc. on Forms S-3
(No. 333-165496 effective April 27, 2010; No. 333-118210 effective August 13, 2004; No. 333-118181 effective August 12, 2004; and
No. 333-22685 effective March 4, 1997) and on Forms S-8 (No. 333-145298 effective August 9, 2007; No. 333-130990 effective January
12, 2006; No. 333-110401 effective November 12, 2003; No. 333-97931 effective August 9, 2002; No. 333-46000 effective September
18, 2000 and No. 333-77611, effective May 3, 1999; No. 33-80279 effective December 11, 1995; No. 33-80277 effective December 11,
1995).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ Grant Thornton LLP</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mclean, Virginia</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">March 14, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>8
<FILENAME>v304706_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Stanley C. Erck, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Annual Report on
Form 10-K of Novavax, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and we have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d)</TD><TD STYLE="text-align: justify">disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal
control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">Date: March 14, 2012</TD>
    <TD STYLE="width: 4%; text-align: justify">By:</TD>
    <TD STYLE="width: 46%; text-decoration: none; text-align: justify; border-bottom: Black 1pt solid">/s/ Stanley C. Erck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">President and Chief Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>9
<FILENAME>v304706_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL AND
ACCOUNTING OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Frederick W. Driscoll, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this Annual Report on Form 10-K of Novavax, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated
the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed
in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s board of directors (or persons
performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 1pt">Date: March 14, 2012</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">By: </TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Frederick W. Driscoll</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: -3in"></P>

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<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>10
<FILENAME>v304706_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO 18 UNITED STATES C. &sect;1350<BR>
(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">In connection with
the Annual Report of Novavax, Inc. (the &ldquo;Company&rdquo;) on Form 10-K for the fiscal period ended December 31, 2011 as filed
with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Stanley C. Erck, President and Chief
Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. &sect;1350, as adopted pursuant to Section&nbsp;906 of
the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the
dates and periods covered by this Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; text-align: justify">Date: March 14, 2012</TD>
    <TD STYLE="width: 5%; text-align: justify">By:</TD>
    <TD STYLE="width: 41%; text-align: justify; border-bottom: Black 1pt solid">/s/ Stanley C. Erck</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">President and Chief Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>11
<FILENAME>v304706_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL AND
ACCOUNTING OFFICER PURSUANT TO 18 UNITED STATES C. &sect;1350<BR>
(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">In connection with
the Annual Report of Novavax, Inc. (the &ldquo;Company&rdquo;) on Form 10-K for the fiscal period ended December 31, 2011 as filed
with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Frederick W. Driscoll, Vice President,
Chief Financial Officer and Treasurer, hereby certify, pursuant to 18 U.S.C. &sect;1350, as adopted pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the
dates and periods covered by this Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: March 14, 2012</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; text-decoration: none; border-bottom: Black 1pt solid">/s/ Frederick W. Driscoll</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>ex10-25logo.jpg
<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>16
<FILENAME>nvax-20111231.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- EDGAR Online I-Metrix Xcelerate Instance Document, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version:  6.13.8 -->
<!-- Round: ea178a55-f941-4fcd-bbc9-ae3fe5ff32be -->
<!-- Creation date: 2012-03-14T18:21:52Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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  <dei:DocumentPeriodEndDate contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">2011-12-31</dei:DocumentPeriodEndDate>
  <dei:EntityCentralIndexKey contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">0001000694</dei:EntityCentralIndexKey>
  <dei:EntityWellKnownSeasonedIssuer contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">No</dei:EntityWellKnownSeasonedIssuer>
  <dei:CurrentFiscalYearEndDate contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">--12-31</dei:CurrentFiscalYearEndDate>
  <us-gaap:ProceedsFromRepaymentsOfNotesPayable contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-80000</us-gaap:ProceedsFromRepaymentsOfNotesPayable>
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2047000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
  <us-gaap:ProceedsFromStockOptionsExercised contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">179000</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">21235000</us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 10&amp;#xA0;&amp;#x2014;&amp;#xA0;Stockholders&amp;#x2019; Equity&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On August 7, 2002, the Company adopted a Shareholder Rights Plan,
which provides for the issuance of rights to purchase shares of
Series D Junior Participating Preferred Stock, par value $0.01 per
share (the &amp;#x201C;Preferred Shares&amp;#x201D;), of the Company. Under
the Shareholder Rights Plan, the Company distributed one preferred
share purchase right (a &amp;#x201C;Right&amp;#x201D;) for each outstanding
share of common stock of the Company. The Rights were distributed
to stockholders of record on August 16, 2002.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Each Right entitles the holder to purchase from the Company
one-thousandth of a Preferred Share at a price of $40, subject to
adjustment. The Rights become exercisable, with certain exceptions,
10 business days after any party, without prior approval of the
Board of Directors, acquires or announces an offer to acquire
beneficial ownership of 15% or more of the Company&amp;#x2019;s
outstanding common stock. In the event that any party acquires 15%
or more of the Company&amp;#x2019;s outstanding common stock, the
Company enters into a merger or other business combination, or if a
substantial amount of the Company&amp;#x2019;s assets are sold after the
time that the Rights become exercisable, the Rights provide that
the holder will receive, upon exercise, shares of the common stock
of the surviving or acquiring company, as applicable, having a
market value of twice the exercise price of the Right.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Rights expire August 7, 2012, and are redeemable by the Company
at a price of $0.00025 per Right at any time prior to the time that
any party acquires 15% or more of the Company&amp;#x2019;s outstanding
common stock. Until the earlier of the time that the Rights become
exercisable, are redeemed or expire, the Company will issue one
Right with each new share of common stock issued.&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 3&amp;#xA0;&amp;#x2014;&amp;#xA0;Summary of Significant Accounting
Policies&lt;/h2&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Use of Estimates&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The preparation of the financial statements in conformity with
accounting principles generally accepted in the U.S. requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ materially from
those estimates.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Cash and Cash Equivalents&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Cash and cash equivalents consist of highly liquid investments with
maturities of three months or less from the date of purchase.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Short-Term Investments&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Short-term investments at December 31, 2011 consist of three
auction rate securities. All marketable securities had original
maturities greater than 90 days, but less than one year. In 2009,
the Company recorded other-than-temporary impairment charges
related to its auction rate securities of $1.3 million because of
the uncertainties in the credit markets and management&amp;#x2019;s
belief these securities could not be sold at par value, but are
saleable at a discount from their par value. In 2009, the Company
realized gains of $0.8 million relating to redemptions of several
auction rate securities from its portfolio.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In 2007, the Company had invested in auction rate securities as
part of its cash management program. Uncertainties in the credit
markets have prevented the Company from liquidating certain
holdings of auction rate securities as the amount of securities
submitted for sale during the auction has exceeded the amount of
purchase orders. Although an event of an auction failure does not
necessarily mean that a security is impaired, the Company
considered various factors to assess the fair value and the
classification of the securities as short-term investments. Fair
value was determined through an independent valuation using two
valuation methods&amp;#xA0;&amp;#x2014;&amp;#xA0;a discounted cash flow method
and a market comparable method. Certain factors used in these
methods include, but are not necessarily limited to, comparable
securities traded on secondary markets, timing of the failed
auction, specific security auction history, quality of underlying
collateral, rating of the security and the bond insurer, the
Company&amp;#x2019;s ability and intent to retain the securities for a
period of time to allow for anticipated recovery in the market
value and other factors.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has classified its short-term investments as
available-for-sale since the Company may need to liquidate these
securities within the next year. The available-for-sale securities
are carried at fair value and unrealized gains and losses on these
securities, if determined to be temporary, are included in
accumulated other comprehensive income (loss) in
stockholders&amp;#x2019; equity. Short-term investments are evaluated
periodically to determine whether a decline in value is
&amp;#x201C;other-than-temporary.&amp;#x201D; The term
&amp;#x201C;other-than-temporary&amp;#x201D; is not intended to indicate a
permanent decline in value. Rather, it means that the prospects for
a near term recovery of value are not necessarily favorable, or
that there is a lack of evidence to support fair values equal to,
or greater than, the carrying value of the security. Management
reviews criteria, such as the magnitude and duration of the
decline, as well as the Company&amp;#x2019;s ability to hold the
securities until market recovery, to predict whether the loss in
value is other-than-temporary. If a decline in value is determined
to be other-than-temporary, the value of the security is reduced
and the impairment is recorded in the statements of operations. The
specific identification method is used in computing realized gains
and losses on sale of the Company&amp;#x2019;s securities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Short-term investments classified as available-for-sale as of
December 31, 2011 and 2010 were comprised of (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;December 31, 2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amortized&lt;br /&gt;
Cost&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Gross&lt;br /&gt;
Unrealized&lt;br /&gt;
Gains&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Gross&lt;br /&gt;
Unrealized&lt;br /&gt;
Losses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Fair Value&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amortized&lt;br /&gt;
Cost&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Gross&lt;br /&gt;
Unrealized&lt;br /&gt;
Gains&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Gross&lt;br /&gt;
Unrealized&lt;br /&gt;
Losses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Fair Value&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Auction rate securities&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,373&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;832&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,205&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,373&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;773&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,146&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Corporate debt securities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
19,470&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
19,469&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,373&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
832&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,205&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
22,843&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
773&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23,615&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Concentration of Credit Risk&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Financial instruments, which possibly expose the Company to
concentration of credit risk, consist primarily of cash and cash
equivalents and short-term investments. The Company&amp;#x2019;s
investment policy limits investments to certain types of
instruments, including auction rate securities, high-grade
corporate debt securities and money market instruments, places
restrictions on maturities and concentrations in certain industries
and requires the Company to maintain a certain level of liquidity.
At times, the Company maintains cash balances in financial
institutions, which may exceed federally insured limits. The
Company has not experienced any losses relating to such accounts
and believes it is not exposed to a significant credit risk on its
cash and cash equivalents. The carrying value of cash and cash
equivalents approximates their fair value based on their short-term
maturities at December 31, 2011 and 2010. As discussed below, the
fair value of short-term investments is based upon Level 2
data.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Fair Value Measurements&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company applies Accounting Standards Codification
(&amp;#x201C;ASC&amp;#x201D;) Topic 820, &lt;i&gt;Fair Value Measurements and
Disclosures&lt;/i&gt;, for financial and non-financial assets and
liabilities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
ASC 820 discusses valuation techniques, such as the market approach
(comparable market prices), the income approach (present value of
future income or cash flow) and the cost approach (cost to replace
the service capacity of an asset or replacement cost). The
statement utilizes a fair value hierarchy that prioritizes the
inputs to valuation techniques used to measure fair value into
three broad levels. The following is a brief description of those
three levels:&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Level 1:&amp;#xA0;&amp;#xA0;Observable inputs
such as quoted prices (unadjusted) in active markets for identical
assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Level 2:&amp;#xA0;&amp;#xA0;Inputs other than
quoted prices that are observable for the asset or liability,
either directly or indirectly. These include quoted prices for
similar assets or liabilities in active markets and quoted prices
for identical or similar assets or liabilities in markets that are
not active.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Level 3:&amp;#xA0;&amp;#xA0;Unobservable
inputs that reflect the reporting entity&amp;#x2019;s own
assumptions.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Financial assets and liabilities measured a fair value on a
recurring basis as of December 31, 2011 and 2010 are summarized
below (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Fair Value at December 31, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Fair Value at December 31, 2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Level 1&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Level 2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Level 3&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Level 1&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Level 2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Level 3&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;u&gt;Assets&lt;/u&gt;&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Corporate debt securities and auction rate securities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,205&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23,615&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total Short-term investments&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,205&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23,615&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;u&gt;Liabilities&lt;/u&gt;&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Warrant liabilities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
368&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,842&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following table summarizes the activity of Level 3 inputs
measured on a recurring basis for the year ended December 31, 2011
(in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Fair Value Measurements&lt;br /&gt;
of Warrants Using&lt;br /&gt;
Significant Unobservable&lt;br /&gt;
Inputs (Level 3)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,842&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Change in fair value of Warrant liability&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,474&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
368&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The amounts in the Company&amp;#x2019;s balance sheet for accounts
receivable, accounts payable and notes payable approximate fair
value due to their short-term nature.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Accounts Receivable&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Accounts receivable arise primarily from the Company&amp;#x2019;s
contract with HHS BARDA and are reported at amounts expected to be
collected in future periods. No allowance for doubtful accounts is
deemed necessary.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Property and Equipment&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Property and equipment are stated at cost and are depreciated using
the straight-line method over the estimated useful lives of the
assets, generally three to ten years. Amortization of leasehold
improvements is provided over the shorter of the estimated useful
lives of the improvements or the term of the lease. Repairs and
maintenance costs are expensed as incurred.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Goodwill and Intangible Assets&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Goodwill originally resulted from a business acquisition in 2000.
Assets acquired and liabilities assumed were recorded at their fair
values; the excess of the purchase price over the identifiable net
assets acquired was recorded as goodwill. Goodwill and intangible
assets deemed to have indefinite lives are not amortized, but are
subject to impairment tests annually or more frequently should
indicators of impairment arise. The Company utilizes primarily the
market approach and, if considered necessary, the income approach
to determine if it has an impairment of its goodwill. The market
approach is based on market value of invested capital. When
utilized, the income approach is used as a confirming look to the
market approach. Goodwill impairment is deemed to exist if the
carrying value of the reporting unit exceeds its estimated fair
value.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011 and 2010, the Company used the market approach
to determine if the Company had an impairment of its goodwill. Step
one of the impairment test states that if the fair value of a
reporting unit exceeds its carrying amount, goodwill is considered
not to be impaired. The fair value of the Company&amp;#x2019;s reporting
unit was substantially higher than the carrying value, resulting in
no impairment to goodwill at December 31, 2011 and 2010.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Equity Method Investment&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has an equity investment in CPL Biologicals Private
Limited. The Company accounts for this investment using the equity
method (see Note 5). Under the equity method of accounting,
investments are stated at initial cost and are adjusted for
subsequent additional investments and the Company&amp;#x2019;s
proportionate share of earnings or losses and distributions up to
the amount initially invested or advanced.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Long-Lived Assets&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company accounts for the impairment of its long-lived assets in
accordance with ASC 360, &lt;i&gt;Property, Plant and Equipment&lt;/i&gt;. This
financial standard requires a periodic evaluation of the
recoverability of the carrying value of long-lived assets whenever
events or changes in circumstances indicate that the carrying value
of the asset may not be recoverable. The Company considers
historical performance and anticipated future results in its
evaluation of potential impairment. Accordingly, when indicators of
impairment are present, the Company evaluates the carrying value of
these assets in relation to the operating performance of the
business and future undiscounted cash flows expected to result from
the use of these assets. Impairment losses are recognized when the
sum of expected future cash flows is less than the assets&amp;#x2019;
carrying value, and losses are determined based upon the excess
carrying value of the assets over its fair value.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Revenue Recognition&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company performs research and development for U.S. government
agencies. The Company recognizes revenue under research contracts
when a contract has been executed, the contract price is fixed and
determinable, delivery of services or products has occurred and
collection of the contract price is considered probable. Revenue is
earned under cost reimbursable and fixed price contracts. Direct
contract costs are expensed as incurred.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Under cost reimbursable contracts, the Company is reimbursed for
allowable costs and paid a fixed fee. Revenue on cost reimbursable
contracts is recognized as costs are incurred plus a portion of the
fee earned. Revenue for fixed price arrangements are recognized
under the proportional performance method based upon the ratio of
costs incurred to achieve contract milestones to total estimated
cost. Losses on contracts, if any, are recognized in the period in
which they become known.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
For upfront payments and licensing fees related to contract
research or technology, the Company follows provisions of ASC 605,
&lt;i&gt;Revenue Recognition,&lt;/i&gt; in determining if these payments and
fees represent the culmination of a separate earnings process or if
they should be deferred and recognized as revenue over the life of
the related agreement.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Cost of Contract Revenue&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Cost of contract revenue includes direct costs of salaries,
laboratory supplies, consultants and subcontractors and other
direct costs associated with the Company&amp;#x2019;s process
development, manufacturing, clinical, regulatory and quality
assurance activities under research contracts. Cost of contract
revenue does not include allocations of indirect costs.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Stock-Based Compensation&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company accounts for stock-based compensation related to grants
of stock options and restricted stock awards at fair value. The
Company recognizes compensation expense related to such awards on a
straight-line basis over the requisite service period (generally
the vesting period) of the equity awards that are expected to vest,
which typically occurs ratably over periods ranging from six months
to four years. See Note 11 for a further discussion on stock-based
compensation.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The expected term of stock options granted was based on the
Company&amp;#x2019;s historical option exercise experience and
post-vesting forfeiture experience using the historical expected
term from the vesting date. The expected volatility of the options
granted was determined using historical volatilities based on stock
prices over a look-back period corresponding to the expected term.
The risk-free interest rate was determined using the yield
available for zero-coupon U.S. government issues with a remaining
term equal to the expected term of the options. The forfeiture rate
was determined using historical pre-vesting forfeiture rates since
the inception of the plans. The Company has never paid a dividend,
and as such, the dividend yield is zero.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Restricted stock awards to employees and directors have been
recorded as compensation expense over the expected vesting period
based on the fair value at the award date and the number of shares
ultimately expected to vest using the straight-line method of
amortization. The Company accounts for share-based awards issued to
non-employees by determining the fair value of equity awards given
as consideration for services rendered to be recognized as
compensation expense over the shorter of the vesting or service
periods. In cases where an equity award is not fully vested, such
equity award must be revalued on each subsequent reporting date
until vesting is complete with a cumulative catch-up adjustment
recognized for any changes in its estimated fair value.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Research and Development Expenses&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Research and development expenses include salaries, laboratory
supplies, consultants and subcontractors and other expenses
associated with the Company&amp;#x2019;s process development,
manufacturing, clinical, regulatory and quality assurance
activities for internally funded programs. In addition, indirect
costs such as, fringe benefits and overhead expenses, are also
included in research and development expenses. These expenses
exclude costs associated with cost of contract revenue.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Warrant Accounting&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company accounts for the Warrants in accordance with applicable
accounting guidance in ASC 815, &lt;i&gt;Derivatives and Hedging&lt;/i&gt;, as
derivative liabilities. As such, the Warrants have been classified
as a non-current liability in the Company&amp;#x2019;s balance sheets.
The term of the Warrants expire July 31, 2013. In compliance with
applicable accounting standards, registered warrants that require
the issuance of registered shares upon exercise and do not
sufficiently preclude an implied right to cash settlement are
accounted for as derivative liabilities. The Company uses the Monte
Carlo Simulation model to determine the fair value of the Warrants,
which requires the input of subjective assumptions, including the
expected stock price volatility and probability of a fundamental
transaction (a strategic merger or sale).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The fair value of the Warrants as of December 31 was estimated with
the following assumptions:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Underlying price of common stock per share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1.26&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.43&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercise price per share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.62&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.62&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Risk-free interest rate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.20&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.85&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Dividend yield&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Volatility&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
72.5&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
75.2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expected term (in years)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1.58&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.58&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Probability of a fundamental transaction&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
0%&amp;#xA0;&amp;#x2013;&amp;#xA0;5&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
0%&amp;#xA0;&amp;#x2013;&amp;#xA0;5&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The revaluation of the estimated fair value of Warrants at each
subsequent balance sheet date results in a change in the carrying
value of the liability, which is recorded as &amp;#x201C;change in fair
value of warrant liability&amp;#x201D; in the statements of
operations.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Income Taxes&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company accounts for income taxes in accordance with ASC Topic
740, &lt;i&gt;Income Taxes&lt;/i&gt;. Under the liability method, deferred
income taxes are recognized for the future tax consequences
attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their
respective tax basis and operating loss carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the year in which those
temporary differences are expected to be recovered or settled. The
effect of changes in tax rates on deferred tax assets and
liabilities is recognized in income in the period that includes the
enactment date. A valuation allowance is established when necessary
to reduce net deferred tax assets to the amount expected to be
realized.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Tax benefits associated with uncertain tax positions are recognized
in the period in which one of the following conditions is
satisfied: (1) the more likely than not recognition threshold is
satisfied; (2) the position is ultimately settled through
negotiation or litigation; or (3) the statute of limitations for
the taxing authority to examine and challenge the position has
expired. Tax benefits associated with an uncertain tax position are
reversed in the period in which the more likely than not
recognition threshold is no longer satisfied.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Interest and penalties related to income tax matters are recorded
as income tax expense. At December 31, 2011 and 2010, the Company
had no accruals for interest or penalties related to income tax
matters.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Net Loss per Share&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Net loss per share is computed using the weighted average number of
shares of common stock outstanding. All outstanding warrants, stock
options and unvested restricted stock awards totaling 11,284,054,
9,344,635 and 9,428,319 shares at December 31, 2011, 2010 and 2009,
respectively, are excluded from the computation for 2011, 2010 and
2009, as their effect is anti-dilutive.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Segment Information&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company manages its business as one operating segment:
developing novel, recombinant vaccines. The Company does not
operate separate lines of business with respect to its vaccine
candidates. Accordingly, the Company does not have separately
reportable segments as defined by ASC 280, &lt;i&gt;Segment
Reporting&lt;/i&gt;.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Recent Accounting Pronouncements&lt;/h3&gt;
&lt;h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;u&gt;Recently Adopted&lt;/u&gt;&lt;/h4&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In January 2010, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2010-06, &lt;i&gt;Fair Value
Measurements and Disclosures (Topic
820)&amp;#xA0;&amp;#x2014;&amp;#xA0;Improving Disclosures about Fair Value
Measurements&lt;/i&gt;, which amends Topic 820 to add new requirements
for disclosures about transfers into and out of Levels 1 and 2 and
separate disclosures about purchases, sales, issuances and
settlements related to Level 3 measurements. ASU 2010-06 also
clarifies existing fair value disclosures about the level of
disaggregation and about inputs and valuation techniques used to
measure fair value. The ASU was effective for the first reporting
period beginning after December 15, 2009, except for the
requirements to provide the Level 3 activity of purchases, sales,
issuances and settlements on a gross basis, which was effective for
fiscal years beginning after December 15, 2010, and for interim
periods within those fiscal years. Early adoption was permitted.
