<SEC-DOCUMENT>0001144204-12-030935.txt : 20120521
<SEC-HEADER>0001144204-12-030935.hdr.sgml : 20120521
<ACCEPTANCE-DATETIME>20120521145504
ACCESSION NUMBER:		0001144204-12-030935
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120521
DATE AS OF CHANGE:		20120521

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-165496
		FILM NUMBER:		12858546

	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>424B5
<SEQUENCE>1
<FILENAME>v314126_424b5.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT - RULE 424(B)(5)
<TEXT>
<HTML>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; text-autospace: none; font-size: 10pt; font-weight: bold">PROSPECTUS SUPPLEMENT</TD>
    <TD STYLE="width: 30%; text-autospace: none; font-size: 10pt; font-weight: bold">Filed pursuant to Rule 424(b)(5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; font-weight: bold">(To Prospectus dated March 25, 2010)</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; font-weight: bold">Registration No. 333-165496</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><img src="logo.jpg"></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">10,000,000<FONT STYLE="font-size: 10pt">
Shares of Common Stock&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We<I> </I>are offering 10,000,000 shares
of our common stock in this offering at a price of $1.22 per share. We are not paying underwriting discounts or commissions, so
the proceeds to us, before expenses, will be approximately $12.2 million. We estimate the total expenses of this offering will
be approximately $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">You should read this prospectus supplement,
including any information incorporated herein and therein, carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Our common stock is traded on the NASDAQ
Global Market under the symbol NVAX. On May 17, 2012, the closing price of our common stock as reported on the NASDAQ Global Market
was $1.22 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="color: Black"><B><I>Investing
in these securities involves a high degree of risk See &ldquo;RISK FACTORS&rdquo; on page S-2</I></B><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-left: 0; margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The address of our principal executive
offices is 9920 Belward Campus Drive, Rockville, Maryland 02850, and the telephone number at our principal executive offices is
(240) 268-2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Prospectus Supplement
is May 18, 2012.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</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; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-autospace: none; font-weight: bold">ABOUT THIS PROSPECTUS SUPPLEMENT</TD>
    <TD STYLE="width: 13%; text-autospace: none; font-weight: bold; text-align: center">S-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">RISK FACTORS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">NOVAVAX, INC.</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">USE OF PROCEEDS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">DILUTION</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">LEGAL MATTERS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">EXPERTS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">S-4</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">This prospectus supplement and the accompanying
prospectus relate to part of a &ldquo;shelf&rsquo; registration statement that we filed with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo; or &ldquo;Commission&rdquo;). Both this prospectus supplement and the accompanying prospectus include or
incorporate by reference important information about us, our common stock and other information you should know before investing.
You should read both this prospectus supplement and the accompanying prospectus as well as additional information described under
&ldquo;Where You Can Find More Information&rdquo; in this prospectus supplement before making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">We have not authorized
anyone to provide any information other than that contained or incorporated by reference in this prospectus supplement or in any
free writing prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can
provide no assurance as to the reliability of, any other information that others may give you. This prospectus supplement and the
accompanying prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the
securities described in this prospectus supplement or an offer to sell or the solicitation of any offer to buy such securities
in any circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing in this
prospectus supplement and the accompanying prospectus, the documents incorporated by reference and any related free writing prospectus
is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have
changed materially since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">This prospectus supplement
may add to, update or change the information in the accompanying prospectus. If information in this prospectus supplement is inconsistent
with information in the accompanying prospectus, this prospectus supplement will apply and will supersede that information in the
accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">This prospectus supplement
contains trademarks and trade names of other businesses that are the property of their respective holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;Unless otherwise
indicated or unless the context requires otherwise, all references in this prospectus supplement to &quot;Novavax,&quot; &quot;we,&quot;
&quot;us&quot; and &quot;our&quot; refer to Novavax,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Investing in our securities involves
a high degree of risk. For a discussion of the factors you should carefully consider before deciding to purchase any of our securities,
please review &ldquo;Part I, Item 1A - Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2011,
filed with the SEC on March 14, 2012, which is incorporated by reference in this prospectus supplement and the accompanying prospectus.
The risks and uncertainties described in the documents incorporated by reference are not the only risks and uncertainties we face.
Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business
operations. If any of those risks actually occurs, our business, financial condition and results of operations would suffer. In
that event, the market price of our common stock could decline, and you may lose all or part of your investment in our common stock.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. You may read and copy any materials that we file with the SEC at its Public
Reference Room, 100&nbsp;F Street, N.E., Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330 for further information
on the operation of the Public Reference Room. Our SEC filings are also available to the public from the SEC&rsquo;s website at
http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC&rsquo;s
rules allow us to &ldquo;incorporate by reference&rdquo; the information we have filed with the SEC, which means that we can disclose
important information by referring you to those documents. The information incorporated by reference is a part of this prospectus
supplement and accompanying prospectus, and information that we file later with the SEC will automatically update and supersede
the information included and/or incorporated by reference in this prospectus supplement. We incorporate by reference into this
prospectus supplement the documents listed below and any future filings made by us with the SEC under Sections&nbsp;13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934 (other than, in each case, any document or portion of a document that is deemed
not to be filed) after the initial filing of the registration statement that contains the accompanying prospectus and prior to
the time that we sell all of the securities offered by this prospectus supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Annual Report on Form 10-K for the year ended December
31, 2011, filed with the SEC on March 14, 2012;</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2012, filed with the SEC on May 9, 2012; and</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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>the description of our common stock contained in the Registration Statement on Form 10 filed with the SEC on September 14,
1995.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You may obtain documents incorporated by
reference into this prospectus supplement at no cost by requesting them in writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">9920 Belward Campus Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Rockville, MD 20850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(240) 268-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These filings are also made available, free
of charge, on our website at www.novavax.com. The information contained in, and that can be accessed through, our website is not
incorporated into and does not form&nbsp;a part of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVAVAX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Novavax, Inc. is a
biopharmaceutical company focused on developing novel, highly potent recombinant vaccines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">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 www.novavax.com. The information contained in, and that
can be accessed through, our website is not incorporated into and does not form a part of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We estimate that the net proceeds from the
sale of the 10,000,000 shares will be approximately $12.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to use the net proceeds from this
common stock offering for general corporate purposes, including working capital, capital expenditures, research and development
and clinical trial expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you invest in our common stock, your
interest will be diluted to the extent of the difference between the price per share you pay in this offering and the net tangible
book value per share of our common stock immediately after this offering. Our net tangible book value of our common stock as of
December 31, 2011 was approximately $20.7 million, or approximately $0.18 per share of common stock based upon 117,025,437 shares
outstanding. Net tangible book value per share is equal to our total tangible assets, less our total liabilities, divided by the
total number of shares outstanding as of December 31, 2011. Based on the 10,000,000 shares offered hereunder are sold and after
giving effect to such sale, our as-adjusted net tangible book value would have been approximately $32.8 million, or approximately
$0.26 per share of common stock based upon 127,025,437 shares outstanding. This represents an immediate increase in net tangible
book value of $0.08 per share to our existing stockholders and an immediate dilution in net tangible book value of $0.96 per share
to new investors. The following table illustrates this calculation on a per share basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%">Offering price per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1.22</TD><TD STYLE="width: 1%; text-align: left">(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net tangible book value per share as of December 31, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase in net tangible book value per share attributable to the offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.08</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">As-adjusted net tangible book value per share after giving effect to the offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.26</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Dilution in net tangible book value per share to new investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.96</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.45in">(1)</TD><TD>Assuming a purchase price of $1.22. The foregoing table excludes the
following, each as of December 31, 2011:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>7,887,396 shares of our common stock reserved for issuance upon the exercise of outstanding stock options at a weighted average
exercise price of $2.36 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>3,311,224 shares of our common stock reserved for future awards under our 2005 Stock Incentive Plan; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>3,343,325 shares of our common stock reserved for issuance upon the exercise of outstanding warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALIDITY OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The validity of the shares of common stock
offered by this prospectus supplement will be passed upon for us by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ropes &amp; Gray LLP, Boston, Massachusetts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We have agreed to sell, directly to RA
Capital Management, LLC, or one or more of its affiliates, 10,000,000 shares of our common stock at a price of $1.22 per share.