The 2011 adoption for the requirement to provide the Level 3
activity did not have a material impact on the Company&amp;#x2019;s
financial statements.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In September 2009, ASU 2009-13, &lt;i&gt;Revenue Recognition&lt;/i&gt; (Topic
605)&amp;#xA0;&amp;#x2014;&amp;#xA0;&lt;i&gt;Multiple-Deliverable Revenue
Arrangements&lt;/i&gt;, was issued and changed the accounting for
multiple-deliverable arrangements to enable vendors to account for
products or services (deliverables) separately rather than as a
combined unit. Specifically, this guidance amends the criteria in
Subtopic 605-25, &lt;i&gt;Revenue
Recognition&lt;/i&gt;&amp;#xA0;&amp;#x2014;&amp;#xA0;&lt;i&gt;Multiple-Element
Arrangements,&lt;/i&gt; for separating consideration in
multiple-deliverable arrangements. This guidance establishes a
selling price hierarchy for determining the selling price of a
deliverable, which is based on: (a) vendor-specific objective
evidence; (b) third-party evidence; or (c) estimates. This guidance
also eliminates the residual method of allocation and requires that
arrangement consideration be allocated at the inception of the
arrangement to all deliverables using the relative selling price
method. In addition, this guidance significantly expands required
disclosures related to a vendor&amp;#x2019;s multiple-deliverable
revenue arrangements. ASU 2009-13 became effective prospectively
for multiple deliverable revenue arrangements entered into, or
materially modified, on or after January 1, 2011. The adoption of
this ASU did not have a material impact on the Company&amp;#x2019;s
financial statements.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In March 2010, ASU 2010-17, &lt;i&gt;Revenue
Recognition&amp;#xA0;&amp;#x2014;&amp;#xA0;Milestone Method&lt;/i&gt; (Topic 605)&lt;i&gt;:
Milestone Method of Revenue Recognition&amp;#xA0;&amp;#x2014;&amp;#xA0;a
consensus of the FASB Emerging Issues Task Force&lt;/i&gt;, was issued
and amended the accounting for revenue arrangements under which a
vendor satisfies its performance obligations to a customer over a
period of time, when the deliverable or unit of accounting is not
within the scope of other authoritative literature and when the
arrangement consideration is contingent upon the achievement of a
milestone. The amendment defines a milestone and clarifies whether
an entity may recognize consideration earned from the achievement
of a milestone in the period in which the milestone is achieved.
ASU 2010-17 became effective prospectively for milestones achieved
within research and development arrangements on or after January 1,
2011. The adoption of this ASU did not have a material impact on
the Company&amp;#x2019;s financial statements.&lt;/p&gt;
&lt;h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;u&gt;Not Yet Adopted&lt;/u&gt;&lt;/h4&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In June 2011, the FASB issued ASU 2011-05, &lt;i&gt;Comprehensive Income
(Topic 220): Presentation of Comprehensive Income&lt;/i&gt; (&amp;#x201C;ASU
2011-05&amp;#x201D;). This guidance is intended to increase the
prominence of other comprehensive income in financial statements by
presenting it in either a single-statement or two-statement
approach. This ASU is effective for the Company beginning January
1, 2012. The adoption of ASU 2011-05 will not have a material
effect on the Company&amp;#x2019;s financial statements.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In September 2011, the FASB issued ASU 2011-08,
&lt;i&gt;Intangibles&amp;#xA0;&amp;#x2014;&amp;#xA0;Goodwill and Other (Topic 350):
Testing Goodwill for Impairment&lt;/i&gt; (&amp;#x201C;ASU
2011-08&amp;#x201D;)&lt;i&gt;,&lt;/i&gt; to give both public and nonpublic entities
the option to qualitatively determine whether they can bypass the
two-step goodwill impairment test. Under the new guidance, if an
entity chooses to perform a qualitative assessment and determines
that it is more likely than not (a more than 50% likelihood) that
the fair value of a reporting unit is less than its carrying
amount, it would then perform Step 1 of the annual goodwill
impairment test in ASC 350-20 and, if necessary, proceed to Step 2.
Otherwise, no further evaluation would be necessary. The decision
to perform a qualitative assessment is made at the reporting unit
level, and an entity with multiple reporting units may utilize a
mix of qualitative assessments and quantitative tests among its
reporting units. The amended guidance is effective for interim and
annual goodwill impairment tests performed for fiscal years
beginning after December 15, 2011, although early adoption is
permitted. The adoption of ASU 2011-08 will not have a material
effect on the Company&amp;#x2019;s financial statements.&lt;/p&gt;
&lt;/div&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">18543000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">50000</us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">26000</us-gaap:OtherNonoperatingIncomeExpense>
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1911000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:ContractsRevenue contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">14688000</us-gaap:ContractsRevenue>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 15&amp;#xA0;&amp;#x2014;&amp;#xA0;Commitments and Contingencies&lt;/h2&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Operating Leases&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company conducts its operations from leased facilities, under
operating leases with terms expiring through 2023, in
Rockville/Gaithersburg, Maryland. The leases obligate the Company
to also pay building operating costs. In November 2011, the Company
entered into lease agreements, under which the Company will lease
its new manufacturing, laboratory and office space in Gaithersburg,
Maryland. The lease agreements provide that, among other things, as
of January 1, 2012, the Company subleases from the current facility
tenant, and subsequently leases from the landlord approximately
74,000 total square feet, with rent payments for such space
commencing April 1, 2014. Under the terms of one lease agreement,
the Landlord will provide the Company with a tenant improvement
allowance of $2.5 million and an additional tenant improvement
allowance of $3 million dollars, which additional tenant
improvement allowance is paid back to the Landlord during the
remainder of the term of such lease agreement (collectively, the
&amp;#x201C;Improvement Allowance&amp;#x201D;). Since December 31, 2011
through March 8, 2012, the Company has been funded $1.3 million
under the Improvement Allowance. In addition, the Company entered
into an agreement with the current facility tenant to purchase
laboratory equipment to be used at the space. The Company is
currently considering its plans for the Rockville, Maryland
facility subsequent to relocation to the Gaithersburg, Maryland
facilities, which plans include remarketing the facility through
the end of the remaining lease term of January 31, 2017. The
Company also leased space in Malvern, Pennsylvania, its former
corporate headquarters, under an operating lease with a term
expiring in 2014. The Company has subleased this facility under an
amended sublease agreement expiring in 2014.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Future minimum rental commitments under non-cancelable leases as of
December 31, 2011 are as follows (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Year&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Operating&lt;br /&gt;
Leases&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Sublease&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Net Operating&lt;br /&gt;
Leases&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,680&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(288&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,392&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2013&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,179&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(295&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,884&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2014&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,549&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(201&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,348&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2015&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,925&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,925&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,023&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,023&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Thereafter&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,268&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,268&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total minimum lease payments&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
31,624&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(784&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
30,840&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Total rent expenses approximated $1.6 million, $1.6 million and
$1.5 million for the years ended December 31, 2011, 2010 and 2009,
respectively.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Purchase Obligations&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In March 2009, the Company and Cadila entered into a master
services agreement pursuant to which the Company may request
services from Cadila in the areas of biologics research,
pre-clinical development, clinical development, process
development, manufacturing scale-up and general manufacturing
related services in India. In July 2011, the Company and Cadila
amended the master services agreement to extend the term by one
year for which services can be provided by Cadila under this
agreement. Under the revised terms, if, by March 31, 2013, the
amount of services provided by Cadila is less than $7.5 million,
the Company will pay Cadila the portion of the shortfall amount
that is less than or equal to $2.0 million and 50% of the portion
of the shortfall amount that exceeds $2.0 million. When calculating
the shortfall, the amount of services provided by Cadila includes
amounts that have been paid under all project plans, the amounts
that will be paid under ongoing executed project plans and amounts
for services that had been offered to Cadila, that Cadila was
capable of performing, but exercised its right not to accept such
project. The term of the master services agreement is five years,
but may be terminated by either party if there is a material breach
that is not cured within 30 days of notice or, at any time after
three years, provided that 90 days prior notice is given to the
other party. As of December 31, 2011, the Company&amp;#x2019;s remaining
obligation to Cadila under the master services agreement is $7.3
million.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Contingencies&lt;/h3&gt;
&lt;h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;u&gt;License Agreement with Wyeth Holdings Corporation&lt;/u&gt;&lt;/h4&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company entered into a license agreement in 2007 with Wyeth
Holdings Corporation, a subsidiary of Pfizer Inc.
(&amp;#x201C;Wyeth&amp;#x201D;). The license is a non-exclusive, worldwide
license to a family of patent applications covering VLP technology
for use in human vaccines in certain fields. The agreement provides
for an upfront payment, annual license fees, milestone payments and
royalties on any product sales. If each milestone is achieved for
any particular vaccine candidate, the Company would be obligated to
pay an aggregate of $14 million to Wyeth for each product developed
and commercialized under the agreement. Annual license maintenance
fees under the agreement total $0.2 million per annum. The royalty
to be paid by the Company under the agreement, if a product is
approved by the FDA for commercialization, will be based on single
digit percentage of net sales. Payments under the agreement to
Wyeth as of December 31, 2011 aggregated $5.1 million. The
agreement will remain effective as long as at least one claim of
the licensed patent rights cover the manufacture, sale or use of
any product unless terminated sooner at the Company&amp;#x2019;s option
or by Wyeth for an uncured breach by the Company.&lt;/p&gt;
&lt;h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;u&gt;Employment Agreements&lt;/u&gt;&lt;/h4&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has entered into employment agreements with certain of
its executive officers and key employees. The employment agreements
have one year terms that automatically renew annually and provide
for base salaries and other incentives. The agreements include a
provision whereby if the Company terminates the employment of such
an employee other than for cause, including pursuant to a change of
control under its severance plan, or the employee leaves the
Company for good reason, such employee shall be entitled to receive
payment of existing salary and benefits for a period that ranges
from 12 to 24 months.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:LongTermDebtTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 8&amp;#xA0;&amp;#x2014;&amp;#xA0;Long-Term Debt&lt;/h2&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Notes Payable&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Notes payable consist of the following at December 31 (in
thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Opportunity Grant Fund notes payable; non-interest bearing;
principal only payments due in monthly installments of $6,667
through April 2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;20&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;100&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loan agreements; bear interest at 3% per annum; repayment is
conditional&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
300&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
300&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;320&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;400&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less current portion&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(20&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(80&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Long-term portion&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
300&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
320&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Opportunity Grant Fund Note Payable&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In April 2007, the Company entered into a Settlement and Release
Agreement with the Commonwealth of Pennsylvania, whereby the
Company agreed to repay the original grant of $400,000 associated
with its former corporate headquarters and product development
activities in Malvern, Pennsylvania in 60 monthly installments of
$6,667 each starting May 2007. Interest does not accrue on the
outstanding balance.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Loan Agreements&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In May 2008, the Company entered into loan agreements with the
State of Maryland and Montgomery County whereby the repayment of
the loan amounts and accrued interest is conditioned upon the
Company meeting the capital investment and employment requirements
during the term of the loans through 2014, as amended.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Aggregate future minimum principal payments on long-term debt at
December 31, 2011 are as follows (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Year&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amount&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;20&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2013&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2014&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
300&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total minimum principal payments&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
320&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
  <us-gaap:CostsAndExpenses contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">36267000</us-gaap:CostsAndExpenses>
  <us-gaap:AccretionAmortizationOfDiscountsAndPremiumsInvestments contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-317000</us-gaap:AccretionAmortizationOfDiscountsAndPremiumsInvestments>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-23629000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-18952000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <us-gaap:CollaborativeArrangementDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 4&amp;#xA0;&amp;#x2014;&amp;#xA0;U.S. Government Agreement and
Collaboration&lt;/h2&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
HHS BARDA Contract Award for Recombinant Influenza Vaccines&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In February 2011, the Company was awarded a contract from HHS BARDA
valued at $97 million for the first 36 month base-period, with an
HHS BARDA option for an additional period of 24 months valued at
$82 million, for a total contract value of up to $179 million. The
HHS BARDA contract award provides significant funding for the
Company&amp;#x2019;s continued ongoing clinical development and product
scale-up of both its seasonal and pandemic influenza vaccine
candidates. This is a cost-plus-fixed-fee contract in which HHS
BARDA will reimburse the Company for direct contract costs incurred
plus allowable indirect costs and a fee earned in the further
development of its seasonal and pandemic (H5N1) influenza vaccines.
Billings under the contract are based on approved provisional
indirect billing rates, which permit recovery of fringe benefits,
overhead and general and administrative expenses not exceeding
certain limits. These indirect rates are subject to audit by HHS
BARDA on an annual basis. When the final determination of the
allowable costs for any year has been made, revenue and billings
may be adjusted accordingly. During 2011, the Company recognized
revenue of $14.7 million, made significant progress in product
characterization and production scale-up and are progressing
forward with its multi-year clinical development program.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
License Agreement with LG Life Sciences, Ltd.&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In February 2011, the Company entered into a License Agreement with
LG Life Sciences, Ltd. (&amp;#x201C;LGLS&amp;#x201D;) that allows LGLS to use
the Company&amp;#x2019;s VLP technology to develop and commercially sell
influenza vaccines exclusively in South Korea and non-exclusively
in certain other specified countries. At its own cost, LGLS is
responsible for funding its clinical development of the influenza
VLP vaccines and completing a manufacturing facility in South
Korea. The term of the License Agreement is expected to terminate
in 2027. Payments to the Company under the License Agreement
include an upfront payment, reimbursements of certain development
and product costs and royalty payments between 10 and 20% from
LGLS&amp;#x2019;s future commercial sales of influenza VLP vaccines. The
upfront payment has been deferred and will be recognized as revenue
when certain obligations in the agreement are satisfied.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CollaborativeArrangementDisclosureTextBlock>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2047000</us-gaap:ShareBasedCompensation>
  <us-gaap:PaymentsToAcquireAvailableForSaleSecurities contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2082000</us-gaap:PaymentsToAcquireAvailableForSaleSecurities>
  <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 5&amp;#xA0;&amp;#x2014;&amp;#xA0;Joint Venture&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In March 2009, the Company entered into a Joint Venture Agreement
with Cadila Pharmaceuticals Ltd., a private company incorporated
under the laws of India (&amp;#x201C;Cadila&amp;#x201D;) pursuant to which
the Company and Cadila formed CPL Biologicals Private Limited, a
joint venture (the &amp;#x201C;JV&amp;#x201D;), of which 20% is owned by the
Company and 80% is owned by Cadila. The JV will develop and
manufacture the Company&amp;#x2019;s seasonal influenza and pandemic
vaccine candidates and Cadila&amp;#x2019;s biogeneric products and other
diagnostic products for the territory of India. The JV has the
right to negotiate a definitive agreement for rights to certain
future Company products (other than RSV) and certain future Cadila
products in India, prior to the Company or Cadila licensing such
rights to a third party. The Company has the right to negotiate the
licensing of vaccines developed by the JV using Novavax&amp;#x2019;s
technology for commercialization in every country except for India
and vaccines developed by the JV using Cadila&amp;#x2019;s technology
for commercialization in certain other countries, including the
U.S. Cadila has committed to contribute approximately $8 million
over three years to support the JV&amp;#x2019;s operations. In
connection with the Joint Venture Agreement, in March 2009, the
Company also entered into a license agreement, an option to enter
into a license agreement, a technical services agreement and a
supply agreement with the JV and a master services agreement with
Cadila. Because the Company does not control the JV, the Company
accounts for its investment using the equity method. Since the
carrying value of the Company&amp;#x2019;s contribution was nominal and
there is no guarantee or commitment to provide future funding, the
Company has not recorded nor expects to record losses related to
this investment in the future.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Also in March 2009, the Company entered into a Stock Purchase
Agreement with Satellite Overseas (Holdings) Limited
(&amp;#x201C;SOHL&amp;#x201D;), a subsidiary of Cadila, pursuant to which
SOHL purchased 12.5 million shares of the Company&amp;#x2019;s common
stock at the market price of $0.88 per share, resulting in net
proceeds of approximately $10.6 million.&lt;/p&gt;
&lt;/div&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-2686000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <us-gaap:InterestExpense contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">9000</us-gaap:InterestExpense>
  <us-gaap:PaymentsToAcquireProductiveAssets contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">610000</us-gaap:PaymentsToAcquireProductiveAssets>
  <us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">179000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
  <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2474000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>
  <us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 12&amp;#xA0;&amp;#x2014;&amp;#xA0;Employee Benefits&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company maintains a defined contribution 401(k) retirement
plan, pursuant to which employees who have completed 90 days of
service may elect to contribute up to 100% of their compensation on
a tax deferred basis up to the maximum amount permitted by the
Internal Revenue Code of 1986, as amended.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company currently matches 25% of the first 6% of the
participants&amp;#x2019; deferral. Contributions to the 401(k) plan vest
equally over a three-year period. The Company has expensed, net of
forfeitures, approximately $88,000, $71,000 and $37,000 in 2011,
2010 and 2009, respectively.&lt;/p&gt;
&lt;/div&gt;</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
  <us-gaap:NetIncomeLoss contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-19364000</us-gaap:NetIncomeLoss>
  <us-gaap:ResearchAndDevelopmentExpense contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">17885000</us-gaap:ResearchAndDevelopmentExpense>
  <us-gaap:IncreaseDecreaseInUnbilledReceivables contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1836000</us-gaap:IncreaseDecreaseInUnbilledReceivables>
  <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 17&amp;#xA0;&amp;#x2014;&amp;#xA0;Quarterly Financial Information
(Unaudited)&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company&amp;#x2019;s unaudited quarterly information for the years
ended December 31, 2011 and 2010 is as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;Quarter Ended&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;March 31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;June 30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;September 30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;December 31&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;(in thousands,
except per share data)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
2011:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;834&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,001&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,845&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,453&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(4,993&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,212&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,705&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss per share&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.07&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.04&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.03&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.03&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;Quarter Ended&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;March 31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;June 30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;September 30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;December 31&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;(in thousands,
except per share data)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
2010:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;110&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;7&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;175&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;51&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,343&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(8,857&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,222&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,286&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss per share&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.10&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.09&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.10&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.06&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The net income (loss) per share was calculated for each three-month
period on a stand-alone basis. As a result, the sum of the net
income (loss) per share for the four quarters may not equal the net
income (loss) per share for the respective twelve-month period.&lt;/p&gt;
&lt;/div&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
  <us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h1 style="TEXT-ALIGN: center; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 9pt"&gt;
SCHEDULE II&amp;#xA0;&amp;#x2014;&amp;#xA0;VALUATION AND QUALIFYING
ACCOUNTS&lt;br /&gt;
December 31, 2011, 2010 and 2009&lt;br /&gt;
(in thousands)&lt;/h1&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Balance at&lt;br /&gt;
Beginning&lt;br /&gt;
of Year&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Additions&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Deductions&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Balance at&lt;br /&gt;
End of Year&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Net Deferred Tax Asset Valuation Allowance:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
108,004&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
18,016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
126,020&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
94,853&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
13,151&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
108,004&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
80,799&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
14,054&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
94,853&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock>
  <us-gaap:ContractRevenueCost contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">7003000</us-gaap:ContractRevenueCost>
  <us-gaap:NatureOfOperations contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Note 1&amp;#xA0;&amp;#x2014;&amp;#xA0;Organization&lt;/h2&gt;
&lt;p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Novavax, Inc. (the &amp;#x201C;Company&amp;#x201D;) is a clinical-stage
biopharmaceutical company focused on developing novel recombinant
vaccines to address a broad range of infectious diseases. The
Company&amp;#x2019;s goal is to become a profitable vaccine company that
is aggressively driving towards development, licensure and
commercialization of important vaccines worldwide. The
Company&amp;#x2019;s technology platform is based on proprietary
recombinant vaccine technology that includes virus-like particles
(&amp;#x201C;VLPs&amp;#x201D;) and recombinant nanoparticle vaccines combined
with a single-use bioprocessing production system. These vaccine
candidates are genetically engineered three-dimensional
nanostructures that incorporate immunologically important
recombinant proteins. The Company&amp;#x2019;s product pipeline targets
a variety of infectious diseases and its vaccine candidates are
currently in or have completed clinical trials that target pandemic
influenza (H5N1), seasonal influenza and respiratory syncytial
virus (&amp;#x201C;RSV&amp;#x201D;).&lt;/p&gt;
&lt;p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
In 2009, the Company formed a joint venture with Cadila
Pharmaceuticals Limited named CPL Biologicals Private Limited to
develop and manufacture vaccines, biological therapeutics and
diagnostics in India. The joint venture is owned 20% by the Company
and 80% by Cadila Pharmaceuticals Limited (see Note 5).&lt;/p&gt;
&lt;/div&gt;</us-gaap:NatureOfOperations>
  <us-gaap:DepreciationAndAmortization contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1613000</us-gaap:DepreciationAndAmortization>
  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-5">200000</us-gaap:PaymentsOfStockIssuanceCosts>
  <us-gaap:OperatingIncomeLoss contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-21579000</us-gaap:OperatingIncomeLoss>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">10980000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">412000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:OtherNoncashIncome contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">341000</us-gaap:OtherNoncashIncome>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">6043000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1854000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:CapitalExpendituresIncurredButNotYetPaid contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">14000</us-gaap:CapitalExpendituresIncurredButNotYetPaid>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 14&amp;#xA0;&amp;#x2014;&amp;#xA0;Income Taxes&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company recorded a current income tax expense for foreign taxes
of $0.4 million in 2011, and a deferred federal income tax benefit
of $0.5 million in 2010. The components of the income tax provision
(benefit) are as follows (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Current U.S.&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Current foreign&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;412&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(450&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net provision&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
412&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(450&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Deferred tax assets (liabilities) consist of the following at
December 31 (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net operating losses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
116,492&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
99,999&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Research tax credits&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,904&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,924&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,974&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,290&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total deferred tax assets&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
126,370&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
108,213&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(350&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(209&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total deferred tax liabilities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(350&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(209&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net deferred tax assets&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
126,020&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
108,004&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less valuation allowance&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(126,020&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(108,004&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred tax assets, net&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The differences between the U.S. federal statutory tax rate and the
Company&amp;#x2019;s effective tax rate are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Statutory federal tax rate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
State income taxes, net of federal benefit&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(9&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Research and development credit&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(5&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(1&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expiration of net operating losses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;10&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(3&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(1&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Change in valuation allowance&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
43&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
36&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
39&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Realization of net deferred tax assets is dependent on the
Company&amp;#x2019;s ability to generate future taxable income, which is
uncertain. Accordingly, a full valuation allowance was recorded
against these assets as of December 31, 2011 and 2010 as management
believes it is more likely than not that the assets will not be
realizable.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2011, the Company incurred a $0.4 million foreign
withholding tax related to a payment received in accordance with a
license agreement. This withholding tax gives rise to an increase
to the U.S. net operating loss for which a full valuation allowance
has been recorded. During the year ended December 31, 2010, as a
result of new legislation allowing for the partial refund of
research and development credits, the Company requested and
received a refund of approximately $0.1 million. In addition,
during the year ended December 31, 2010, the Company received
grants totaling $0.8 million for qualifying therapeutic discovery
projects under Internal Revenue Code Section 48D. The combination
of the refundable research and development credits and the Internal
Revenue Code Section 48D grant resulted in the Company recording a
deferred federal income tax benefit of $0.5 million during the year
ended December 31, 2010.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
As of December 31, 2011, the Company had tax return reported
federal net operating losses and tax credits available as follows
(in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amount&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Federal net operating losses expiring through the year 2031&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
287,533&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Research tax credits expiring through the year 2031&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,523&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Alternative-minimum tax credit (no expiration)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;94&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Utilization of the net operating loss carryforwards and credits may
be subject to a substantial annual limitation due to the ownership
change limitations provided by the Internal Revenue Code of 1986,
as amended, and similar state provisions. The Company has not
performed a detailed analysis to determine whether an ownership
change under Section 382 of the Internal Revenue Code occurred. The
effect of an ownership change would be the imposition of an annual
limitation on the use of net operating loss carryforwards and
credits attributable to periods before the change and could result
in a reduction in the total net operating losses and credits
available.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Beginning in 2006, the windfall equity-based compensation
deductions are tracked, but will not be recorded to the balance
sheet until management determines more likely than not that such
amounts will be utilized. During 2011 and 2010, the Company had
$0.1 million and $0 million, respectively, of windfall stock
compensation deductions. If and when realized, the tax benefit
associated with these deductions will be credited to additional
paid-in capital. These excess benefit deductions are included in
the total federal net operating losses disclosed above.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Tabular Reconciliation of Unrecognized Tax Benefits (in
thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amount&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Unrecognized tax benefits as of January 1, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,859&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross increases&amp;#xA0;&amp;#x2013;&amp;#xA0;tax positions in prior
period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;105&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross decreases&amp;#xA0;&amp;#x2013;&amp;#xA0;tax position in prior period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(54&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross increases&amp;#xA0;&amp;#x2013;&amp;#xA0;current-period tax positions&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Increases (decreases) from settlements&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Unrecognized tax benefits as of December 31, 2010&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,910&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross increases&amp;#xA0;&amp;#x2013;&amp;#xA0;tax positions in prior
period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross decreases&amp;#xA0;&amp;#x2013;&amp;#xA0;tax position in prior period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross increases&amp;#xA0;&amp;#x2013;&amp;#xA0;current-period tax positions&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Increases (decreases) from settlements&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Unrecognized tax benefits as of December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,875&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
To the extent these unrecognized tax benefits are ultimately
recognized, it would affect the annual effective income tax
rate.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company files income tax returns in the U.S. federal
jurisdiction and in various states. The Company had tax net
operating losses and credit carryforwards that are subject to
examination for a number of years beyond the year in which they are
generated for tax purposes. Since a portion of these carryforwards
may be utilized in the future, many of these attribute
carryforwards remain subject to examination.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company&amp;#x2019;s policy is to recognize interest and penalties
related to income tax matters in income tax expense. As of December
31, 2011 and December 31, 2010, the Company had no accruals for
interest or penalties related to income tax matters.&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:ImpairmentOfLongLivedAssetsHeldForUse contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">360000</us-gaap:ImpairmentOfLongLivedAssetsHeldForUse>
  <us-gaap:InvestmentIncomeNet contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">136000</us-gaap:InvestmentIncomeNet>
  <us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">60000</us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 11&amp;#xA0;&amp;#x2014;&amp;#xA0;Stock-Based Compensation&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has granted equity awards under several plans. Under
the 2005 Stock Incentive Plan (the &amp;#x201C;2005 Plan&amp;#x201D;), equity
awards may be granted to officers, directors, employees,
consultants and advisors to the Company and any present or future
subsidiary. The 2005 Plan, approved in May 2005 and amended in June
2007 and June 2011 by the Company&amp;#x2019;s stockholders, currently
authorizes the grant of equity awards for up to 14,312,192 shares
of common stock, which included, at the time of approval of the
2005 Plan, a maximum 5,746,468 shares of common stock subject to
stock options outstanding under the Company&amp;#x2019;s 1995 Stock
Option Plan (the &amp;#x201C;1995 Plan&amp;#x201D;) that may revert to and
become issuable under the 2005 Plan if such options should expire
or otherwise terminate unexercised. The term of the Company&amp;#x2019;s
1995 Plan has expired. Outstanding stock options remain in
existence in accordance with their terms and no new awards will be
made under the 1995 Plan.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Under the 2005 Plan and the 1995 Plan, incentive stock options,
having a maximum term of 10 years, can be or were granted at no
less than 100% of the fair value of the Company&amp;#x2019;s common
stock at the time of grant and are generally exercisable over
periods ranging from six months to four years. There is no minimum
exercise price for non-statutory stock options.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company recorded stock-based compensation expense in the
statements of operations as follows (in thousands):&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Years ended December 31,&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Research and development&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;610&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;335&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;539&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
General and administrative&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,437&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,004&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
994&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total stock-based compensation expenses&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,047&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,339&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,533&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Stock Options Awards&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following is a summary of option activity under the 2005 Plan
and the 1995 Plan for the year ended December 31, 2011:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;2005 Stock Incentive Plan&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;1995 Stock Option Plan&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Stock Options&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted-&lt;br /&gt;
Average&lt;br /&gt;
Exercise Price&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Stock Options&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted-&lt;br /&gt;
Average&lt;br /&gt;
Exercise Price&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Outstanding at January 1, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,214,794&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
579,850&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.97&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,625,400&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.08&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(198,679&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.90&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Canceled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,228,769&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.54&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(105,200&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.81&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Outstanding at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,412,746&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.22&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
474,650&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.38&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested and expected to vest at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,653,550&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.25&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
474,650&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.38&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Shares exercisable at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,705,448&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.39&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
474,650&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.38&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Shares available for grant at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,311,224&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The fair value of the stock options granted for the years ended
December 31, 2011, 2010 and 2009, was estimated at the date of
grant using the Black-Scholes option-pricing model with the
following assumptions:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Weighted average fair value of options granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
$1.14&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
$1.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
$1.29&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Risk-free interest rate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
0.48%&amp;#xA0;&amp;#x2013;&amp;#xA0;1.91%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
0.93%&amp;#xA0;&amp;#x2013;&amp;#xA0;2.89%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
1.56%&amp;#xA0;&amp;#x2013;&amp;#xA0;3.19%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Dividend yield&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Volatility&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
73.3%&amp;#xA0;&amp;#x2013;&amp;#xA0;81.0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
97.0%&amp;#xA0;&amp;#x2013;&amp;#xA0;108.0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
85.7%&amp;#xA0;&amp;#x2013;&amp;#xA0;119.5%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expected term (in years)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
3.26&amp;#xA0;&amp;#x2013;&amp;#xA0;4.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
3.06&amp;#xA0;&amp;#x2013;&amp;#xA0;6.26&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
3.89&amp;#xA0;&amp;#x2013;&amp;#xA0;7.05&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expected forfeiture rate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
0&amp;#xA0;&amp;#x2013;&amp;#xA0;23.15%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
21.07%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
21.07%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The aggregate intrinsic value and weighted-average remaining
contractual term of stock options exercisable as of December 31,
2011 was approximately $0.2 million and 3.8 years, respectively.
The aggregate intrinsic value and weighted-average remaining
contractual term of options vested and expected to vest as of
December 31, 2011 was $0.3 million and 7.0 years, respectively. The
aggregate intrinsic value represents the total intrinsic value (the
difference between the Company&amp;#x2019;s closing stock price on the
last trading day of 2011 and the exercise price, multiplied by the
number of in-the-money options) that would have been received by
the option holders had all option holders exercised their options
on December 31, 2011. This amount is subject to change based on
changes to the fair market value of the Company&amp;#x2019;s common
stock. The aggregate intrinsic value of options exercised for 2011,
2010 and 2009 was $0.3 million, $0.3 million and $0.9 million,
respectively.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Restricted Stock Awards&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Under the 2005 Plan, the Company granted restricted stock awards
subject to certain performance-based or time-based vesting
conditions which, if not met, would result in forfeiture of the
shares and reversal of any previously recognized related
stock-based compensation expense.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following is a summary of restricted stock awards activity for
the year ended December 31, 2011:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Number of&lt;br /&gt;
Shares&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Per Share&lt;br /&gt;
Weighted-&lt;br /&gt;
Average&lt;br /&gt;
Grant-Date&lt;br /&gt;
Fair Value&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Outstanding at January 1, 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
56,666&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Restricted stock granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
50,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1.39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Restricted stock vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(53,333&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Restricted stock forfeited&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Outstanding at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
53,333&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1.63&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
As of December 31, 2011, there was approximately $3.0 million of
total unrecognized compensation expense (net of estimated
forfeitures) related to unvested options and restricted stock
awards. This unrecognized compensation expense is expected to be
recognized over a weighted average period of 1.6 years.&lt;/p&gt;
&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2500000</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 16&amp;#xA0;&amp;#x2014;&amp;#xA0;Related Party Transactions&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Dr. Rajiv Modi, a director of Novavax, is also a managing director
of Cadila. The Company and Cadila have formed a joint venture
called CPL Biologicals Private Limited, of which the Company owns
20% and Cadila owns 80%. The Company and Cadila also have entered
into a master services agreement, pursuant to which Cadila may
perform certain research, development and manufacturing services
for the Company up to $7.5 million. A subsidiary of Cadila owns
12.5 million shares of the Company&amp;#x2019;s outstanding common
stock. Since entering into the master services agreement and
through December 31, 2011, the Company has incurred $0.2 million
under the agreement. During 2010, the Company was reimbursed by the
JV for travel and administrative costs and services provided to the
JV totaling $0.2 million. The reimbursement of these costs and
services was recorded as a reduction to operating expenses. In
addition, in 2010, the Company purchased from the JV laboratory
equipment for $0.2 million. At December 31, 2011, the Company
recorded $0.1 million as a payable to Cadila.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In September 2011, the Company executed agreements with Mr.
Mitchell Kelly and Dr. Denis O&amp;#x2019;Donnell, two of the
Company&amp;#x2019;s former directors, to settle litigation initiated by
the Company in 2010 to collect on outstanding notes to the Company,
and in each case the lawsuit was dismissed with prejudice and the
pledged shares of Common Stock were surrendered to the Company. As
reflected on the Company&amp;#x2019;s balance sheet, the remaining notes
receivable were eliminated with a corresponding reduction in common
stock and additional paid-in capital as of December 31, 2011.&lt;/p&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">11379000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:AdditionalFinancialInformationDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Note 6&amp;#xA0;&amp;#x2014;&amp;#xA0;Other Financial Information&lt;/h2&gt;
&lt;h3 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Prepaid Expenses&lt;/h3&gt;
&lt;p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Prepaid expenses consist of the following at December 31 (in
thousands):&lt;/p&gt;
&lt;p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;/p&gt;
&lt;div style="text-align: center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="554" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" rowspan="1" colspan="1"&gt;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Laboratory supplies&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;1,616&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;784&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1"&gt;Other prepaid expenses&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;825&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;558&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" rowspan="1" colspan="1"&gt;Prepaid expenses&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1"&gt;2,441&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1"&gt;1,342&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Property and Equipment, net&lt;/h3&gt;
&lt;p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Property and equipment is comprised of the following at December 31
(in thousands):&lt;/p&gt;
&lt;p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;/p&gt;
&lt;div style="text-align: center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="554" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" rowspan="1" colspan="1"&gt;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Construction in progress&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;56&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;522&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Machinery and equipment&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;7,131&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;6,697&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Leasehold improvements&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;4,548&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;4,531&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1"&gt;Computer software and hardware&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;669&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;554&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;12,404&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;12,304&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1"&gt;Less accumulated depreciation and
amortization&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;(5,547&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;(4,098&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" rowspan="1" colspan="1"&gt;Property and equipment, net&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1"&gt;6,857&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1"&gt;8,206&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Depreciation and amortization expense was approximately $1.6
million, $1.4 million and $1.2 million for the years ended December
31, 2011, 2010 and 2009, respectively.&lt;/p&gt;
&lt;h3 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Accrued Expenses and Other Current Liabilities&lt;/h3&gt;
&lt;p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
Accrued expenses and other current liabilities consist of the
following at December 31 (in thousands):&lt;/p&gt;
&lt;p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;/p&gt;
&lt;div style="text-align: center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="554" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" rowspan="1" colspan="1"&gt;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Employee benefits and compensation&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2,283&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2,293&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Research and development accruals&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;1,213&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;3,421&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Other accrued expenses&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;1,000&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;535&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1"&gt;Accrued interest&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;32&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;24&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" rowspan="1" colspan="1"&gt;Accrued expenses and other current
liabilities&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1"&gt;4,528&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1"&gt;6,273&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:AdditionalFinancialInformationDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">11129000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">-0.17</us-gaap:EarningsPerShareBasicAndDiluted>
  <nvax:CancellationOfPreviouslyIssuedCommonStockValue contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-50000</nvax:CancellationOfPreviouslyIssuedCommonStockValue>
  <nvax:WeightedAverageNumberBasicDilutedSharesOutstanding contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0" unitRef="shares" decimals="-3">113610000</nvax:WeightedAverageNumberBasicDilutedSharesOutstanding>
  <nvax:TaxDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 13&amp;#xA0;&amp;#x2014;&amp;#xA0;Therapeutic Tax Credit&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In 2010, the Company submitted applications for qualifying
therapeutic discovery project credits under &amp;#xA7;48D of the
Internal Revenue Code, as amended (the &amp;#x201C;Code&amp;#x201D;), as
added to the Code by section 9023(a) of the Patient Protection and
Affordable Care Act of 2010, and was awarded grants totaling $1.0
million, of which $0.2 million was refunded due to a shortfall in
qualified expenses relating to one of its applications.&lt;/p&gt;
&lt;/div&gt;</nvax:TaxDisclosureTextBlock>
  <nvax:StockWarrantsTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 7&amp;#xA0;&amp;#x2014;&amp;#xA0;Warrant Liability&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In July 2008, the Company completed a registered direct offering of
6,686,650 units, raising approximately $17.5 million in net
proceeds. Each unit consisted of one share of common stock and a
warrant to purchase 0.5 shares of common stock (the
&amp;#x201C;Warrants&amp;#x201D;) at a price of $2.68 per unit. The Warrants
represent the right to acquire an aggregate of 3,343,325 shares of
common stock at an exercise price of $3.62 per share and are
exercisable through July 31, 2013.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2011, 2010 and 2009, the Company recorded as other income
(expense) in its statements of operations a change in fair value of
warrant liability of $2.5 million, $1.7 million and ($2.0) million,
respectively. As of December 31, 2011, the warrant liability
recorded on the balance sheet was $0.4 million and all Warrants
remain outstanding as of that date under this offering.&lt;/p&gt;
&lt;/div&gt;</nvax:StockWarrantsTextBlock>
  <nvax:LiquidityMattersDisclosureTextBlock contextRef="eol_PE9557----1110-K0007_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 2&amp;#xA0;&amp;#x2014;&amp;#xA0;Liquidity Matters&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company&amp;#x2019;s vaccine candidates currently under development
will require significant additional research and development
efforts, including extensive pre-clinical and clinical testing, and
regulatory approval prior to commercial use. The Company&amp;#x2019;s
research and development efforts may not be successful and any
potential vaccine candidates may not prove to be safe and effective
in clinical trials. Even if developed, these vaccine candidates may
not receive regulatory approval or be successfully introduced and
marketed at prices that would permit the Company to operate
profitably. The commercial launch of any vaccine is subject to
significant risks including, but not limited to, manufacturing
scale-up and market acceptance.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Since its inception, the Company has incurred, and continues to
incur, significant losses from operations. At December 31, 2011,
the Company had cash and cash equivalents of $14.1 million and
short-term investments with a fair value of $4.2 million. Since
December 31, 2011 through March 8, 2012, the Company has sold 5.2
million shares under its At Market Issuance Sales Agreement for
$7.2 million in net proceeds.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Based on the Company&amp;#x2019;s cash and cash equivalents and
short-term investments balances as of December 31, 2011,
anticipated revenue under the contract with the Department of
Health and Human Services, Biomedical Advanced Research and
Development Authority (&amp;#x201C;HHS BARDA&amp;#x201D;) that was awarded in
February 2011, possible proceeds from sales of the Company&amp;#x2019;s
common stock under its At Market Issuance Sales Agreement and its
current business operations, the Company believes it has adequate
capital resources available to operate at planned levels for at
least the next twelve months. Additional capital will be required
in the future to develop its vaccine candidates through clinical
development, manufacturing and commercialization. The
Company&amp;#x2019;s ability to generate revenue under the HHS BARDA
contract is subject to its performance under the contract; its
ability to raise funds under its At Market Issuance Sales Agreement
is subject to both its business performance and market conditions.