No underwriters or agents were engaged by us for this transaction. We estimate the total expenses of this offering that will be
payable by us will be approximately $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>NOVAVAX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$150,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock<BR>
Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrants<BR>
Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in"><I>We </I>may issue and sell from time
to time our common stock, preferred stock, warrants and/or units consisting of two or more of any such securities on terms to
be determined at the time of sale. The preferred stock may be convertible into shares of our common stock and the warrants may
be exercisable for shares of our common stock or shares of our preferred stock. We may offer these securities separately or together
in one or more offerings with a maximum aggregate offering price of $150,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We will provide a prospectus supplement
each time we issue securities, specifying the specific terms of the securities being sold as well as the specific terms of that
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">You should read this prospectus and any
prospectus supplement, including any information incorporated herein and therein, carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The securities being sold may be sold on
a delayed or continuous basis directly by us, through dealers, agents or underwriters designated from time to time, or through
any combination of these methods. If any dealers, agents or underwriters are involved in the sale of the securities in respect
of which this prospectus is being delivered, we will disclose their names and the nature of our arrangements with them in any prospectus
supplement. The net proceeds we expect to receive from any such sale will also be included in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Our common stock is traded on the NASDAQ
Global Market under the symbol NVAX. On March 11, 2010, the closing price of our common stock as reported on the NASDAQ Global
Market was $2.48 per share. None of the other securities offered under this prospectus are publicly traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Investing
in our securities involves a high degree <FONT STYLE="font-size: 10pt">of </FONT>risk See &quot;RISK FACTORS&quot; beginning on
page </I></B></FONT><I>2.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>This
prospectus may not be used to offer or sell securities unless accompanied by a prospectus supplement for the securities being
sold.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
date of this Prospectus is April 27, 2010.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</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; background-color: rgb(204,255,204)">
    <TD STYLE="width: 92%; text-autospace: none; font-weight: bold">NOVAVAX, INC.</TD>
    <TD STYLE="width: 8%; text-autospace: none; font-weight: bold">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">RISK FACTORS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">USE OF PROCEEDS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">DESCRIPTION OF OUR CAPITAL STOCK</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">DESCRIPTION OF OUR WARRANTS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">DESCRIPTION OF OUR UNITS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">DIVIDEND POLICY</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">LEGAL MATTERS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">EXPERTS</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none; font-weight: bold">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-autospace: none; font-weight: bold">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">15</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely only on the information contained in this
prospectus and in any prospectus supplement (including in any documents incorporated by reference herein or therein). We have not
authorized anyone to provide you with any different information. We are offering to sell our securities, and seeking offers to
buy, only in jurisdictions where offers and sales are permitted. The information contained in this prospectus and any prospectus
supplement is accurate only as of the date of this prospectus or such prospectus supplement, and the information contained in any
document incorporated herein or therein by reference is accurate only as of the date of such document incorporated by reference,
regardless of the time of delivery or any sale of our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVAVAX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">Novavax, Inc. (&quot;Novavax,&quot;
the &quot;Company,&quot; &quot;we&quot; or &quot;us&quot;) is a biopharmaceutical company focused on developing novel, highly potent
recombinant vaccines. Our goal is to become a profitable vaccine company that is aggressively driving towards development, licensure
and commercialization of important vaccine candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Our technology platform is based on proprietary
virus-like particles (VLPs). Our VLPs are genetically engineered three-dimensional nanostructures, which incorporate immunologically
important recombinant proteins. Recombinant protein- based vaccines are widely used and accepted. Examples of vaccines currently
available that use recombinant protein particle technology include Recombivax&reg; HB (Merck) and Engerix&reg; (GlaxoSmithKline),
which protect against Hepatitis B, and Gardasil&reg; (Merck) and Cervarix&reg; (GlaxoSmithKline), which protect against human papilloma
virus. Our product pipeline targets several infectious diseases. Currently, we have vaccine product candidates to target pandemic
influenza (both H1N1 and H5N1 strains), seasonal influenza, Respiratory Syncytial Virus (RSV) and Varicella Zoster Virus (VZV).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">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 <U>www.novavax.com</U>. The contents of our
website are not part of this prospectus. The information on or accessible through our website is not incorporated by reference
into this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Investing in our securities involves a
high degree of risk. You should consider carefully the risks incorporated by reference herein that are described under &quot;Risk
Factors&quot; in our Annual Report on Form 10-K for the year ended December 31, 2009, as well as any applicable prospectus supplement
and the reports we file from time to time with the SEC that are incorporated by reference in this prospectus. If any of the events
described in such &quot;Risk Factors&quot; section occurs or the risks described in such &quot;Risk Factors&quot; section actually
materialize, our business, financial condition, results of operations, cash flow or prospects could be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">This prospectus is part of a &quot;shelf'
registration statement that we filed with the Securities and Exchange Commission (the &quot;SEC&quot; or &quot;Commission&quot;).