Further, the Company may seek additional capital through public or
private equity offerings, debt financing, strategic alliance and
licensing arrangements, non-dilutive government contracts,
collaborative arrangements, or some combination of these financing
alternatives. Any capital raised by an equity offering, whether
public or private, will likely be substantially dilutive to the
existing stockholders and any licensing or development arrangement
may require the Company to give up rights to a product or
technology at less than its full potential value. Other than the
Company&amp;#x2019;s At Market Issuance Sales Agreement and the
Improvement Allowance (see Note 15), the Company has not secured
any additional commitments for new financing, nor can the Company
provide any assurance that financing will be available on
commercially acceptable terms, if at all. If the Company is unable
to perform under the HHS BARDA contract or obtain additional
capital, it will assess its capital resources and will likely be
required to delay, reduce the scope of, or eliminate one or more of
its research and development programs, and/or downsize the
organization, including its general and administrative
infrastructure.&lt;/p&gt;
&lt;/div&gt;</nvax:LiquidityMattersDisclosureTextBlock>
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&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Note 9&amp;#xA0;&amp;#x2014;&amp;#xA0;Sales of Common Stock&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In March 2010, the Company entered into an At Market Issuance Sales
Agreement under which the Company may sell an aggregate of $50
million of gross proceeds of the Company&amp;#x2019;s common stock. The
Company&amp;#x2019;s Board of Directors authorized the sale of up to 25
million shares of common stock pursuant to the At Market Issuance
Sales Agreement. In 2011, the Company sold 6,001,841 shares at
sales prices ranging from $1.25&amp;#xA0;&amp;#x2013;&amp;#xA0;$2.75 and
received net proceeds of $11.8 million (with $0.8 million received
in early 2012) under the At Market Issuance Sales Agreement. In
2010, the Company sold 10,513,849 shares at a range of
$2.10&amp;#xA0;&amp;#x2013;&amp;#xA0;$2.55 and received net proceeds of $23.1
million under the At Market Issuance Sales Agreement. Since
entering into the At Market Issuance Sales Agreement in March 2010,
the Company has sold 21,053,564 shares and received gross proceeds
of $42.1 million through March 8, 2012.&lt;/p&gt;
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsLiquidityMattersDisclosureTextBlock" id="Role_NotesToFinancialStatementsLiquidityMattersDisclosureTextBlock">
        <link:definition>111 - Disclosure - Liquidity Matters</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock" id="Role_NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock">
        <link:definition>112 - Disclosure - Summary of Significant Accounting Policies</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock" id="Role_NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock">
        <link:definition>113 - Disclosure - U.S. Government Agreement and Collaboration</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsEquityMethodInvestmentsDisclosureTextBlock" id="Role_NotesToFinancialStatementsEquityMethodInvestmentsDisclosureTextBlock">
        <link:definition>114 - Disclosure - Joint Venture</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsAdditionalFinancialInformationDisclosureTextBlock" id="Role_NotesToFinancialStatementsAdditionalFinancialInformationDisclosureTextBlock">
        <link:definition>115 - Disclosure - Other Financial Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsStockWarrantsTextBlock" id="Role_NotesToFinancialStatementsStockWarrantsTextBlock">
        <link:definition>116 - Disclosure - Warrant Liability</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock" id="Role_NotesToFinancialStatementsLongTermDebtTextBlock">
        <link:definition>117 - Disclosure - Long-Term Debt</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsSaleOfCommonStockDisclosureTextBlock" id="Role_NotesToFinancialStatementsSaleOfCommonStockDisclosureTextBlock">
        <link:definition>118 - Disclosure - Sales of Common Stock</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" id="Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock">
        <link:definition>119 - Disclosure - Stockholders' Equity</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
        <link:definition>120 - Disclosure - Stock-Based Compensation</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock" id="Role_NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock">
        <link:definition>121 - Disclosure - Employee Benefits</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsTaxDisclosureTextBlock" id="Role_NotesToFinancialStatementsTaxDisclosureTextBlock">
        <link:definition>122 - Disclosure - Therapeutic Tax Credit</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" id="Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock">
        <link:definition>123 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" id="Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock">
        <link:definition>124 - Disclosure - Commitments and Contingencies</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock" id="Role_NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock">
        <link:definition>125 - Disclosure - Related Party Transactions</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock" id="Role_NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock">
        <link:definition>126 - Disclosure - Quarterly Financial Information (Unaudited)</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" id="Role_NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
        <link:definition>127 - Disclosure - VALUATION AND QUALIFYING ACCOUNTS</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:href="nvax-20111231_cal.xml" xlink:title="Calculation Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:href="nvax-20111231_def.xml" xlink:title="Definition Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:href="nvax-20111231_lab.xml" xlink:title="Label Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:href="nvax-20111231_pre.xml" xlink:title="Presentation Links, all"/>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/country/2011-01-31" schemaLocation="http://xbrl.sec.gov/country/2011/country-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/invest/2011-01-31" schemaLocation="http://xbrl.sec.gov/invest/2011/invest-2011-01-31.xsd"/>
  <element name="AllOtherMember" id="nvax_AllOtherMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="AtTheMarketATMProgramsMember" id="nvax_AtTheMarketATMProgramsMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CancellationOfPreviouslyIssuedCommonStockShares" id="nvax_CancellationOfPreviouslyIssuedCommonStockShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CancellationOfPreviouslyIssuedCommonStockValue" id="nvax_CancellationOfPreviouslyIssuedCommonStockValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CompanyAMember" id="nvax_CompanyAMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CompanyBMember" id="nvax_CompanyBMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DocumentDocumentandEntityInformationAbstract" id="nvax_DocumentDocumentandEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="LiquidityMattersDisclosureTextBlock" id="nvax_LiquidityMattersDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="NotesToFinancialStatementsAbstract" id="nvax_NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="ReceivableForIssuesOfCommonStock" id="nvax_ReceivableForIssuesOfCommonStock" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="SaleOfCommonStockDisclosureTextBlock" id="nvax_SaleOfCommonStockDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="SettlementOfNotesReceivable" id="nvax_SettlementOfNotesReceivable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockWarrantsTextBlock" id="nvax_StockWarrantsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="TaxDisclosureTextBlock" id="nvax_TaxDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="WeightedAverageNumberBasicDilutedSharesOutstanding" id="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>18
<FILENAME>nvax-20111231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Calculation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: ea178a55-f941-4fcd-bbc9-ae3fe5ff32be -->
<!-- Creation date: 2012-03-14T18:21:52Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.novavax.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfFinancialPositionClassified" roleURI="http://www.novavax.com/taxonomy/role/StatementOfFinancialPositionClassified"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfFinancialPositionClassifiedParen" roleURI="http://www.novavax.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfIncomeAlternative" roleURI="http://www.novavax.com/taxonomy/role/StatementOfIncomeAlternative"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_ci-StatementOfShareholdersEquityAndOtherComprehensiveIncome" roleURI="http://www.novavax.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_ci-StatementOfShareholdersEquityAndOtherComprehensiveIncomeParen" roleURI="http://www.novavax.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncomeParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://www.novavax.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfCashFlowsIndirectParen" roleURI="http://www.novavax.com/taxonomy/role/StatementOfCashFlowsIndirectParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsNatureOfOperations" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsLiquidityMattersDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsLiquidityMattersDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsEquityMethodInvestmentsDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsEquityMethodInvestmentsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsAdditionalFinancialInformationDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsAdditionalFinancialInformationDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsStockWarrantsTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsStockWarrantsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsLongTermDebtTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsSaleOfCommonStockDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsSaleOfCommonStockDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsTaxDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsTaxDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" roleURI="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.novavax.com/taxonomy/role/DocumentDocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.novavax.com/taxonomy/role/StatementOfFinancialPositionClassified">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesCurrent" xlink:label="us-gaap_AvailableForSaleSecuritiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRentCreditCurrent" xlink:label="us-gaap_DeferredRentCreditCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRentCreditNoncurrent" xlink:label="us-gaap_DeferredRentCreditNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>19
<FILENAME>nvax-20111231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Definition Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
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<!-- Creation date: 2012-03-14T18:21:52Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
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  <definitionLink xlink:type="extended" xlink:role="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsTaxDisclosureTextBlock">
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_TaxDisclosureTextBlock" xlink:label="nvax_TaxDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain" order="1.0000" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="100.0000" xbrldt:closed="true" xbrldt:contextElement="segment" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="nvax_TaxDisclosureTextBlock" order="1.0200" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="dei_LegalEntityAxis" order="1.0000" priority="2" use="optional"/>
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  <definitionLink xlink:type="extended" xlink:role="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock">
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
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  <definitionLink xlink:type="extended" xlink:role="http://www.novavax.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock">
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</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>20
<FILENAME>nvax-20111231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Labels Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: ea178a55-f941-4fcd-bbc9-ae3fe5ff32be -->
<!-- Creation date: 2012-03-14T18:21:52Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" roleURI="http://xbrl.us/us-gaap/role/label/negated"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts Payable Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts Receivable Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:label="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_lbl" xml:lang="en-US">Accretion Amortization Of Discounts And Premiums Investments</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_lbl" xml:lang="en-US">Amortization of net premiums on short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:to="us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued Liabilities Current</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalFinancialInformationDisclosureTextBlock_lbl" xml:lang="en-US">Additional Financial Information Disclosure [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid In Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-in Capital</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US">Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US">Non-cash compensation costs for stock options and restricted stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xml:lang="en-US">Adjustments To Additional Paid In Capital Stock Issued Issuance Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl" xml:lang="en-US">Issuance of common stock, issuance costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Reconciliation of net loss to net cash used in operating activities:</label>
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    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_AllOtherMember" xlink:label="nvax_AllOtherMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_AllOtherMember_lbl" xml:lang="en-US">All Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_AllOtherMember_lbl" xml:lang="en-US">All Other [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_AllOtherMember_lbl" xml:lang="en-US">All Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_AllOtherMember" xlink:to="nvax_AllOtherMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xml:lang="en-US">Amortization Of Debt Discount Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xml:lang="en-US">Amortization of debt discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="us-gaap_AmortizationOfDebtDiscountPremium_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization Of Financing Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of deferred financing costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Assets Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Assets Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_AtTheMarketATMProgramsMember" xlink:label="nvax_AtTheMarketATMProgramsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_AtTheMarketATMProgramsMember_lbl" xml:lang="en-US">At The Market (ATM) Programs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_AtTheMarketATMProgramsMember_lbl" xml:lang="en-US">At The Market A T M Programs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_AtTheMarketATMProgramsMember_lbl" xml:lang="en-US">At The Market (ATM) Programs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_AtTheMarketATMProgramsMember" xlink:to="nvax_AtTheMarketATMProgramsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesCurrent" xlink:label="us-gaap_AvailableForSaleSecuritiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecuritiesCurrent_lbl" xml:lang="en-US">Available For Sale Securities Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AvailableForSaleSecuritiesCurrent_lbl" xml:lang="en-US">Short-term investments available-for-sale</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesCurrent" xlink:to="us-gaap_AvailableForSaleSecuritiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Basis Of Presentation And Significant Accounting Policies [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Summary of Significant Accounting Policies</label>
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    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_CancellationOfPreviouslyIssuedCommonStockShares" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockShares_lbl" xml:lang="en-US">Cancellation of Previously Issued Common Stock Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockShares_lbl" xml:lang="en-US">Cancellation Of Previously Issued Common Stock Shares</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockShares_lbl" xml:lang="en-US">Cancellation of common stock issued to former Directors (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_CancellationOfPreviouslyIssuedCommonStockShares" xlink:to="nvax_CancellationOfPreviouslyIssuedCommonStockShares_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_CancellationOfPreviouslyIssuedCommonStockValue" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockValue_lbl" xml:lang="en-US">Cancellation of Previously Issued Common Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockValue_lbl" xml:lang="en-US">Cancellation Of Previously Issued Common Stock Value</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="nvax_CancellationOfPreviouslyIssuedCommonStockValue_lbl" xml:lang="en-US">Cancellation of common stock issued to former Directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_CancellationOfPreviouslyIssuedCommonStockValue" xlink:to="nvax_CancellationOfPreviouslyIssuedCommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US">Capital Expenditures Incurred But Not Yet Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US">Equipment purchases included in accounts payable and accrued expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash And Cash Equivalents At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at end of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Cash And Cash Equivalents Period Increase Decrease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CollaborativeArrangementDisclosureTextBlock" xlink:label="us-gaap_CollaborativeArrangementDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CollaborativeArrangementDisclosureTextBlock_lbl" xml:lang="en-US">Collaborative Arrangement Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CollaborativeArrangementDisclosureTextBlock_lbl" xml:lang="en-US">U.S. Government Agreement and Collaboration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CollaborativeArrangementDisclosureTextBlock" xlink:to="us-gaap_CollaborativeArrangementDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments And Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingences</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments And Contingencies Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common Stock Par Or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common Stock Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $0.01 par value, 200,000,000 shares authorized; and 117,480,867 shares issued and 117,025,437 shares outstanding at December 31, 2011 and 111,492,014 shares issued and 111,036,584 shares outstanding at December 31, 2010</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_CompanyAMember" xlink:label="nvax_CompanyAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_CompanyAMember_lbl" xml:lang="en-US">Company A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_CompanyAMember_lbl" xml:lang="en-US">Company A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_CompanyAMember_lbl" xml:lang="en-US">Cadila</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_CompanyAMember" xlink:to="nvax_CompanyAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_CompanyBMember" xlink:label="nvax_CompanyBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_CompanyBMember_lbl" xml:lang="en-US">Company B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_CompanyBMember_lbl" xml:lang="en-US">Company B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_CompanyBMember_lbl" xml:lang="en-US">Rovi</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_CompanyBMember" xlink:to="nvax_CompanyBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeMember" xlink:label="us-gaap_ComprehensiveIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeMember_lbl" xml:lang="en-US">Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ComprehensiveIncomeMember_lbl" xml:lang="en-US">Comprehensive Loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeMember" xlink:to="us-gaap_ComprehensiveIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive Income Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ContractRevenueCost" xlink:label="us-gaap_ContractRevenueCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractRevenueCost_lbl" xml:lang="en-US">Contract Revenue Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ContractRevenueCost_lbl" xml:lang="en-US">Cost of contract revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractRevenueCost" xlink:to="us-gaap_ContractRevenueCost_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ContractsRevenue" xlink:label="us-gaap_ContractsRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractsRevenue_lbl" xml:lang="en-US">Contracts Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ContractsRevenue_lbl" xml:lang="en-US">Contract revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractsRevenue" xlink:to="us-gaap_ContractsRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Costs And Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total costs and expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Costs And Expenses [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Costs and expenses:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRentCreditCurrent" xlink:label="us-gaap_DeferredRentCreditCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentCreditCurrent_lbl" xml:lang="en-US">Deferred Rent Credit Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRentCreditCurrent_lbl" xml:lang="en-US">Deferred rent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentCreditCurrent" xlink:to="us-gaap_DeferredRentCreditCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRentCreditNoncurrent" xlink:label="us-gaap_DeferredRentCreditNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentCreditNoncurrent_lbl" xml:lang="en-US">Deferred Rent Credit Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRentCreditNoncurrent_lbl" xml:lang="en-US">Deferred rent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentCreditNoncurrent" xlink:to="us-gaap_DeferredRentCreditNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl" xml:lang="en-US">Deferred Revenue Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl" xml:lang="en-US">Deferred revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueNoncurrent" xlink:to="us-gaap_DeferredRevenueNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation And Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DerivativeLiabilitiesNoncurrent" xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent_lbl" xml:lang="en-US">Derivative Liabilities Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent_lbl" xml:lang="en-US">Warrant liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilitiesNoncurrent" xlink:to="us-gaap_DerivativeLiabilitiesNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Disclosure Of Compensation Related Costs Share Based Payments [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Stock-Based Compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_DocumentDocumentandEntityInformationAbstract" xlink:label="nvax_DocumentDocumentandEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_DocumentDocumentandEntityInformationAbstract_lbl" xml:lang="en-US">Document - Document and Entity Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_DocumentDocumentandEntityInformationAbstract_lbl" xml:lang="en-US">Document Documentand Entity Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_DocumentDocumentandEntityInformationAbstract_lbl" xml:lang="en-US">Document - Document and Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_DocumentDocumentandEntityInformationAbstract" xlink:to="nvax_DocumentDocumentandEntityInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Increase Decrease In Accounts Payable And Accrued Liabilities</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Increase Decrease In Accounts Receivable</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Increase Decrease In Deferred Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Deferred revenue</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Increase Decrease In Prepaid Deferred Expense And Other Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xml:lang="en-US">Increase Decrease In Unbilled Receivables</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xml:lang="en-US">Unbilled receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:to="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest Paid</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeNet" xlink:label="us-gaap_InvestmentIncomeNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeNet_lbl" xml:lang="en-US">Investment Income Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentIncomeNet_lbl" xml:lang="en-US">Interest income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeNet" xlink:to="us-gaap_InvestmentIncomeNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IssuanceDomain" xlink:label="us-gaap_IssuanceDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IssuanceDomain_lbl" xml:lang="en-US">Issuance [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IssuanceDomain_lbl" xml:lang="en-US">Issuance [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IssuanceDomain" xlink:to="us-gaap_IssuanceDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities And Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and stockholders' equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities And Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Liabilities Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Liabilities Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_LiquidityMattersDisclosureTextBlock" xlink:label="nvax_LiquidityMattersDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_LiquidityMattersDisclosureTextBlock_lbl" xml:lang="en-US">Liquidity Matters Disclosure [Text Block].</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_LiquidityMattersDisclosureTextBlock_lbl" xml:lang="en-US">Liquidity Matters Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_LiquidityMattersDisclosureTextBlock_lbl" xml:lang="en-US">Liquidity Matters</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_LiquidityMattersDisclosureTextBlock" xlink:to="nvax_LiquidityMattersDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US">Long Term Debt [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US">Long-Term Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="us-gaap_LongTermNotesPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermNotesPayable_lbl" xml:lang="en-US">Long Term Notes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermNotesPayable_lbl" xml:lang="en-US">Non-current portion of notes payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss_lbl" xml:lang="en-US">Marketable Securities Realized Gain Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss_lbl" xml:lang="en-US">Realized gains on short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:to="us-gaap_MarketableSecuritiesRealizedGainLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="us-gaap_NatureOfOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US">Nature Of Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US">Organization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Financing Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income Loss</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Nonoperating Income Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expense):</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesPayableCurrent" xlink:label="us-gaap_NotesPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableCurrent_lbl" xml:lang="en-US">Notes Payable Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesPayableCurrent_lbl" xml:lang="en-US">Current portion of notes payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableCurrent" xlink:to="us-gaap_NotesPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableMember" xlink:label="us-gaap_NotesReceivableMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableMember_lbl" xml:lang="en-US">Notes Receivable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesReceivableMember_lbl" xml:lang="en-US">Notes Receivable From Former Directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableMember" xlink:to="us-gaap_NotesReceivableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_NotesToFinancialStatementsAbstract" xlink:label="nvax_NotesToFinancialStatementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes To Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_NotesToFinancialStatementsAbstract" xlink:to="nvax_NotesToFinancialStatementsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating Income Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Loss from operations before other income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other Assets Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other Assets Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_lbl" xml:lang="en-US">Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_lbl" xml:lang="en-US">Unrealized gain (loss) on short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNoncashIncome" xlink:label="us-gaap_OtherNoncashIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashIncome_lbl" xml:lang="en-US">Other Noncash Income</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_OtherNoncashIncome_lbl" xml:lang="en-US">Deferred rent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncome" xlink:to="us-gaap_OtherNoncashIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="us-gaap_OtherNonoperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US">Other Nonoperating Income Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US">Other income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncomeExpense" xlink:to="us-gaap_OtherNonoperatingIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_lbl" xml:lang="en-US">Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_lbl" xml:lang="en-US">Net impairment of short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:to="us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US">Payments Of Stock Issuance Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US">Net proceeds from sales of common stock, offering costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:label="us-gaap_PaymentsToAcquireAvailableForSaleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireAvailableForSaleSecurities_lbl" xml:lang="en-US">Payments To Acquire Available For Sale Securities</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquireAvailableForSaleSecurities_lbl" xml:lang="en-US">Purchases of short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:to="us-gaap_PaymentsToAcquireAvailableForSaleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xml:lang="en-US">Payments To Acquire Productive Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets_lbl" xml:lang="en-US">Capital expenditures</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireProductiveAssets" xlink:to="us-gaap_PaymentsToAcquireProductiveAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl" xml:lang="en-US">Pension And Other Postretirement Benefits Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl" xml:lang="en-US">Employee Benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred Stock Par Or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock, par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred Stock Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock, shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred Stock Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock, shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred Stock Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="us-gaap_PrepaidExpenseCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xml:lang="en-US">Prepaid Expense Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xml:lang="en-US">Prepaid expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Net proceeds from sales of common stock, net of offering costs of $0.2 million, $0.5 million and $2.7 million, respectively</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfNotesPayable" xlink:label="us-gaap_ProceedsFromRepaymentsOfNotesPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfNotesPayable_lbl" xml:lang="en-US">Proceeds From Repayments Of Notes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromRepaymentsOfNotesPayable_lbl" xml:lang="en-US">Principal payments of notes payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfNotesPayable" xlink:to="us-gaap_ProceedsFromRepaymentsOfNotesPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl" xml:lang="en-US">Proceeds From Sale And Maturity Of Available For Sale Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl" xml:lang="en-US">Proceeds from maturities of short-term investments</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds From Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds from the exercise of stock options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property Plant And Equipment Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US">Quarterly Financial Information (Unaudited)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="us-gaap_QuarterlyFinancialInformationTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_ReceivableForIssuesOfCommonStock" xlink:label="nvax_ReceivableForIssuesOfCommonStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_ReceivableForIssuesOfCommonStock_lbl" xml:lang="en-US">Receivable For Issues Of Common Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_ReceivableForIssuesOfCommonStock_lbl" xml:lang="en-US">Receivable For Issues Of Common Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_ReceivableForIssuesOfCommonStock_lbl" xml:lang="en-US">Sale of common stock under the At Market Issuance Sales Agreement not settled at year-end</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_ReceivableForIssuesOfCommonStock" xlink:to="nvax_ReceivableForIssuesOfCommonStock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock" xlink:label="us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock_lbl" xml:lang="en-US">Receivable From Officers And Directors For Issuance Of Capital Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock_lbl" xml:lang="en-US">Notes receivable from former directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock" xlink:to="us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:label="us-gaap_RepaymentOfNotesReceivableFromRelatedParties"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentOfNotesReceivableFromRelatedParties_lbl" xml:lang="en-US">Repayment Of Notes Receivable From Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RepaymentOfNotesReceivableFromRelatedParties_lbl" xml:lang="en-US">Proceeds from settlement of notes receivable from former directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:to="us-gaap_RepaymentOfNotesReceivableFromRelatedParties_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="us-gaap_ResearchAndDevelopmentExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ResearchAndDevelopmentExpense_lbl" xml:lang="en-US">Research And Development Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ResearchAndDevelopmentExpense_lbl" xml:lang="en-US">Research and development</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="us-gaap_ResearchAndDevelopmentExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RestrictedStockAwardForfeitures" xlink:label="us-gaap_RestrictedStockAwardForfeitures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedStockAwardForfeitures_lbl" xml:lang="en-US">Restricted Stock Award Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RestrictedStockAwardForfeitures_lbl" xml:lang="en-US">Restricted stock cancelled</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockAwardForfeitures" xlink:to="us-gaap_RestrictedStockAwardForfeitures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings Accumulated Deficit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Accumulated Deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_SaleOfCommonStockDisclosureTextBlock" xlink:label="nvax_SaleOfCommonStockDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_SaleOfCommonStockDisclosureTextBlock_lbl" xml:lang="en-US">Sale Of Common Stock Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_SaleOfCommonStockDisclosureTextBlock_lbl" xml:lang="en-US">Sale Of Common Stock Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_SaleOfCommonStockDisclosureTextBlock_lbl" xml:lang="en-US">Sales of Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_SaleOfCommonStockDisclosureTextBlock" xlink:to="nvax_SaleOfCommonStockDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">VALUATION AND QUALIFYING ACCOUNTS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_SettlementOfNotesReceivable" xlink:label="nvax_SettlementOfNotesReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_SettlementOfNotesReceivable_lbl" xml:lang="en-US">Settlement of notes receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_SettlementOfNotesReceivable_lbl" xml:lang="en-US">Settlement Of Notes Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_SettlementOfNotesReceivable_lbl" xml:lang="en-US">Settlement of notes receivable from former directors</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_SettlementOfNotesReceivable" xlink:to="nvax_SettlementOfNotesReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Non-cash stock-based compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Ending Balance (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Beginning Balance (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement Equity Components [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders' equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders Equity Note Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders' Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssued1" xlink:label="us-gaap_StockIssued1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssued1_lbl" xml:lang="en-US">Stock Issued 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssued1_lbl" xml:lang="en-US">Conversion of convertible debt and accrued interest to common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssued1" xlink:to="us-gaap_StockIssued1_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Stock Issued During Period Shares Conversion Of Convertible Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Conversion of convertible debt (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Stock Issued During Period Shares New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Issuance of common stock (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_lbl" xml:lang="en-US">Stock Issued During Period Shares Restricted Stock Award Forfeited</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_lbl" xml:lang="en-US">Restricted stock cancelled (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:to="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Restricted stock issued as compensation (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:to="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Stock Issued During Period Shares Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Exercise of stock options (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Stock Issued During Period Value Conversion Of Convertible Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Conversion of convertible debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Stock Issued During Period Value New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Issuance of common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Restricted stock issued as compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:to="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Stock Issued During Period Value Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Exercise of stock options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_StockWarrantsTextBlock" xlink:label="nvax_StockWarrantsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_StockWarrantsTextBlock_lbl" xml:lang="en-US">Stock Warrants Disclosure Text Block.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_StockWarrantsTextBlock_lbl" xml:lang="en-US">Stock Warrants [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_StockWarrantsTextBlock_lbl" xml:lang="en-US">Warrant Liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_StockWarrantsTextBlock" xlink:to="nvax_StockWarrantsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowElementsAbstract" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Elements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xml:lang="en-US">Supplemental disclosure of non-cash activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowElementsAbstract" xlink:to="us-gaap_SupplementalCashFlowElementsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosure of cash flow information:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_TaxDisclosureTextBlock" xlink:label="nvax_TaxDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_TaxDisclosureTextBlock_lbl" xml:lang="en-US">Tax Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_TaxDisclosureTextBlock_lbl" xml:lang="en-US">Tax Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_TaxDisclosureTextBlock_lbl" xml:lang="en-US">Therapeutic Tax Credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_TaxDisclosureTextBlock" xlink:to="nvax_TaxDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury stock, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock Value</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock, 455,430 shares, cost basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="nvax-20111231.xsd#nvax_WeightedAverageNumberBasicDilutedSharesOutstanding" xlink:label="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding where Basic and Diluted are the same and reported as a single line</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted Average Number Basic Diluted Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding_lbl" xml:lang="en-US">Basic and diluted weighted average number of common shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding" xlink:to="nvax_WeightedAverageNumberBasicDilutedSharesOutstanding_lbl"/>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>21
<FILENAME>nvax-20111231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Presentation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: ea178a55-f941-4fcd-bbc9-ae3fe5ff32be -->
<!-- Creation date: 2012-03-14T18:21:52Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.novavax.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfFinancialPositionClassified" roleURI="http://www.novavax.com/taxonomy/role/StatementOfFinancialPositionClassified"/>
  <roleRef xlink:type="simple" xlink:href="nvax-20111231.xsd#Role_StatementOfFinancialPositionClassifiedParen" roleURI="http://www.novavax.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical"/>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Quarterly Financial Information (Unaudited)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationTextBlock', window );">Quarterly Financial Information (Unaudited)</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 17&#xA0;&#x2014;&#xA0;Quarterly Financial Information
(Unaudited)</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company&#x2019;s unaudited quarterly information for the years
ended December 31, 2011 and 2010 is as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">Quarter Ended</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">March 31</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">June 30</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">September 30</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">December 31</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"><font style="FONT-WEIGHT: normal">(in thousands,
except per share data)</font></td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
2011:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">834</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,001</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,008</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,845</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,453</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(4,993</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,212</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,705</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss per share</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.07</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.04</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.03</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.03</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">Quarter Ended</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">March 31</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">June 30</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">September 30</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">December 31</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"><font style="FONT-WEIGHT: normal">(in thousands,
except per share data)</font></td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
2010:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">110</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">7</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">175</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">51</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,343</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
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(8,857</td>
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)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,222</td>
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)<!-- PERCENT -->&#xA0;</td>
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<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
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Net loss per share</td>
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(0.09</td>
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<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
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<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.10</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
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(0.06</td>
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The net income (loss) per share was calculated for each three-month
period on a stand-alone basis. As a result, the sum of the net
income (loss) per share for the four quarters may not equal the net
income (loss) per share for the respective twelve-month period.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section G<br><br> -Subsection 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e725-108305<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 28<br><br> -Paragraph 23, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e765-108305<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 28<br><br> -Paragraph 30<br><br> -Subparagraph a-j<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-K (SK)<br><br> -Number 229<br><br> -Section 302<br><br> -Paragraph a<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952194&amp;loc=d3e1280-108306<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Organization<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Organization</a></td>
        <td class="text"><div>
<h2 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Note 1&#xA0;&#x2014;&#xA0;Organization</h2>
<p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Novavax, Inc. (the &#x201C;Company&#x201D;) is a clinical-stage
biopharmaceutical company focused on developing novel recombinant
vaccines to address a broad range of infectious diseases. The
Company&#x2019;s goal is to become a profitable vaccine company that
is aggressively driving towards development, licensure and
commercialization of important vaccines worldwide. The
Company&#x2019;s technology platform is based on proprietary
recombinant vaccine technology that includes virus-like particles
(&#x201C;VLPs&#x201D;) and recombinant nanoparticle vaccines combined
with a single-use bioprocessing production system. These vaccine
candidates are genetically engineered three-dimensional
nanostructures that incorporate immunologically important
recombinant proteins. The Company&#x2019;s product pipeline targets
a variety of infectious diseases and its vaccine candidates are
currently in or have completed clinical trials that target pandemic
influenza (H5N1), seasonal influenza and respiratory syncytial
virus (&#x201C;RSV&#x201D;).</p>
<p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
In 2009, the Company formed a joint venture with Cadila
Pharmaceuticals Limited named CPL Biologicals Private Limited to
develop and manufacture vaccines, biological therapeutics and
diagnostics in India. The joint venture is owned 20% by the Company
and 80% by Cadila Pharmaceuticals Limited (see Note 5).</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Statement of Position (SOP)<br><br> -Publisher AICPA<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6003-108592<br><br><br><br></p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EIH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)<br>In Millions, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Net proceeds from sales of common stock, offering costs</a></td>
        <td class="nump">$ 0.2<span></span></td>
        <td class="nump">$ 0.5<span></span></td>
        <td class="nump">$ 2.7<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for cost incurred directly with the issuance of an equity security.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfStockIssuanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQQAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 14,104<span></span></td>
        <td class="nump">$ 8,061<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesCurrent', window );">Short-term investments available-for-sale</a></td>
        <td class="nump">4,205<span></span></td>
        <td class="nump">23,615<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivables</a></td>
        <td class="nump">1,965<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GovernmentContractReceivableUnbilledAmounts', window );">Unbilled receivables</a></td>
        <td class="nump">1,836<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses</a></td>
        <td class="nump">2,441<span></span></td>
        <td class="nump">1,342<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">1,558<span></span></td>
        <td class="nump">265<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">26,109<span></span></td>
        <td class="nump">33,337<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">6,857<span></span></td>
        <td class="nump">8,206<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">33,141<span></span></td>
        <td class="nump">33,141<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
        <td class="nump">469<span></span></td>
        <td class="nump">160<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">66,576<span></span></td>
        <td class="nump">74,844<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">2,645<span></span></td>
        <td class="nump">3,572<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
        <td class="nump">4,528<span></span></td>
        <td class="nump">6,273<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableCurrent', window );">Current portion of notes payable</a></td>
        <td class="nump">20<span></span></td>
        <td class="nump">80<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditCurrent', window );">Deferred rent</a></td>
        <td class="nump">386<span></span></td>
        <td class="nump">341<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">7,579<span></span></td>
        <td class="nump">10,266<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Warrant liability</a></td>
        <td class="nump">368<span></span></td>
        <td class="nump">2,842<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue</a></td>
        <td class="nump">2,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Non-current portion of notes payable</a></td>
        <td class="nump">300<span></span></td>
        <td class="nump">320<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditNoncurrent', window );">Deferred rent</a></td>
        <td class="nump">1,980<span></span></td>
        <td class="nump">2,366<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">12,727<span></span></td>
        <td class="nump">15,794<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingences</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.01 par value, 200,000,000 shares authorized; and 117,480,867 shares issued and 117,025,437 shares outstanding at December 31, 2011 and 111,492,014 shares issued and 111,036,584 shares outstanding at December 31, 2010</a></td>
        <td class="nump">1,175<span></span></td>
        <td class="nump">1,115<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">383,948<span></span></td>
        <td class="nump">371,477<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock', window );">Notes receivable from former directors</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,572)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(329,656)<span></span></td>
        <td class="num">(310,292)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, 455,430 shares, cost basis</a></td>
        <td class="num">(2,450)<span></span></td>
        <td class="num">(2,450)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
        <td class="nump">832<span></span></td>
        <td class="nump">772<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td>
        <td class="nump">53,849<span></span></td>
        <td class="nump">59,050<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders' equity</a></td>
        <td class="nump">$ 66,576<span></span></td>
        <td class="nump">$ 74,844<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 14, 17, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Investments in debt and equity securities which are categorized neither as trading securities nor held-to-maturity securities and which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 133<br><br><br><br> -Paragraph 22<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 16<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15C<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 13, 17<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4, 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379932&amp;loc=d3e22054-111558<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AvailableForSaleSecuritiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCreditCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For a classified balance sheet, the cumulative difference as of the balance sheet date between the payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, within one year of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453417&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-3<br><br><br><br> -Paragraph 2<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 13<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRentCreditCurrent</nobr></td>
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                  <tr>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCreditNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For a classified balance sheet, the cumulative difference between the rental income or payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, more than one year after the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.26(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-3<br><br><br><br> -Paragraph 2<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 13<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453417&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRentCreditNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 48<br><br><br><br> -Paragraph 6<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 107<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FIN39-1<br><br><br><br> -Paragraph 10A, 10B<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13433-108611<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 133<br><br><br><br> -Paragraph 4, 17<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13495-108611<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeLiabilitiesNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -Clause 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 68<br><br><br><br> -Subparagraph l<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 34<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 72<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GovernmentContractReceivableUnbilledAmounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unbilled amounts (net of unliquidated progress payments) of government contract receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 912<br><br><br><br> -SubTopic 310<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6471842&amp;loc=d3e55376-109406<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GovernmentContractReceivableUnbilledAmounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5879-108316<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Assets<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6787-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts receivable from officers and directors resulting from the sale of stock to officers or directors before the cash payment is received.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29,30)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>instant</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-6<br><br><br><br> -Paragraph 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockValue</nobr></td>
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                    <td>debit</td>
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                    <td>instant</td>
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    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EUNAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
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        <th class="th">
          <div>Dec. 31, 2009</div>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cadila</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Issuance of common stock, issuance costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 406<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Rovi</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Issuance of common stock, issuance costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">23<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">At The Market (ATM) Programs</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Issuance of common stock, issuance costs</a></td>
        <td class="nump">246<span></span></td>
        <td class="nump">468<span></span></td>
        <td class="nump">682<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">All Other</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Issuance of common stock, issuance costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,631<span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Direct costs (e.g., legal and accounting fees) associated with issuing stock that is deducted from additional paid in capital. Also includes any direct costs associated with stock issues under a shelf registration.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Technical Practice Aid (TPA)<br><br> -Number 4110<br><br> -Paragraph 1, 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts</nobr></td>
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                    <td>us-gaap_</td>
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                    <td>duration</td>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 14&#xA0;&#x2014;&#xA0;Income Taxes</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company recorded a current income tax expense for foreign taxes
of $0.4 million in 2011, and a deferred federal income tax benefit
of $0.5 million in 2010. The components of the income tax provision
(benefit) are as follows (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
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<td></td>
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<!-- GUTTER -->&#xA0;</td>
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
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<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Current U.S.</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Current foreign</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">412</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
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Deferred</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(450</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
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<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net provision</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
412</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(450</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
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<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Deferred tax assets (liabilities) consist of the following at
December 31 (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net operating losses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
116,492</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
99,999</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Research tax credits</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,904</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,924</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,974</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,290</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total deferred tax assets</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
126,370</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
108,213</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(350</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(209</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total deferred tax liabilities</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(350</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(209</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net deferred tax assets</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
126,020</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
108,004</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less valuation allowance</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(126,020</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(108,004</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred tax assets, net</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The differences between the U.S. federal statutory tax rate and the
Company&#x2019;s effective tax rate are as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Statutory federal tax rate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(34</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(34</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(34</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
State income taxes, net of federal benefit</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(9</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(4</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Research and development credit</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(5</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(2</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(1</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expiration of net operating losses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">10</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">4</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(3</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(1</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(4</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Change in valuation allowance</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
43</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
36</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
39</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Realization of net deferred tax assets is dependent on the
Company&#x2019;s ability to generate future taxable income, which is
uncertain. Accordingly, a full valuation allowance was recorded
against these assets as of December 31, 2011 and 2010 as management
believes it is more likely than not that the assets will not be
realizable.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2011, the Company incurred a $0.4 million foreign
withholding tax related to a payment received in accordance with a
license agreement. This withholding tax gives rise to an increase
to the U.S. net operating loss for which a full valuation allowance
has been recorded. During the year ended December 31, 2010, as a
result of new legislation allowing for the partial refund of
research and development credits, the Company requested and
received a refund of approximately $0.1 million. In addition,
during the year ended December 31, 2010, the Company received
grants totaling $0.8 million for qualifying therapeutic discovery
projects under Internal Revenue Code Section 48D. The combination
of the refundable research and development credits and the Internal
Revenue Code Section 48D grant resulted in the Company recording a
deferred federal income tax benefit of $0.5 million during the year
ended December 31, 2010.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
As of December 31, 2011, the Company had tax return reported
federal net operating losses and tax credits available as follows
(in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amount</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Federal net operating losses expiring through the year 2031</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
287,533</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Research tax credits expiring through the year 2031</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,523</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Alternative-minimum tax credit (no expiration)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">94</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Utilization of the net operating loss carryforwards and credits may
be subject to a substantial annual limitation due to the ownership
change limitations provided by the Internal Revenue Code of 1986,
as amended, and similar state provisions. The Company has not
performed a detailed analysis to determine whether an ownership
change under Section 382 of the Internal Revenue Code occurred. The
effect of an ownership change would be the imposition of an annual
limitation on the use of net operating loss carryforwards and
credits attributable to periods before the change and could result
in a reduction in the total net operating losses and credits
available.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Beginning in 2006, the windfall equity-based compensation
deductions are tracked, but will not be recorded to the balance
sheet until management determines more likely than not that such
amounts will be utilized. During 2011 and 2010, the Company had
$0.1 million and $0 million, respectively, of windfall stock
compensation deductions. If and when realized, the tax benefit
associated with these deductions will be credited to additional
paid-in capital. These excess benefit deductions are included in
the total federal net operating losses disclosed above.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Tabular Reconciliation of Unrecognized Tax Benefits (in
thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amount</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Unrecognized tax benefits as of January 1, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,859</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross increases&#xA0;&#x2013;&#xA0;tax positions in prior
period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">105</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross decreases&#xA0;&#x2013;&#xA0;tax position in prior period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(54</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross increases&#xA0;&#x2013;&#xA0;current-period tax positions</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Increases (decreases) from settlements</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Unrecognized tax benefits as of December 31, 2010</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,910</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross increases&#xA0;&#x2013;&#xA0;tax positions in prior
period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross decreases&#xA0;&#x2013;&#xA0;tax position in prior period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(35</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross increases&#xA0;&#x2013;&#xA0;current-period tax positions</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Increases (decreases) from settlements</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Unrecognized tax benefits as of December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,875</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
To the extent these unrecognized tax benefits are ultimately
recognized, it would affect the annual effective income tax
rate.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company files income tax returns in the U.S. federal
jurisdiction and in various states. The Company had tax net
operating losses and credit carryforwards that are subject to
examination for a number of years beyond the year in which they are
generated for tax purposes. Since a portion of these carryforwards
may be utilized in the future, many of these attribute
carryforwards remain subject to examination.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company&#x2019;s policy is to recognize interest and penalties
related to income tax matters in income tax expense. As of December
31, 2011 and December 31, 2010, the Company had no accruals for
interest or penalties related to income tax matters.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Party Transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions</a></td>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 16&#xA0;&#x2014;&#xA0;Related Party Transactions</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Dr. Rajiv Modi, a director of Novavax, is also a managing director
of Cadila. The Company and Cadila have formed a joint venture
called CPL Biologicals Private Limited, of which the Company owns
20% and Cadila owns 80%. The Company and Cadila also have entered
into a master services agreement, pursuant to which Cadila may
perform certain research, development and manufacturing services
for the Company up to $7.5 million. A subsidiary of Cadila owns
12.5 million shares of the Company&#x2019;s outstanding common
stock. Since entering into the master services agreement and
through December 31, 2011, the Company has incurred $0.2 million
under the agreement. During 2010, the Company was reimbursed by the
JV for travel and administrative costs and services provided to the
JV totaling $0.2 million. The reimbursement of these costs and
services was recorded as a reduction to operating expenses. In
addition, in 2010, the Company purchased from the JV laboratory
equipment for $0.2 million. At December 31, 2011, the Company
recorded $0.1 million as a payable to Cadila.</p>
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In September 2011, the Company executed agreements with Mr.