By using a shelf registration statement, we may, from time to time, issue and sell in one or more series or classes our common
stock, preferred stock, warrants and/or units consisting of our common stock, preferred stock and warrants in one or more offerings
up to an aggregate maximum offering price of $150,000,000 (or its equivalent in foreign or composite currencies). Each time we
sell any of our securities, we will provide a prospectus supplement that will contain more specific information about the offering
and the terms of the securities being sold. We may also add, update or change in the prospectus supplement any of the information
contained in this prospectus or the documents incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">This prospectus and the prospectus supplements
provide you with a general description of the Company and our securities; for further information about our business and our securities,
you should refer to the registration statement, the reports incorporated by reference in this prospectus, as described in &quot;Where
You Can Find More Information.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">You should rely only
on the information contained in this prospectus and in any prospectus supplement (including in any documents incorporated by reference
herein or therein). We have not authorized anyone to provide you with any different information. We are offering to sell our securities,
and seeking offers to buy, only in jurisdictions where offers and sales are permitted. The information contained in this prospectus
and any prospectus supplement is accurate only as of the date of this prospectus or such prospectus supplement, and the information
contained in any document incorporated herein or therein by reference is accurate only as of the date of such document incorporated
by reference, regardless of the time of delivery or any sale of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">This prospectus and the documents we have
filed with the Securities and Exchange Commission, or SEC, that are incorporated herein by reference and that are referenced under
the section entitled &quot;Where You Can Find More Information&quot;, contain &quot;forward-looking statements&quot; within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include, but are not limited to, statements
relating to future financial or business performance, conditions or strategies and other financial and business matters, including
expectations regarding operating expenses, use of cash, and clinical developments and anticipated milestones, including a BARDA
contract, Phase 3 studies and seeking approval in Mexico, and include words such as &quot;expect(s)&quot;, &quot;intends&quot;,
&quot;plans&quot;, &quot;seeks&quot;, &quot;estimates&quot;, &quot;could&quot;, &quot;should&quot;, &quot;feel(s)&quot;, &quot;believe
(s)&quot;, &quot;will&quot;, &quot;would&quot;, &quot;may&quot;, &quot;can&quot;, &quot;anticipate(s)&quot;, &quot;potential&quot;,
and similar expressions or the negative of these terms, are based upon management's current expectations and beliefs. Such forward-looking
statements are not guarantees of future performance, involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company, or industry results, to be materially different from those
expressed or implied by such forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Factors that may cause actual results to
differ materially from the results discussed in the forward-looking statements or historical experience include, among other things,
the following: our ability to progress any product candidates into pre- clinical or clinical trials; the scope, initiation, rate
and progress of our pre-clinical studies and clinical trials and other research and development activities; clinical trial results;
even if the data from pre-clinical studies or clinical trials is positive, the product may not prove to be safe and efficacious;
regulatory approval is needed before any vaccines can be sold in or outside the United States and, to date, no governmental authority
has approved any of our vaccine candidates for sale; influenza is seasonal in nature, and if approval or commercial launch after
approval is not timely in relation to the influenza season, we may not be able to manufacture or sell our influenza vaccines on
terms favorable to us until the next influenza season, if at all; we have not manufactured any of our vaccine candidates at a commercial
level; we utilize a unique manufacturing process and the scale-up of that process may prove difficult and costly; our dependence
on third parties to manufacture and distribute our vaccines; risks associated with conducting business outside of the United States;
our ability to enter into future collaborations with industry partners and the terms, timing and success of any such collaboration;
our ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private
equity or debt financing or otherwise; the inability to win any government grants, including BARDA in a timely manner or at all
and other factors referenced herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">All forward-looking statements contained
in this prospectus are based on information available to the Company on the date hereof, and the Company assumes no obligation
to update any such forward-looking statements, except as specifically required by law. Accordingly, past results and trends should
not be used to anticipate future results or trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Except as otherwise described in an applicable
prospectus supplement, we currently intend to use the net proceeds from this offering for general corporate purposes, which may
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>clinical development of our VLP-based vaccines, including the development of appropriate adjuvants and demonstration of large-scale
manufacturing capabilities for such vaccines;</TD></TR>                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our internal research and development programs, such as preclinical and clinical testing and studies of our product candidates
and the development of new technologies and product candidates;</TD></TR>                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expansion of and investment in our research and development facilities, including compliance with current Good Manufacturing
Practices (cGMP) and Good Laboratory Practices (GLP) rules and regulations; and</TD></TR>                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general working capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Each time we issue securities, we will
provide a prospectus supplement that will contain information about how we intend to use the proceeds from each such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">At this time, we have
not determined the specific uses of any offering proceeds, or the amounts we plan to spend on any particular use or the timing
of such expenditures, which may vary significantly depending on various factors such as our research and development results, regulatory
approvals, competition, marketing and sales, and the market acceptance of any products introduced by us or our partners. Pending
application of the net proceeds from any particular offering, we intend to invest such proceeds in short-term, interest-bearing,
investment-grade securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We cannot guarantee that we will receive
any proceeds in connection with any offering hereunder because we may choose not to issue any of the securities covered by this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in">We may sell the securities being offered hereby from
time to time in one or more of the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through one or more underwriters;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through dealers, who may act as agents or principal (including a block trade in which a broker or dealer so engaged will attempt
to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction);</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>directly to one or more purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through registered direct offerings;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.95in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>as part of a collaboration with a third party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through at the market issuances;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in privately negotiated transactions; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in any combination of these methods of sale.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will set forth in a prospectus supplement the terms
of the offering of securities, including:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name or names of any agents, underwriters or dealers;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of the securities being offered, including the purchase price and the proceeds we will receive from the sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any underwriting discounts and commissions or agency fees and other items constituting underwriters' or agents' compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any over-allotment options under which underwriters may purchase additional securities from us; and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any discounts or concessions allowed or reallowed or paid to dealers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The distribution of the securities may be
effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing
at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Underwriters, dealers, agents and others
that participate in the distribution of the securities may be underwriters as defined in the Securities Act of 1933, as amended
(the &quot;Securities Act&quot;) and any discounts or commissions they receive from us and any profit on their resale of the securities
may be treated as underwriting discounts and commissions under the Securities Act. We will identify in the applicable prospectus
supplement any underwriters, dealers, agents and others and will describe their compensation. We may have agreements with underwriters,
dealers, agents and others to indemnify them against specified civil liabilities, including liabilities under the Securities Act.
Underwriters, dealers, agents and others may engage in transactions with or perform services for us in the ordinary course of their
businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of a letter of understanding
among us, Piper Jaffray &amp; Co. (&quot;Piper Jaffray&quot;), Lazard Capital Markets (&quot;LCM&quot;) and Lazard Freres &amp;
Co., LLC (&quot;Lazard&quot;), dated November 10, 2009, if, during the six month period following the termination or expiration
of such letter of understanding, we propose to effect a public offering, Rule 144A offering or any private placement of our securities,
then we have agreed to offer to engage each of Piper Jaffray, LCM and Lazard in underwriting as our bookrunner or bookrunning lead
placement agent, as the case may be, in connection with such transaction on terms and conditions customary to Piper Jaffray, LCM
and Lazard in similar transactions. Each of Piper Jaffray, LCM or Lazard may decline such engagement in its sole and absolute discretion.