Mitchell Kelly and Dr. Denis O&#x2019;Donnell, two of the
Company&#x2019;s former directors, to settle litigation initiated by
the Company in 2010 to collect on outstanding notes to the Company,
and in each case the lawsuit was dismissed with prejudice and the
pledged shares of Common Stock were surrendered to the Company. As
reflected on the Company&#x2019;s balance sheet, the remaining notes
receivable were eliminated with a corresponding reduction in common
stock and additional paid-in capital as of December 31, 2011.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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          <div style="width: 200px;"><strong>STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Change in fair value of warrant liability</a></td>
        <td class="num">(2,474)<span></span></td>
        <td class="num">(1,671)<span></span></td>
        <td class="nump">1,972<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">1,613<span></span></td>
        <td class="nump">1,372<span></span></td>
        <td class="nump">1,194<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of deferred financing costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">147<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDebtDiscountPremium', window );">Amortization of debt discount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">222<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Loss on disposal of property and equipment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">35<span></span></td>
        <td class="nump">21<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Impairment of long-lived assets</a></td>
        <td class="nump">360<span></span></td>
        <td class="nump">162<span></span></td>
        <td class="nump">23<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments', window );">Amortization of net premiums on short-term investments</a></td>
        <td class="nump">317<span></span></td>
        <td class="nump">247<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncome', window );">Deferred rent</a></td>
        <td class="num">(341)<span></span></td>
        <td class="num">(282)<span></span></td>
        <td class="num">(279)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Non-cash stock-based compensation</a></td>
        <td class="nump">2,047<span></span></td>
        <td class="nump">1,339<span></span></td>
        <td class="nump">1,533<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet', window );">Net impairment of short-term investments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">490<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivables</a></td>
        <td class="num">(1,911)<span></span></td>
        <td class="nump">204<span></span></td>
        <td class="nump">32<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInUnbilledReceivables', window );">Unbilled receivables</a></td>
        <td class="num">(1,836)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
        <td class="num">(1,854)<span></span></td>
        <td class="num">(312)<span></span></td>
        <td class="num">(536)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="num">(2,686)<span></span></td>
        <td class="nump">1,912<span></span></td>
        <td class="nump">2,547<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
        <td class="nump">2,500<span></span></td>
        <td class="num">(150)<span></span></td>
        <td class="nump">150<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(23,629)<span></span></td>
        <td class="num">(32,852)<span></span></td>
        <td class="num">(32,830)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireProductiveAssets', window );">Capital expenditures</a></td>
        <td class="num">(610)<span></span></td>
        <td class="num">(1,556)<span></span></td>
        <td class="num">(745)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecurities', window );">Purchases of short-term investments</a></td>
        <td class="num">(2,082)<span></span></td>
        <td class="num">(38,717)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Proceeds from maturities of short-term investments</a></td>
        <td class="nump">21,235<span></span></td>
        <td class="nump">19,000<span></span></td>
        <td class="nump">3,100<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by (used in) by investing activities</a></td>
        <td class="nump">18,543<span></span></td>
        <td class="num">(21,273)<span></span></td>
        <td class="nump">2,355<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfNotesPayable', window );">Principal payments of notes payable</a></td>
        <td class="num">(80)<span></span></td>
        <td class="num">(86)<span></span></td>
        <td class="num">(15,043)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentOfNotesReceivableFromRelatedParties', window );">Proceeds from settlement of notes receivable from former directors</a></td>
        <td class="nump">50<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Net proceeds from sales of common stock, net of offering costs of $0.2 million, $0.5 million and $2.7 million, respectively</a></td>
        <td class="nump">10,980<span></span></td>
        <td class="nump">23,089<span></span></td>
        <td class="nump">56,385<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from the exercise of stock options</a></td>
        <td class="nump">179<span></span></td>
        <td class="nump">426<span></span></td>
        <td class="nump">952<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">11,129<span></span></td>
        <td class="nump">23,429<span></span></td>
        <td class="nump">42,294<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
        <td class="nump">6,043<span></span></td>
        <td class="num">(30,696)<span></span></td>
        <td class="nump">11,819<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">8,061<span></span></td>
        <td class="nump">38,757<span></span></td>
        <td class="nump">26,938<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
        <td class="nump">14,104<span></span></td>
        <td class="nump">8,061<span></span></td>
        <td class="nump">38,757<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowElementsAbstract', window );"><strong>Supplemental disclosure of non-cash activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssued1', window );">Conversion of convertible debt and accrued interest to common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,660<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">Equipment purchases included in accounts payable and accrued expenses</a></td>
        <td class="nump">14<span></span></td>
        <td class="nump">418<span></span></td>
        <td class="nump">66<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_SettlementOfNotesReceivable', window );">Settlement of notes receivable from former directors</a></td>
        <td class="nump">1,522<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_ReceivableForIssuesOfCommonStock', window );">Sale of common stock under the At Market Issuance Sales Agreement not settled at year-end</a></td>
        <td class="nump">847<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosure of cash flow information:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash interest payments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 817<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nvax_ReceivableForIssuesOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Receivable For Issues Of Common Stock</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>nvax_ReceivableForIssuesOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>nvax_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nvax_SettlementOfNotesReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Settlement of notes receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>nvax_SettlementOfNotesReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>nvax_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDebtDiscountPremium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 21<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 8<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDebtDiscountPremium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Alternate captions include Noncash Interest Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 8<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 8<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Future cash outflow to pay for purchases of fixed assets that have occurred.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CapitalExpendituresIncurredButNotYetPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5618551-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnDerivativeInstrumentsNetPretax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfPropertyPlantEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6390789&amp;loc=d3e2420-110228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 26<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 958<br><br> -SubTopic 225<br><br> -Section 45<br><br> -Paragraph 11<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6743430&amp;loc=d3e92212-112881<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7, 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Impairment<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInUnbilledReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period of the amount of revenue for work performed for which billing has not occurred, net of uncollectible accounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInUnbilledReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 16B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 7<br><br> -Footnote 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15C<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAvailableForSaleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to acquire debt and equity securities not classified as either held-to-maturity securities or trading securities which would be classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireAvailableForSaleSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireProductiveAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireProductiveAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from a long-term borrowing supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentOfNotesReceivableFromRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a loan, supported by a promissory note, granted to related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentOfNotesReceivableFromRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssued1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of stock issued in noncash financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssued1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
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                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowElementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowElementsAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td>
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                    <td>us-gaap_</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECOAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized</a></td>
        <td class="nump">2,000,000<span></span></td>
        <td class="nump">2,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, shares issued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">200,000,000<span></span></td>
        <td class="nump">200,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">117,480,867<span></span></td>
        <td class="nump">111,492,014<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">117,025,437<span></span></td>
        <td class="nump">111,036,584<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares</a></td>
        <td class="nump">455,430<span></span></td>
        <td class="nump">455,430<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
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                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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Note 9&#xA0;&#x2014;&#xA0;Sales of Common Stock</h2>
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In March 2010, the Company entered into an At Market Issuance Sales
Agreement under which the Company may sell an aggregate of $50
million of gross proceeds of the Company&#x2019;s common stock. The
Company&#x2019;s Board of Directors authorized the sale of up to 25
million shares of common stock pursuant to the At Market Issuance
Sales Agreement. In 2011, the Company sold 6,001,841 shares at
sales prices ranging from $1.25&#xA0;&#x2013;&#xA0;$2.75 and
received net proceeds of $11.8 million (with $0.8 million received
in early 2012) under the At Market Issuance Sales Agreement. In
2010, the Company sold 10,513,849 shares at a range of
$2.10&#xA0;&#x2013;&#xA0;$2.55 and received net proceeds of $23.1
million under the At Market Issuance Sales Agreement. Since
entering into the At Market Issuance Sales Agreement in March 2010,
the Company has sold 21,053,564 shares and received gross proceeds
of $42.1 million through March 8, 2012.</p>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">FY<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
        <td class="text">NVAX<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">NOVAVAX INC<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0001000694<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">121,571,186<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 172,600,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentInformationLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stockholders' Equity<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Stockholders' Equity</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 10&#xA0;&#x2014;&#xA0;Stockholders&#x2019; Equity</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On August 7, 2002, the Company adopted a Shareholder Rights Plan,
which provides for the issuance of rights to purchase shares of
Series D Junior Participating Preferred Stock, par value $0.01 per
share (the &#x201C;Preferred Shares&#x201D;), of the Company. Under
the Shareholder Rights Plan, the Company distributed one preferred
share purchase right (a &#x201C;Right&#x201D;) for each outstanding
share of common stock of the Company. The Rights were distributed
to stockholders of record on August 16, 2002.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Each Right entitles the holder to purchase from the Company
one-thousandth of a Preferred Share at a price of $40, subject to
adjustment. The Rights become exercisable, with certain exceptions,
10 business days after any party, without prior approval of the
Board of Directors, acquires or announces an offer to acquire
beneficial ownership of 15% or more of the Company&#x2019;s
outstanding common stock. In the event that any party acquires 15%
or more of the Company&#x2019;s outstanding common stock, the
Company enters into a merger or other business combination, or if a
substantial amount of the Company&#x2019;s assets are sold after the
time that the Rights become exercisable, the Rights provide that
the holder will receive, upon exercise, shares of the common stock
of the surviving or acquiring company, as applicable, having a
market value of twice the exercise price of the Right.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Rights expire August 7, 2012, and are redeemable by the Company
at a price of $0.00025 per Right at any time prior to the time that
any party acquires 15% or more of the Company&#x2019;s outstanding
common stock. Until the earlier of the time that the Rights become
exercisable, are redeemed or expire, the Company will issue one
Right with each new share of common stock issued.</p>
</div><span></span></td>
      </tr>
    </table>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EG6AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractsRevenue', window );">Contract revenue</a></td>
        <td class="nump">$ 14,688<span></span></td>
        <td class="nump">$ 343<span></span></td>
        <td class="nump">$ 325<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Costs and expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractRevenueCost', window );">Cost of contract revenue</a></td>
        <td class="nump">7,003<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
        <td class="nump">17,885<span></span></td>
        <td class="nump">28,032<span></span></td>
        <td class="nump">25,780<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
        <td class="nump">11,379<span></span></td>
        <td class="nump">10,805<span></span></td>
        <td class="nump">11,928<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total costs and expenses</a></td>
        <td class="nump">36,267<span></span></td>
        <td class="nump">38,837<span></span></td>
        <td class="nump">37,708<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Loss from operations before other income (expense)</a></td>
        <td class="num">(21,579)<span></span></td>
        <td class="num">(38,494)<span></span></td>
        <td class="num">(37,383)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income (expense):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeNet', window );">Interest income</a></td>
        <td class="nump">136<span></span></td>
        <td class="nump">189<span></span></td>
        <td class="nump">285<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(9)<span></span></td>
        <td class="num">(9)<span></span></td>
        <td class="num">(786)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
        <td class="nump">26<span></span></td>
        <td class="nump">485<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfInvestments', window );">Impairment of short-term investments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,338)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesRealizedGainLoss', window );">Realized gains on short-term investments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">848<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Change in fair value of warrant liability</a></td>
        <td class="nump">2,474<span></span></td>
        <td class="nump">1,671<span></span></td>
        <td class="num">(1,972)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Loss from operations before income tax</a></td>
        <td class="num">(18,952)<span></span></td>
        <td class="num">(36,158)<span></span></td>
        <td class="num">(40,346)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense (benefit)</a></td>
        <td class="nump">412<span></span></td>
        <td class="num">(450)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (19,364)<span></span></td>
        <td class="num">$ (35,708)<span></span></td>
        <td class="num">$ (40,346)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per share:</a></td>
        <td class="num">$ (0.17)<span></span></td>
        <td class="num">$ (0.34)<span></span></td>
        <td class="num">$ (0.47)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_WeightedAverageNumberBasicDilutedSharesOutstanding', window );">Basic and diluted weighted average number of common shares outstanding</a></td>
        <td class="nump">113,610<span></span></td>
        <td class="nump">104,768<span></span></td>
        <td class="nump">85,555<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nvax_WeightedAverageNumberBasicDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted Average Number of Shares Outstanding where Basic and Diluted are the same and reported as a single line</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>nvax_WeightedAverageNumberBasicDilutedSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>nvax_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractRevenueCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs incurred and are directly related to generating contract revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ContractRevenueCost</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractsRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period arising from products sold or services provided under the terms of a contract, not elsewhere specified in the taxonomy. May include government contracts, construction contracts, and any other contract related to a particular project or product.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ContractsRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs of sales and operating expenses for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5618551-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnDerivativeInstrumentsNetPretax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15C<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 16B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6956420&amp;loc=d3e25351-111560<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-2/124-2<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1(i)<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized, and does not include investment income from real or personal property, such as rental income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(a),(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 13, 14, 15, 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14, 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesRealizedGainLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the total realized gain (loss) included in earnings for the period as a result of selling marketable securities categorized as trading, available-for-sale, or held-to-maturity. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27405-111563<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27357-111563<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(c))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesRealizedGainLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
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                <p>No definition available.</p>
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                <p>The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 985<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 730<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph g<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 2<br><br> -Paragraph 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 86<br><br> -Paragraph 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>U.S. Government Agreement and Collaboration<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CollaborativeArrangementDisclosureTextBlock', window );">U.S. Government Agreement and Collaboration</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 4&#xA0;&#x2014;&#xA0;U.S. Government Agreement and
Collaboration</h2>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
HHS BARDA Contract Award for Recombinant Influenza Vaccines</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In February 2011, the Company was awarded a contract from HHS BARDA
valued at $97 million for the first 36 month base-period, with an
HHS BARDA option for an additional period of 24 months valued at
$82 million, for a total contract value of up to $179 million. The
HHS BARDA contract award provides significant funding for the
Company&#x2019;s continued ongoing clinical development and product
scale-up of both its seasonal and pandemic influenza vaccine
candidates. This is a cost-plus-fixed-fee contract in which HHS
BARDA will reimburse the Company for direct contract costs incurred
plus allowable indirect costs and a fee earned in the further
development of its seasonal and pandemic (H5N1) influenza vaccines.
Billings under the contract are based on approved provisional
indirect billing rates, which permit recovery of fringe benefits,
overhead and general and administrative expenses not exceeding
certain limits. These indirect rates are subject to audit by HHS
BARDA on an annual basis. When the final determination of the
allowable costs for any year has been made, revenue and billings
may be adjusted accordingly. During 2011, the Company recognized
revenue of $14.7 million, made significant progress in product
characterization and production scale-up and are progressing
forward with its multi-year clinical development program.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
License Agreement with LG Life Sciences, Ltd.</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In February 2011, the Company entered into a License Agreement with
LG Life Sciences, Ltd. (&#x201C;LGLS&#x201D;) that allows LGLS to use
the Company&#x2019;s VLP technology to develop and commercially sell
influenza vaccines exclusively in South Korea and non-exclusively
in certain other specified countries. At its own cost, LGLS is
responsible for funding its clinical development of the influenza
VLP vaccines and completing a manufacturing facility in South
Korea. The term of the License Agreement is expected to terminate
in 2027. Payments to the Company under the License Agreement
include an upfront payment, reimbursements of certain development
and product costs and royalty payments between 10 and 20% from
LGLS&#x2019;s future commercial sales of influenza VLP vaccines. The
upfront payment has been deferred and will be recognized as revenue
when certain obligations in the agreement are satisfied.</p>
</div><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-1<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 808<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6931272&amp;loc=SL5834143-161434<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock', window );">Summary of Significant Accounting Policies</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 3&#xA0;&#x2014;&#xA0;Summary of Significant Accounting
Policies</h2>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Use of Estimates</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The preparation of the financial statements in conformity with
accounting principles generally accepted in the U.S. requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ materially from
those estimates.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Cash and Cash Equivalents</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Cash and cash equivalents consist of highly liquid investments with
maturities of three months or less from the date of purchase.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Short-Term Investments</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Short-term investments at December 31, 2011 consist of three
auction rate securities. All marketable securities had original
maturities greater than 90 days, but less than one year. In 2009,
the Company recorded other-than-temporary impairment charges
related to its auction rate securities of $1.3 million because of
the uncertainties in the credit markets and management&#x2019;s
belief these securities could not be sold at par value, but are
saleable at a discount from their par value. In 2009, the Company
realized gains of $0.8 million relating to redemptions of several
auction rate securities from its portfolio.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In 2007, the Company had invested in auction rate securities as
part of its cash management program. Uncertainties in the credit
markets have prevented the Company from liquidating certain
holdings of auction rate securities as the amount of securities
submitted for sale during the auction has exceeded the amount of
purchase orders. Although an event of an auction failure does not
necessarily mean that a security is impaired, the Company
considered various factors to assess the fair value and the
classification of the securities as short-term investments. Fair
value was determined through an independent valuation using two
valuation methods&#xA0;&#x2014;&#xA0;a discounted cash flow method
and a market comparable method. Certain factors used in these
methods include, but are not necessarily limited to, comparable
securities traded on secondary markets, timing of the failed
auction, specific security auction history, quality of underlying
collateral, rating of the security and the bond insurer, the
Company&#x2019;s ability and intent to retain the securities for a
period of time to allow for anticipated recovery in the market
value and other factors.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has classified its short-term investments as
available-for-sale since the Company may need to liquidate these
securities within the next year. The available-for-sale securities
are carried at fair value and unrealized gains and losses on these
securities, if determined to be temporary, are included in
accumulated other comprehensive income (loss) in
stockholders&#x2019; equity. Short-term investments are evaluated
periodically to determine whether a decline in value is
&#x201C;other-than-temporary.&#x201D; The term
&#x201C;other-than-temporary&#x201D; is not intended to indicate a
permanent decline in value. Rather, it means that the prospects for
a near term recovery of value are not necessarily favorable, or
that there is a lack of evidence to support fair values equal to,
or greater than, the carrying value of the security. Management
reviews criteria, such as the magnitude and duration of the
decline, as well as the Company&#x2019;s ability to hold the
securities until market recovery, to predict whether the loss in
value is other-than-temporary. If a decline in value is determined
to be other-than-temporary, the value of the security is reduced
and the impairment is recorded in the statements of operations. The
specific identification method is used in computing realized gains
and losses on sale of the Company&#x2019;s securities.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Short-term investments classified as available-for-sale as of
December 31, 2011 and 2010 were comprised of (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">December 31, 2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">December 31, 2010</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amortized<br />
Cost</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Gross<br />
Unrealized<br />
Gains</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Gross<br />
Unrealized<br />
Losses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Fair Value</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amortized<br />
Cost</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Gross<br />
Unrealized<br />
Gains</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Gross<br />
Unrealized<br />
Losses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Fair Value</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Auction rate securities</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,373</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">832</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,205</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,373</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">773</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,146</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Corporate debt securities</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
19,470</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
19,469</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,373</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
832</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,205</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
22,843</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
773</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23,615</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Concentration of Credit Risk</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Financial instruments, which possibly expose the Company to
concentration of credit risk, consist primarily of cash and cash
equivalents and short-term investments. The Company&#x2019;s
investment policy limits investments to certain types of
instruments, including auction rate securities, high-grade
corporate debt securities and money market instruments, places
restrictions on maturities and concentrations in certain industries
and requires the Company to maintain a certain level of liquidity.