This restriction will not apply to any offering of our common stock pursuant to an At the Market Sales Agreement with McNicoll,
Lewis &amp; Vlak LLC. This letter of understanding expired on November 25, 2009. We have not entered into any other agreements,
understandings or arrangements with any other underwriters, broker-dealers or other parties regarding the sale of securities. As
of the date of this prospectus, there were no other special selling arrangements between any broker-dealer or other person and
the Company. No period of time has been fixed within which the securities will be offered or sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">If required under applicable state securities
laws, we will sell the securities only through registered or licensed brokers or dealers. In addition, in some states, we may not
sell securities unless they have been registered or qualified for sale in the applicable state or unless we have complied with
an exemption from any registration or qualification requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We may designate agents who agree to solicit
purchases for the period of their appointment or to sell securities on a continuing basis. Unless the prospectus supplement provides
otherwise, agents will act on a best efforts basis for the period of their appointment. Agents may receive compensation in the
form of commissions, discounts or concessions from us. Agents may also receive compensation from the purchasers of the securities
for whom they sell as principals. Each particular agent will receive compensation in amounts negotiated in connection with the
sale, which might be in excess of customary commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">If we use underwriters
for a sale of securities, the underwriters will acquire the securities for their own account. The underwriters may resell the securities
in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth
in the applicable underwriting agreement. Unless the prospectus supplement provides <FONT STYLE="font-family: Times New Roman, Times, Serif">otherwise,
underwriters will be obligated to purchase all of the securities offered by the prospectus supplement. We may change from time
to time any initial public offering price and any discounts or concessions the underwriters allow or reallow or pay to dealers.
We may use underwriters with whom we have a material relationship, and we may offer the securities to the public through an underwriting
syndicate or through a single underwriter. We will describe in the prospectus supplement naming the underwriter the nature of any
such relationship and underwriting arrangement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dealers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We also may sell securities to a dealer
as principal. If we sell our securities to a dealer as a principal, then the dealer may resell those securities to the public at
varying prices to be determined by such dealer at the time of resale. The name of the dealer and the terms of the transactions
will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Direct Sales and Institutional Purchases</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We may also sell securities directly to
one or more purchasers, in which case underwriters or agents would not be involved in the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, we may authorize agents, underwriters
or dealers to solicit offers by certain types of institutional investors to purchase securities from us at the public offering
price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified
date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these
contracts in an applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stabilization Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Any underwriter may engage in overallotment,
stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act of
1934, as amended (the &quot;Exchange Act&quot;). Overallotment involves sales in excess of the offering size, which create a short
position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed
a specified maximum. Short covering transactions involve purchases in the open market after the distribution is completed to cover
short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally
sold by the dealer are purchased in a covering transaction to cover short positions. Such activities may cause the price of the
securities to be higher than they would otherwise be. If commenced, the underwriters may discontinue any of the activities at any
time. These transactions may be effected on the NASDAQ Global Market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Passive Market Making</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Any underwriters who are qualified market
makers on the NASDAQ Global Market may engage in passive market making transactions on the NASDAQ Global Market in accordance with
Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement of offers or sales.
Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers.
In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security;
if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be
lowered when certain purchase limits are exceeded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We will bear all costs, expenses and fees
in connection with the registration of the securities, as well as the expense of all commissions and discounts, if any, attributable
to sales of the securities by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF OUR CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Set forth below is a summary of the material
terms of our capital stock. This summary is not complete. We encourage you to read our Amended and Restated Certificate of Incorporation,
as amended (the &quot;Certificate of Incorporation&quot;) and our Amended and Restated By-laws (the &quot;By-laws&quot;) that we
have previously filed with the SEC. See &quot;Where You Can Find More Information.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Our authorized capital stock consists of:
(i) 200,000,000 shares of common stock, par value $0.01 per share, of which 100,277,960 shares were outstanding as of March 11,
2010, and (ii) 2,000,000 shares of preferred stock, par value $0.01 per share, none of which are outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Holders of common stock are entitled to
one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights. Generally,
all matters to be voted on by stockholders must be approved by a majority, or, in the case of the election of directors, by a plurality,
of the votes cast at a meeting at which a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our common stock are entitled
to receive ratably such dividends, if any, as may be declared by the Board of Directors out of funds legally available therefor,
subject to any preferential dividend rights of any outstanding preferred stock Upon the liquidation, dissolution or winding up
of the Company, the holders of our common stock are entitled to receive ratably the net assets of the Company available after the
payment of all debts and liabilities and subject to the prior rights of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Holders of our common stock are not entitled
to pre-emptive rights or any rights of conversion. Shares of our common stock are, and the shares being distributed in this offering
will be, when issued, fully paid and nonassessable. The rights, preferences and privileges of holders of our common stock are subject,
and may be adversely affected by, the rights of holders of shares of any series of preferred stock which we may designate and issue
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Our common stock is traded on the NASDAQ
Global Market under the symbol NVAX. On March 11, 2010, the closing price of our common stock as reported on the NASDAQ Global
Market was $2.48 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Our registrar and transfer agent for all
shares of common stock is Computershare Limited, 250 Royall Street, Canton, MA 02021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The Board of Directors may, without further
action by the stockholders of the Company, issue preferred stock in one or more series and fix the rights and preferences thereof.