At times, the Company maintains cash balances in financial
institutions, which may exceed federally insured limits. The
Company has not experienced any losses relating to such accounts
and believes it is not exposed to a significant credit risk on its
cash and cash equivalents. The carrying value of cash and cash
equivalents approximates their fair value based on their short-term
maturities at December 31, 2011 and 2010. As discussed below, the
fair value of short-term investments is based upon Level 2
data.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Fair Value Measurements</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company applies Accounting Standards Codification
(&#x201C;ASC&#x201D;) Topic 820, <i>Fair Value Measurements and
Disclosures</i>, for financial and non-financial assets and
liabilities.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
ASC 820 discusses valuation techniques, such as the market approach
(comparable market prices), the income approach (present value of
future income or cash flow) and the cost approach (cost to replace
the service capacity of an asset or replacement cost). The
statement utilizes a fair value hierarchy that prioritizes the
inputs to valuation techniques used to measure fair value into
three broad levels. The following is a brief description of those
three levels:</p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">Level 1:&#xA0;&#xA0;Observable inputs
such as quoted prices (unadjusted) in active markets for identical
assets or liabilities.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">Level 2:&#xA0;&#xA0;Inputs other than
quoted prices that are observable for the asset or liability,
either directly or indirectly. These include quoted prices for
similar assets or liabilities in active markets and quoted prices
for identical or similar assets or liabilities in markets that are
not active.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">Level 3:&#xA0;&#xA0;Unobservable
inputs that reflect the reporting entity&#x2019;s own
assumptions.</td>
</tr>
</table>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Financial assets and liabilities measured a fair value on a
recurring basis as of December 31, 2011 and 2010 are summarized
below (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Fair Value at December 31, 2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Fair Value at December 31, 2010</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Level 1</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Level 2</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Level 3</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Level 1</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Level 2</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Level 3</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
<u>Assets</u><br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Corporate debt securities and auction rate securities</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,205</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23,615</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total Short-term investments</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,205</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23,615</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
<u>Liabilities</u><br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Warrant liabilities</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
368</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,842</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following table summarizes the activity of Level 3 inputs
measured on a recurring basis for the year ended December 31, 2011
(in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Fair Value Measurements<br />
of Warrants Using<br />
Significant Unobservable<br />
Inputs (Level 3)</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,842</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Change in fair value of Warrant liability</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,474</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
368</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The amounts in the Company&#x2019;s balance sheet for accounts
receivable, accounts payable and notes payable approximate fair
value due to their short-term nature.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Accounts Receivable</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Accounts receivable arise primarily from the Company&#x2019;s
contract with HHS BARDA and are reported at amounts expected to be
collected in future periods. No allowance for doubtful accounts is
deemed necessary.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Property and Equipment</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Property and equipment are stated at cost and are depreciated using
the straight-line method over the estimated useful lives of the
assets, generally three to ten years. Amortization of leasehold
improvements is provided over the shorter of the estimated useful
lives of the improvements or the term of the lease. Repairs and
maintenance costs are expensed as incurred.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Goodwill and Intangible Assets</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Goodwill originally resulted from a business acquisition in 2000.
Assets acquired and liabilities assumed were recorded at their fair
values; the excess of the purchase price over the identifiable net
assets acquired was recorded as goodwill. Goodwill and intangible
assets deemed to have indefinite lives are not amortized, but are
subject to impairment tests annually or more frequently should
indicators of impairment arise. The Company utilizes primarily the
market approach and, if considered necessary, the income approach
to determine if it has an impairment of its goodwill. The market
approach is based on market value of invested capital. When
utilized, the income approach is used as a confirming look to the
market approach. Goodwill impairment is deemed to exist if the
carrying value of the reporting unit exceeds its estimated fair
value.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011 and 2010, the Company used the market approach
to determine if the Company had an impairment of its goodwill. Step
one of the impairment test states that if the fair value of a
reporting unit exceeds its carrying amount, goodwill is considered
not to be impaired. The fair value of the Company&#x2019;s reporting
unit was substantially higher than the carrying value, resulting in
no impairment to goodwill at December 31, 2011 and 2010.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Equity Method Investment</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has an equity investment in CPL Biologicals Private
Limited. The Company accounts for this investment using the equity
method (see Note 5). Under the equity method of accounting,
investments are stated at initial cost and are adjusted for
subsequent additional investments and the Company&#x2019;s
proportionate share of earnings or losses and distributions up to
the amount initially invested or advanced.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Long-Lived Assets</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company accounts for the impairment of its long-lived assets in
accordance with ASC 360, <i>Property, Plant and Equipment</i>. This
financial standard requires a periodic evaluation of the
recoverability of the carrying value of long-lived assets whenever
events or changes in circumstances indicate that the carrying value
of the asset may not be recoverable. The Company considers
historical performance and anticipated future results in its
evaluation of potential impairment. Accordingly, when indicators of
impairment are present, the Company evaluates the carrying value of
these assets in relation to the operating performance of the
business and future undiscounted cash flows expected to result from
the use of these assets. Impairment losses are recognized when the
sum of expected future cash flows is less than the assets&#x2019;
carrying value, and losses are determined based upon the excess
carrying value of the assets over its fair value.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Revenue Recognition</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company performs research and development for U.S. government
agencies. The Company recognizes revenue under research contracts
when a contract has been executed, the contract price is fixed and
determinable, delivery of services or products has occurred and
collection of the contract price is considered probable. Revenue is
earned under cost reimbursable and fixed price contracts. Direct
contract costs are expensed as incurred.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Under cost reimbursable contracts, the Company is reimbursed for
allowable costs and paid a fixed fee. Revenue on cost reimbursable
contracts is recognized as costs are incurred plus a portion of the
fee earned. Revenue for fixed price arrangements are recognized
under the proportional performance method based upon the ratio of
costs incurred to achieve contract milestones to total estimated
cost. Losses on contracts, if any, are recognized in the period in
which they become known.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
For upfront payments and licensing fees related to contract
research or technology, the Company follows provisions of ASC 605,
<i>Revenue Recognition,</i> in determining if these payments and
fees represent the culmination of a separate earnings process or if
they should be deferred and recognized as revenue over the life of
the related agreement.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Cost of Contract Revenue</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Cost of contract revenue includes direct costs of salaries,
laboratory supplies, consultants and subcontractors and other
direct costs associated with the Company&#x2019;s process
development, manufacturing, clinical, regulatory and quality
assurance activities under research contracts. Cost of contract
revenue does not include allocations of indirect costs.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Stock-Based Compensation</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company accounts for stock-based compensation related to grants
of stock options and restricted stock awards at fair value. The
Company recognizes compensation expense related to such awards on a
straight-line basis over the requisite service period (generally
the vesting period) of the equity awards that are expected to vest,
which typically occurs ratably over periods ranging from six months
to four years. See Note 11 for a further discussion on stock-based
compensation.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The expected term of stock options granted was based on the
Company&#x2019;s historical option exercise experience and
post-vesting forfeiture experience using the historical expected
term from the vesting date. The expected volatility of the options
granted was determined using historical volatilities based on stock
prices over a look-back period corresponding to the expected term.
The risk-free interest rate was determined using the yield
available for zero-coupon U.S. government issues with a remaining
term equal to the expected term of the options. The forfeiture rate
was determined using historical pre-vesting forfeiture rates since
the inception of the plans. The Company has never paid a dividend,
and as such, the dividend yield is zero.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Restricted stock awards to employees and directors have been
recorded as compensation expense over the expected vesting period
based on the fair value at the award date and the number of shares
ultimately expected to vest using the straight-line method of
amortization. The Company accounts for share-based awards issued to
non-employees by determining the fair value of equity awards given
as consideration for services rendered to be recognized as
compensation expense over the shorter of the vesting or service
periods. In cases where an equity award is not fully vested, such
equity award must be revalued on each subsequent reporting date
until vesting is complete with a cumulative catch-up adjustment
recognized for any changes in its estimated fair value.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Research and Development Expenses</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Research and development expenses include salaries, laboratory
supplies, consultants and subcontractors and other expenses
associated with the Company&#x2019;s process development,
manufacturing, clinical, regulatory and quality assurance
activities for internally funded programs. In addition, indirect
costs such as, fringe benefits and overhead expenses, are also
included in research and development expenses. These expenses
exclude costs associated with cost of contract revenue.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Warrant Accounting</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company accounts for the Warrants in accordance with applicable
accounting guidance in ASC 815, <i>Derivatives and Hedging</i>, as
derivative liabilities. As such, the Warrants have been classified
as a non-current liability in the Company&#x2019;s balance sheets.
The term of the Warrants expire July 31, 2013. In compliance with
applicable accounting standards, registered warrants that require
the issuance of registered shares upon exercise and do not
sufficiently preclude an implied right to cash settlement are
accounted for as derivative liabilities. The Company uses the Monte
Carlo Simulation model to determine the fair value of the Warrants,
which requires the input of subjective assumptions, including the
expected stock price volatility and probability of a fundamental
transaction (a strategic merger or sale).</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The fair value of the Warrants as of December 31 was estimated with
the following assumptions:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Underlying price of common stock per share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1.26</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.43</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Exercise price per share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.62</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.62</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Risk-free interest rate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.20</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.85</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Dividend yield</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">0</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">0</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Volatility</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
72.5</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
75.2</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expected term (in years)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1.58</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.58</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Probability of a fundamental transaction</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
0%&#xA0;&#x2013;&#xA0;5</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
0%&#xA0;&#x2013;&#xA0;5</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The revaluation of the estimated fair value of Warrants at each
subsequent balance sheet date results in a change in the carrying
value of the liability, which is recorded as &#x201C;change in fair
value of warrant liability&#x201D; in the statements of
operations.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Income Taxes</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company accounts for income taxes in accordance with ASC Topic
740, <i>Income Taxes</i>. Under the liability method, deferred
income taxes are recognized for the future tax consequences
attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their
respective tax basis and operating loss carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the year in which those
temporary differences are expected to be recovered or settled. The
effect of changes in tax rates on deferred tax assets and
liabilities is recognized in income in the period that includes the
enactment date. A valuation allowance is established when necessary
to reduce net deferred tax assets to the amount expected to be
realized.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Tax benefits associated with uncertain tax positions are recognized
in the period in which one of the following conditions is
satisfied: (1) the more likely than not recognition threshold is
satisfied; (2) the position is ultimately settled through
negotiation or litigation; or (3) the statute of limitations for
the taxing authority to examine and challenge the position has
expired. Tax benefits associated with an uncertain tax position are
reversed in the period in which the more likely than not
recognition threshold is no longer satisfied.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Interest and penalties related to income tax matters are recorded
as income tax expense. At December 31, 2011 and 2010, the Company
had no accruals for interest or penalties related to income tax
matters.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Net Loss per Share</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Net loss per share is computed using the weighted average number of
shares of common stock outstanding. All outstanding warrants, stock
options and unvested restricted stock awards totaling 11,284,054,
9,344,635 and 9,428,319 shares at December 31, 2011, 2010 and 2009,
respectively, are excluded from the computation for 2011, 2010 and
2009, as their effect is anti-dilutive.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Segment Information</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company manages its business as one operating segment:
developing novel, recombinant vaccines. The Company does not
operate separate lines of business with respect to its vaccine
candidates. Accordingly, the Company does not have separately
reportable segments as defined by ASC 280, <i>Segment
Reporting</i>.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Recent Accounting Pronouncements</h3>
<h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt">
<u>Recently Adopted</u></h4>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In January 2010, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2010-06, <i>Fair Value
Measurements and Disclosures (Topic
820)&#xA0;&#x2014;&#xA0;Improving Disclosures about Fair Value
Measurements</i>, which amends Topic 820 to add new requirements
for disclosures about transfers into and out of Levels 1 and 2 and
separate disclosures about purchases, sales, issuances and
settlements related to Level 3 measurements. ASU 2010-06 also
clarifies existing fair value disclosures about the level of
disaggregation and about inputs and valuation techniques used to
measure fair value. The ASU was effective for the first reporting
period beginning after December 15, 2009, except for the
requirements to provide the Level 3 activity of purchases, sales,
issuances and settlements on a gross basis, which was effective for
fiscal years beginning after December 15, 2010, and for interim
periods within those fiscal years. Early adoption was permitted.
The 2011 adoption for the requirement to provide the Level 3
activity did not have a material impact on the Company&#x2019;s
financial statements.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In September 2009, ASU 2009-13, <i>Revenue Recognition</i> (Topic
605)&#xA0;&#x2014;&#xA0;<i>Multiple-Deliverable Revenue
Arrangements</i>, was issued and changed the accounting for
multiple-deliverable arrangements to enable vendors to account for
products or services (deliverables) separately rather than as a
combined unit. Specifically, this guidance amends the criteria in
Subtopic 605-25, <i>Revenue
Recognition</i>&#xA0;&#x2014;&#xA0;<i>Multiple-Element
Arrangements,</i> for separating consideration in
multiple-deliverable arrangements. This guidance establishes a
selling price hierarchy for determining the selling price of a
deliverable, which is based on: (a) vendor-specific objective
evidence; (b) third-party evidence; or (c) estimates. This guidance
also eliminates the residual method of allocation and requires that
arrangement consideration be allocated at the inception of the
arrangement to all deliverables using the relative selling price
method. In addition, this guidance significantly expands required
disclosures related to a vendor&#x2019;s multiple-deliverable
revenue arrangements. ASU 2009-13 became effective prospectively
for multiple deliverable revenue arrangements entered into, or
materially modified, on or after January 1, 2011. The adoption of
this ASU did not have a material impact on the Company&#x2019;s
financial statements.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In March 2010, ASU 2010-17, <i>Revenue
Recognition&#xA0;&#x2014;&#xA0;Milestone Method</i> (Topic 605)<i>:
Milestone Method of Revenue Recognition&#xA0;&#x2014;&#xA0;a
consensus of the FASB Emerging Issues Task Force</i>, was issued
and amended the accounting for revenue arrangements under which a
vendor satisfies its performance obligations to a customer over a
period of time, when the deliverable or unit of accounting is not
within the scope of other authoritative literature and when the
arrangement consideration is contingent upon the achievement of a
milestone. The amendment defines a milestone and clarifies whether
an entity may recognize consideration earned from the achievement
of a milestone in the period in which the milestone is achieved.
ASU 2010-17 became effective prospectively for milestones achieved
within research and development arrangements on or after January 1,
2011. The adoption of this ASU did not have a material impact on
the Company&#x2019;s financial statements.</p>
<h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt">
<u>Not Yet Adopted</u></h4>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In June 2011, the FASB issued ASU 2011-05, <i>Comprehensive Income
(Topic 220): Presentation of Comprehensive Income</i> (&#x201C;ASU
2011-05&#x201D;). This guidance is intended to increase the
prominence of other comprehensive income in financial statements by
presenting it in either a single-statement or two-statement
approach. This ASU is effective for the Company beginning January
1, 2012. The adoption of ASU 2011-05 will not have a material
effect on the Company&#x2019;s financial statements.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In September 2011, the FASB issued ASU 2011-08,
<i>Intangibles&#xA0;&#x2014;&#xA0;Goodwill and Other (Topic 350):
Testing Goodwill for Impairment</i> (&#x201C;ASU
2011-08&#x201D;)<i>,</i> to give both public and nonpublic entities
the option to qualitatively determine whether they can bypass the
two-step goodwill impairment test. Under the new guidance, if an
entity chooses to perform a qualitative assessment and determines
that it is more likely than not (a more than 50% likelihood) that
the fair value of a reporting unit is less than its carrying
amount, it would then perform Step 1 of the annual goodwill
impairment test in ASC 350-20 and, if necessary, proceed to Step 2.
Otherwise, no further evaluation would be necessary. The decision
to perform a qualitative assessment is made at the reporting unit
level, and an entity with multiple reporting units may utilize a
mix of qualitative assessments and quantitative tests among its
reporting units. The amended guidance is effective for interim and
annual goodwill impairment tests performed for fiscal years
beginning after December 15, 2011, although early adoption is
permitted. The adoption of ASU 2011-08 will not have a material
effect on the Company&#x2019;s financial statements.</p>
</div><span></span></td>
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                <p>The entire disclosure for the basis of presentation, or accounting, and significant accounting policies.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
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        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 15&#xA0;&#x2014;&#xA0;Commitments and Contingencies</h2>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Operating Leases</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company conducts its operations from leased facilities, under
operating leases with terms expiring through 2023, in
Rockville/Gaithersburg, Maryland. The leases obligate the Company
to also pay building operating costs. In November 2011, the Company
entered into lease agreements, under which the Company will lease
its new manufacturing, laboratory and office space in Gaithersburg,
Maryland. The lease agreements provide that, among other things, as
of January 1, 2012, the Company subleases from the current facility
tenant, and subsequently leases from the landlord approximately
74,000 total square feet, with rent payments for such space
commencing April 1, 2014. Under the terms of one lease agreement,
the Landlord will provide the Company with a tenant improvement
allowance of $2.5 million and an additional tenant improvement
allowance of $3 million dollars, which additional tenant
improvement allowance is paid back to the Landlord during the
remainder of the term of such lease agreement (collectively, the
&#x201C;Improvement Allowance&#x201D;). Since December 31, 2011
through March 8, 2012, the Company has been funded $1.3 million
under the Improvement Allowance. In addition, the Company entered
into an agreement with the current facility tenant to purchase
laboratory equipment to be used at the space. The Company is
currently considering its plans for the Rockville, Maryland
facility subsequent to relocation to the Gaithersburg, Maryland
facilities, which plans include remarketing the facility through
the end of the remaining lease term of January 31, 2017. The
Company also leased space in Malvern, Pennsylvania, its former
corporate headquarters, under an operating lease with a term
expiring in 2014. The Company has subleased this facility under an
amended sublease agreement expiring in 2014.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Future minimum rental commitments under non-cancelable leases as of
December 31, 2011 are as follows (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Year</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Operating<br />
Leases</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Sublease</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Net Operating<br />
Leases</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,680</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(288</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,392</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2013</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,179</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(295</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,884</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2014</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,549</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(201</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,348</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2015</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,925</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,925</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2016</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,023</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,023</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Thereafter</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,268</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,268</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total minimum lease payments</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
31,624</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(784</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
30,840</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Total rent expenses approximated $1.6 million, $1.6 million and
$1.5 million for the years ended December 31, 2011, 2010 and 2009,
respectively.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Purchase Obligations</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In March 2009, the Company and Cadila entered into a master
services agreement pursuant to which the Company may request
services from Cadila in the areas of biologics research,
pre-clinical development, clinical development, process
development, manufacturing scale-up and general manufacturing
related services in India. In July 2011, the Company and Cadila
amended the master services agreement to extend the term by one
year for which services can be provided by Cadila under this
agreement. Under the revised terms, if, by March 31, 2013, the
amount of services provided by Cadila is less than $7.5 million,
the Company will pay Cadila the portion of the shortfall amount
that is less than or equal to $2.0 million and 50% of the portion
of the shortfall amount that exceeds $2.0 million. When calculating
the shortfall, the amount of services provided by Cadila includes
amounts that have been paid under all project plans, the amounts
that will be paid under ongoing executed project plans and amounts
for services that had been offered to Cadila, that Cadila was
capable of performing, but exercised its right not to accept such
project. The term of the master services agreement is five years,
but may be terminated by either party if there is a material breach
that is not cured within 30 days of notice or, at any time after
three years, provided that 90 days prior notice is given to the
other party. As of December 31, 2011, the Company&#x2019;s remaining
obligation to Cadila under the master services agreement is $7.3
million.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Contingencies</h3>
<h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt">
<u>License Agreement with Wyeth Holdings Corporation</u></h4>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company entered into a license agreement in 2007 with Wyeth
Holdings Corporation, a subsidiary of Pfizer Inc.
(&#x201C;Wyeth&#x201D;). The license is a non-exclusive, worldwide
license to a family of patent applications covering VLP technology
for use in human vaccines in certain fields. The agreement provides
for an upfront payment, annual license fees, milestone payments and
royalties on any product sales. If each milestone is achieved for
any particular vaccine candidate, the Company would be obligated to
pay an aggregate of $14 million to Wyeth for each product developed
and commercialized under the agreement. Annual license maintenance
fees under the agreement total $0.2 million per annum. The royalty
to be paid by the Company under the agreement, if a product is
approved by the FDA for commercialization, will be based on single
digit percentage of net sales. Payments under the agreement to
Wyeth as of December 31, 2011 aggregated $5.1 million. The
agreement will remain effective as long as at least one claim of
the licensed patent rights cover the manufacture, sale or use of
any product unless terminated sooner at the Company&#x2019;s option
or by Wyeth for an uncured breach by the Company.</p>
<h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 44px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt serif; PADDING-TOP: 3pt">
<u>Employment Agreements</u></h4>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has entered into employment agreements with certain of
its executive officers and key employees. The employment agreements
have one year terms that automatically renew annually and provide
for base salaries and other incentives. The agreements include a
provision whereby if the Company terminates the employment of such
an employee other than for cause, including pursuant to a change of
control under its severance plan, or the employee leaves the
Company for good reason, such employee shall be entitled to receive
payment of existing salary and benefits for a period that ranges
from 12 to 24 months.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock-Based Compensation<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Stock-Based Compensation</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 11&#xA0;&#x2014;&#xA0;Stock-Based Compensation</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has granted equity awards under several plans. Under
the 2005 Stock Incentive Plan (the &#x201C;2005 Plan&#x201D;), equity
awards may be granted to officers, directors, employees,
consultants and advisors to the Company and any present or future
subsidiary. The 2005 Plan, approved in May 2005 and amended in June
2007 and June 2011 by the Company&#x2019;s stockholders, currently
authorizes the grant of equity awards for up to 14,312,192 shares
of common stock, which included, at the time of approval of the
2005 Plan, a maximum 5,746,468 shares of common stock subject to
stock options outstanding under the Company&#x2019;s 1995 Stock
Option Plan (the &#x201C;1995 Plan&#x201D;) that may revert to and
become issuable under the 2005 Plan if such options should expire
or otherwise terminate unexercised. The term of the Company&#x2019;s
1995 Plan has expired. Outstanding stock options remain in
existence in accordance with their terms and no new awards will be
made under the 1995 Plan.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Under the 2005 Plan and the 1995 Plan, incentive stock options,
having a maximum term of 10 years, can be or were granted at no
less than 100% of the fair value of the Company&#x2019;s common
stock at the time of grant and are generally exercisable over
periods ranging from six months to four years. There is no minimum
exercise price for non-statutory stock options.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company recorded stock-based compensation expense in the
statements of operations as follows (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Years ended December 31,</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Research and development</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">610</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">335</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">539</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
General and administrative</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,437</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,004</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
994</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total stock-based compensation expenses</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,047</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,339</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,533</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Stock Options Awards</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following is a summary of option activity under the 2005 Plan
and the 1995 Plan for the year ended December 31, 2011:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">2005 Stock Incentive Plan</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">1995 Stock Option Plan</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Stock Options</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted-<br />
Average<br />
Exercise Price</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Stock Options</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted-<br />
Average<br />
Exercise Price</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Outstanding at January 1, 2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,214,794</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.34</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
579,850</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.97</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,625,400</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.08</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(198,679</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.90</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Canceled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,228,769</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.54</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(105,200</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.81</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Outstanding at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,412,746</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.22</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
474,650</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.38</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Vested and expected to vest at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,653,550</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.25</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
474,650</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.38</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Shares exercisable at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,705,448</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.39</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
474,650</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.38</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Shares available for grant at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,311,224</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The fair value of the stock options granted for the years ended
December 31, 2011, 2010 and 2009, was estimated at the date of
grant using the Black-Scholes option-pricing model with the
following assumptions:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Weighted average fair value of options granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
$1.14</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
$1.47</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
$1.29</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Risk-free interest rate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
0.48%&#xA0;&#x2013;&#xA0;1.91%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
0.93%&#xA0;&#x2013;&#xA0;2.89%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
1.56%&#xA0;&#x2013;&#xA0;3.19%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Dividend yield</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">0%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">0%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">0%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Volatility</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
73.3%&#xA0;&#x2013;&#xA0;81.0%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
97.0%&#xA0;&#x2013;&#xA0;108.0%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
85.7%&#xA0;&#x2013;&#xA0;119.5%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expected term (in years)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
3.26&#xA0;&#x2013;&#xA0;4.47</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
3.06&#xA0;&#x2013;&#xA0;6.26</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
3.89&#xA0;&#x2013;&#xA0;7.05</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expected forfeiture rate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
0&#xA0;&#x2013;&#xA0;23.15%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
21.07%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
21.07%</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The aggregate intrinsic value and weighted-average remaining
contractual term of stock options exercisable as of December 31,
2011 was approximately $0.2 million and 3.8 years, respectively.
The aggregate intrinsic value and weighted-average remaining
contractual term of options vested and expected to vest as of
December 31, 2011 was $0.3 million and 7.0 years, respectively. The
aggregate intrinsic value represents the total intrinsic value (the
difference between the Company&#x2019;s closing stock price on the
last trading day of 2011 and the exercise price, multiplied by the
number of in-the-money options) that would have been received by
the option holders had all option holders exercised their options
on December 31, 2011. This amount is subject to change based on
changes to the fair market value of the Company&#x2019;s common
stock. The aggregate intrinsic value of options exercised for 2011,
2010 and 2009 was $0.3 million, $0.3 million and $0.9 million,
respectively.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Restricted Stock Awards</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Under the 2005 Plan, the Company granted restricted stock awards
subject to certain performance-based or time-based vesting
conditions which, if not met, would result in forfeiture of the
shares and reversal of any previously recognized related
stock-based compensation expense.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following is a summary of restricted stock awards activity for
the year ended December 31, 2011:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Number of<br />
Shares</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Per Share<br />
Weighted-<br />
Average<br />
Grant-Date<br />
Fair Value</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Outstanding at January 1, 2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
56,666</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.47</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Restricted stock granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
50,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1.39</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Restricted stock vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(53,333</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.30</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Restricted stock forfeited</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Outstanding at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
53,333</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1.63</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
As of December 31, 2011, there was approximately $3.0 million of
total unrecognized compensation expense (net of estimated
forfeitures) related to unvested options and restricted stock
awards. This unrecognized compensation expense is expected to be
recognized over a weighted average period of 1.6 years.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 93-6<br><br> -Paragraph 53<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64, 65, A240<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Warrant Liability<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_StockWarrantsTextBlock', window );">Warrant Liability</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 7&#xA0;&#x2014;&#xA0;Warrant Liability</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In July 2008, the Company completed a registered direct offering of
6,686,650 units, raising approximately $17.5 million in net
proceeds. Each unit consisted of one share of common stock and a
warrant to purchase 0.5 shares of common stock (the
&#x201C;Warrants&#x201D;) at a price of $2.68 per unit. The Warrants
represent the right to acquire an aggregate of 3,343,325 shares of
common stock at an exercise price of $3.62 per share and are
exercisable through July 31, 2013.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2011, 2010 and 2009, the Company recorded as other income
(expense) in its statements of operations a change in fair value of
warrant liability of $2.5 million, $1.7 million and ($2.0) million,
respectively. As of December 31, 2011, the warrant liability
recorded on the balance sheet was $0.4 million and all Warrants
remain outstanding as of that date under this offering.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Joint Venture<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsDisclosureTextBlock', window );">Joint Venture</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 5&#xA0;&#x2014;&#xA0;Joint Venture</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In March 2009, the Company entered into a Joint Venture Agreement
with Cadila Pharmaceuticals Ltd., a private company incorporated
under the laws of India (&#x201C;Cadila&#x201D;) pursuant to which
the Company and Cadila formed CPL Biologicals Private Limited, a
joint venture (the &#x201C;JV&#x201D;), of which 20% is owned by the
Company and 80% is owned by Cadila. The JV will develop and
manufacture the Company&#x2019;s seasonal influenza and pandemic
vaccine candidates and Cadila&#x2019;s biogeneric products and other
diagnostic products for the territory of India. The JV has the
right to negotiate a definitive agreement for rights to certain
future Company products (other than RSV) and certain future Cadila
products in India, prior to the Company or Cadila licensing such
rights to a third party. The Company has the right to negotiate the
licensing of vaccines developed by the JV using Novavax&#x2019;s
technology for commercialization in every country except for India
and vaccines developed by the JV using Cadila&#x2019;s technology
for commercialization in certain other countries, including the
U.S. Cadila has committed to contribute approximately $8 million
over three years to support the JV&#x2019;s operations. In
connection with the Joint Venture Agreement, in March 2009, the
Company also entered into a license agreement, an option to enter
into a license agreement, a technical services agreement and a
supply agreement with the JV and a master services agreement with
Cadila. Because the Company does not control the JV, the Company
accounts for its investment using the equity method. Since the
carrying value of the Company&#x2019;s contribution was nominal and
there is no guarantee or commitment to provide future funding, the
Company has not recorded nor expects to record losses related to
this investment in the future.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Also in March 2009, the Company entered into a Stock Purchase
Agreement with Satellite Overseas (Holdings) Limited
(&#x201C;SOHL&#x201D;), a subsidiary of Cadila, pursuant to which
SOHL purchased 12.5 million shares of the Company&#x2019;s common
stock at the market price of $0.88 per share, resulting in net
proceeds of approximately $10.6 million.</p>
</div><span></span></td>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6903645&amp;loc=d3e32787-111569<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6903645&amp;loc=d3e32847-111569<br><br><br><br></p>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Financial Information<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalFinancialInformationDisclosureTextBlock', window );">Other Financial Information</a></td>
        <td class="text"><div>
<h2 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Note 6&#xA0;&#x2014;&#xA0;Other Financial Information</h2>
<h3 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Prepaid Expenses</h3>
<p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Prepaid expenses consist of the following at December 31 (in
thousands):</p>
<p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
</p>
<div style="text-align: center">
<table cellspacing="0" cellpadding="0" width="554" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<tr>
<td></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" rowspan="1" colspan="1"></td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">2011</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">2010</td>
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<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Laboratory supplies</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">1,616</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">784</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1">Other prepaid expenses</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">825</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">558</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" rowspan="1" colspan="1">Prepaid expenses</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1">2,441</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1">1,342</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">
<!-- PERCENT -->&#xA0;</td>
</tr>
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</div>
<h3 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Property and Equipment, net</h3>
<p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Property and equipment is comprised of the following at December 31
(in thousands):</p>
<p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
</p>
<div style="text-align: center">
<table cellspacing="0" cellpadding="0" width="554" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<tr>
<td></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" rowspan="1" colspan="1"></td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">2011</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">2010</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Construction in progress</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">56</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">522</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Machinery and equipment</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">7,131</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">6,697</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Leasehold improvements</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">4,548</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">4,531</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1">Computer software and hardware</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">669</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">554</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">12,404</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">12,304</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1">Less accumulated depreciation and
amortization</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">(5,547</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
)<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">(4,098</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" rowspan="1" colspan="1">Property and equipment, net</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1">6,857</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1">8,206</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Depreciation and amortization expense was approximately $1.6
million, $1.4 million and $1.2 million for the years ended December
31, 2011, 2010 and 2009, respectively.</p>
<h3 style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Accrued Expenses and Other Current Liabilities</h3>
<p style="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
Accrued expenses and other current liabilities consist of the
following at December 31 (in thousands):</p>
<p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
</p>
<div style="text-align: center">
<table cellspacing="0" cellpadding="0" width="554" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<tr>
<td></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" rowspan="1" colspan="1"></td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">2011</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">2010</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Employee benefits and compensation</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2,283</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2,293</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Research and development accruals</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">1,213</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">3,421</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Other accrued expenses</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">1,000</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">535</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" rowspan="1" colspan="1">Accrued interest</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">32</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" rowspan="1" colspan="1">24</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" rowspan="1" colspan="1">Accrued expenses and other current
liabilities</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1">4,528</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" rowspan="1" colspan="1">6,273</td>
</tr>
</table>
</div>
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                <p>The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement.</p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long-Term Debt<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 8&#xA0;&#x2014;&#xA0;Long-Term Debt</h2>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Notes Payable</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Notes payable consist of the following at December 31 (in
thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
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<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Opportunity Grant Fund notes payable; non-interest bearing;
principal only payments due in monthly installments of $6,667
through April 2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">20</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">100</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loan agreements; bear interest at 3% per annum; repayment is
conditional</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
300</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
300</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">320</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">400</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less current portion</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(20</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(80</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Long-term portion</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
300</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
320</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
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</div>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Opportunity Grant Fund Note Payable</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In April 2007, the Company entered into a Settlement and Release
Agreement with the Commonwealth of Pennsylvania, whereby the
Company agreed to repay the original grant of $400,000 associated
with its former corporate headquarters and product development
activities in Malvern, Pennsylvania in 60 monthly installments of
$6,667 each starting May 2007. Interest does not accrue on the
outstanding balance.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Loan Agreements</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In May 2008, the Company entered into loan agreements with the
State of Maryland and Montgomery County whereby the repayment of
the loan amounts and accrued interest is conditioned upon the
Company meeting the capital investment and employment requirements
during the term of the loans through 2014, as amended.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Aggregate future minimum principal payments on long-term debt at
December 31, 2011 are as follows (in thousands):</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Year</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amount</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">20</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2013</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2014</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
300</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total minimum principal payments</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
320</td>
</tr>
</table>
</div>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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<TEXT>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Therapeutic Tax Credit<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_TaxDisclosureTextBlock', window );">Therapeutic Tax Credit</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 13&#xA0;&#x2014;&#xA0;Therapeutic Tax Credit</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In 2010, the Company submitted applications for qualifying
therapeutic discovery project credits under &#xA7;48D of the
Internal Revenue Code, as amended (the &#x201C;Code&#x201D;), as
added to the Code by section 9023(a) of the Patient Protection and
Affordable Care Act of 2010, and was awarded grants totaling $1.0
million, of which $0.2 million was refunded due to a shortfall in
qualified expenses relating to one of its applications.</p>
</div><span></span></td>
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                <p>Tax Disclosure [Text Block]</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>VALUATION AND QUALIFYING ACCOUNTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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      <tr class="re">
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        <td class="text"><div>
<h1 style="TEXT-ALIGN: center; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 9pt">
SCHEDULE II&#xA0;&#x2014;&#xA0;VALUATION AND QUALIFYING
ACCOUNTS<br />
December 31, 2011, 2010 and 2009<br />
(in thousands)</h1>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Balance at<br />
Beginning<br />
of Year</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Additions</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Deductions</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Balance at<br />
End of Year</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Net Deferred Tax Asset Valuation Allowance:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
108,004</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
18,016</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
126,020</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
94,853</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
13,151</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
108,004</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
80,799</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
14,054</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
94,853</td>
</tr>
</table>
</div>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 09<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e24092-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ER5EM">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Cadila</div>
        </th>
        <th class="th">
          <div>Rovi</div>
        </th>
        <th class="th">
          <div>At The Market (ATM) Programs</div>
        </th>
        <th class="th">
          <div>All Other</div>
        </th>
        <th class="th">
          <div>Common Stock</div>
        </th>
        <th class="th">
          <div>Common Stock

</div>
          <div>Cadila</div>
        </th>
        <th class="th">
          <div>Common Stock

</div>
          <div>Rovi</div>
        </th>
        <th class="th">
          <div>Common Stock

</div>
          <div>At The Market (ATM) Programs</div>
        </th>
        <th class="th">
          <div>Common Stock

</div>
          <div>All Other</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital

</div>
          <div>Cadila</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital

</div>
          <div>Rovi</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital

</div>
          <div>At The Market (ATM) Programs</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital

</div>
          <div>All Other</div>
        </th>
        <th class="th">
          <div>Notes Receivable From Former Directors</div>
        </th>
        <th class="th">
          <div>Accumulated Deficit</div>
        </th>
        <th class="th">
          <div>Treasury Stock</div>
        </th>
        <th class="th">
          <div>Accumulated Other Comprehensive Income</div>
        </th>
        <th class="th">
          <div>Comprehensive Loss</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning Balance at Dec. 31, 2008</a></td>
        <td class="nump">$ 42,948<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 692<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 280,516<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (1,572)<span></span></td>
        <td class="num">$ (234,238)<span></span></td>
        <td class="num">$ (2,450)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Beginning Balance (in shares) at Dec. 31, 2008</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">69,220,021<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Non-cash compensation costs for stock options and restricted stock</a></td>
        <td class="nump">1,533<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,533<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of stock options (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">546,832<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">952<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">947<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Restricted stock issued as compensation (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,500,000<span></span></td>
        <td class="nump">1,094,891<span></span></td>
        <td class="nump">7,489,207<span></span></td>
        <td class="nump">6,800,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,594<span></span></td>
        <td class="nump">2,977<span></span></td>
        <td class="nump">22,005<span></span></td>
        <td class="nump">20,809<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">125<span></span></td>
        <td class="nump">11<span></span></td>
        <td class="nump">75<span></span></td>
        <td class="nump">68<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,469<span></span></td>
        <td class="nump">2,966<span></span></td>
        <td class="nump">21,930<span></span></td>
        <td class="nump">20,741<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of convertible debt (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,056,939<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of convertible debt</a></td>
        <td class="nump">7,660<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,629<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">(40,346)<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive loss</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="num">(39,526)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance at Dec. 31, 2009</a></td>
        <td class="nump">69,952<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,007<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance (in shares) at Dec. 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Non-cash compensation costs for stock options and restricted stock</a></td>
        <td class="nump">1,339<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of stock options (in shares)</a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of stock options</a></td>
        <td class="nump">426<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Restricted stock issued as compensation (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Restricted stock issued as compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance at Dec. 31, 2010</a></td>
        <td class="nump">59,050<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance (in shares) at Dec. 31, 2010</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Non-cash compensation costs for stock options and restricted stock</a></td>
        <td class="nump">2,047<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of stock options (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">179<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Restricted stock issued as compensation (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_CancellationOfPreviouslyIssuedCommonStockShares', window );">Cancellation of common stock issued to former Directors (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_CancellationOfPreviouslyIssuedCommonStockValue', window );">Cancellation of common stock issued to former Directors</a></td>
        <td class="nump">50<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="num">(1,519)<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gain (loss) on short-term investments</a></td>
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(19,364)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance at Dec. 31, 2011</a></td>
        <td class="nump">$ 53,849<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,175<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (329,656)<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance (in shares) at Dec. 31, 2011</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">117,480,867<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nvax_CancellationOfPreviouslyIssuedCommonStockShares">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cancellation of Previously Issued Common Stock Shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>nvax_CancellationOfPreviouslyIssuedCommonStockShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>nvax_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cancellation of Previously Issued Common Stock Value</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>nvax_CancellationOfPreviouslyIssuedCommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>nvax_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415241&amp;loc=d3e4534-113899<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11149-113907<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A91<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11178-113907<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 39<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e540-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 8, 9, 10, 11, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508144<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e557-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 17, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedStockAwardForfeitures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total value of forfeitures related to restricted stock awards forfeited during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RestrictedStockAwardForfeitures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period as a result of the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-30)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares related to Restricted Stock Award forfeited during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross value of stock issued during the period upon the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value stock issued during the period as a result of the exercise of stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Liquidity Matters<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nvax_LiquidityMattersDisclosureTextBlock', window );">Liquidity Matters</a></td>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 2&#xA0;&#x2014;&#xA0;Liquidity Matters</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company&#x2019;s vaccine candidates currently under development
will require significant additional research and development
efforts, including extensive pre-clinical and clinical testing, and
regulatory approval prior to commercial use. The Company&#x2019;s
research and development efforts may not be successful and any
potential vaccine candidates may not prove to be safe and effective
in clinical trials. Even if developed, these vaccine candidates may
not receive regulatory approval or be successfully introduced and
marketed at prices that would permit the Company to operate
profitably. The commercial launch of any vaccine is subject to
significant risks including, but not limited to, manufacturing
scale-up and market acceptance.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Since its inception, the Company has incurred, and continues to
incur, significant losses from operations. At December 31, 2011,
the Company had cash and cash equivalents of $14.1 million and
short-term investments with a fair value of $4.2 million. Since
December 31, 2011 through March 8, 2012, the Company has sold 5.2
million shares under its At Market Issuance Sales Agreement for
$7.2 million in net proceeds.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Based on the Company&#x2019;s cash and cash equivalents and
short-term investments balances as of December 31, 2011,
anticipated revenue under the contract with the Department of
Health and Human Services, Biomedical Advanced Research and
Development Authority (&#x201C;HHS BARDA&#x201D;) that was awarded in
February 2011, possible proceeds from sales of the Company&#x2019;s
common stock under its At Market Issuance Sales Agreement and its
current business operations, the Company believes it has adequate
capital resources available to operate at planned levels for at
least the next twelve months. Additional capital will be required
in the future to develop its vaccine candidates through clinical
development, manufacturing and commercialization. The
Company&#x2019;s ability to generate revenue under the HHS BARDA
contract is subject to its performance under the contract; its
ability to raise funds under its At Market Issuance Sales Agreement
is subject to both its business performance and market conditions.
Further, the Company may seek additional capital through public or
private equity offerings, debt financing, strategic alliance and
licensing arrangements, non-dilutive government contracts,
collaborative arrangements, or some combination of these financing
alternatives. Any capital raised by an equity offering, whether
public or private, will likely be substantially dilutive to the
existing stockholders and any licensing or development arrangement
may require the Company to give up rights to a product or
technology at less than its full potential value. Other than the
Company&#x2019;s At Market Issuance Sales Agreement and the
Improvement Allowance (see Note 15), the Company has not secured
any additional commitments for new financing, nor can the Company
provide any assurance that financing will be available on
commercially acceptable terms, if at all. If the Company is unable
to perform under the HHS BARDA contract or obtain additional
capital, it will assess its capital resources and will likely be
required to delay, reduce the scope of, or eliminate one or more of
its research and development programs, and/or downsize the
organization, including its general and administrative
infrastructure.</p>
</div><span></span></td>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Employee Benefits<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
Note 12&#xA0;&#x2014;&#xA0;Employee Benefits</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company maintains a defined contribution 401(k) retirement
plan, pursuant to which employees who have completed 90 days of
service may elect to contribute up to 100% of their compensation on
a tax deferred basis up to the maximum amount permitted by the
Internal Revenue Code of 1986, as amended.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company currently matches 25% of the first 6% of the
participants&#x2019; deferral. Contributions to the 401(k) plan vest
equally over a three-year period. The Company has expensed, net of
forfeitures, approximately $88,000, $71,000 and $37,000 in 2011,
2010 and 2009, respectively.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for pension and other postretirement benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -URI http://asc.fasb.org/topic&amp;trid=2235017<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 87<br><br> -Paragraph 264<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 158<br><br> -Paragraph 7, 21, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS106-2<br><br> -Paragraph 20, 21, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Implementation Guide (Q and A)<br><br> -Number FAS88<br><br> -Paragraph 63<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph h<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 30<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 03-2<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 8<br><br> -Subparagraph m<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph q<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 106<br><br> -Paragraph 518<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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