Our Certificate of Incorporation grants the Board of Directors authority to issue preferred stock and to determine its rights and
preferences without the need for further stockholder approval to eliminate delays associated with a stockholder vote on specific
issuances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Examples of rights and preferences the
Board of Directors may fix include dividend rights, dividend rates, conversion rights, voting rights, pre-emptive rights, terms
of redemption (including sinking fund provisions), redemption prices and liquidation preferences. The issuance of preferred stock,
while providing desirable flexibility in connection with possible financings, could have the effect of making it more difficult
for a third party to acquire, or of discouraging a third party from acquiring, a majority of the outstanding voting stock of the
Company. The rights of holders of our common stock, described above, will be subject to, and may be adversely affected by, the
rights of any preferred stock that we may designate and issue in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The terms of any particular series of preferred
stock will be described in the prospectus supplement relating to the offering of shares of that particular series of preferred
stock and may include, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title and stated value;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of shares authorized;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the liquidation preference per share;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the purchase price;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dividend rate, period and payment date, and method of calculation (including whether cumulative or noncumulative), if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">terms and amount of any sinking fund, if applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provisions for redemption or repurchase, if applicable, and any restrictions on the ability of the Company to exercise such
redemption and repurchase rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>conversion rights and rates, if applicable, including the conversion price and how and when it will be calculated and adjusted;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>voting rights, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preemptive rights, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrictions on sale, transfer and assignment, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the relative ranking and preferences of the preferred stock; and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other specific terms, rights or limitations of, or restrictions on, such preferred stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please also refer to the description of
our Shareholder Rights Plan, below, for a discussion of the Company's Series D Junior Participating Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder Rights Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have adopted a Shareholder Rights Plan
pursuant to which the Board of Directors declared a dividend distribution of one preferred stock purchase right for each outstanding
share of common stock. Each right, once exercisable, entitles the holder to purchase from us one one-thousandth (1/1,000th) of
a share of Series D Junior Participating Preferred Stock (the &quot;Series D Preferred Stock&quot;), at a price of $40.00, subject
to certain adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights, unless earlier redeemed by the
Board, become exercisable upon the close of business on the day which is the earlier of (i) the tenth business day following a
public announcement that a person or group of affiliated or associated persons (with certain exceptions) has acquired beneficial
ownership of 15% or more of the outstanding voting stock of the Company, and (ii) the tenth business day after the date of the
commencement by any person of a tender or exchange offer, the consummation of which would result in such person or group of affiliated
or associated persons becoming an &quot;acquiring person&quot; as defined in the rights plan. The rights expire at the close of
business on August 7, 2012, unless earlier redeemed or exchanged by us as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the rights are earlier redeemed,
in the event that a person or group becomes an &quot;acquiring person,&quot; the rights plan provides that proper provisions will
be made so that each holder of record of a right (other than rights beneficially owned by an acquiring person and certain of its
affiliates, associates and transferees) will thereafter have the right to receive, upon payment of the exercise price, that number
of shares of the Series D Preferred Stock having a fair market value determined in accordance with the rights plan at the time
of the transaction equal to approximately two times the exercise price (such value to be determined with reference to the fair
market value of our common stock as provided in the plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, unless the rights are earlier
redeemed or exchanged, in the event that, after the time that a person or group becomes an acquiring person, we were to be acquired
in a merger or other business combination (in which any shares of common stock are changed into or exchanged for other securities
or assets) or more than 50% of the assets or earning power of the Company and its subsidiaries (taken as a whole) were to be sold
or transferred in one or a series of related transactions, the rights plan provides that proper provision will be made so that
each holder of record of a right (other than rights beneficially owned by an acquiring person and certain of its affiliates, associates
and transferees) will have the right to receive, upon payment of the exercise price, that number of shares of common stock of the
acquiring Company having a fair market value at the time of such transaction determined in accordance with the rights plan equal
to approximately two times the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after any person or group becomes
an acquiring person and prior to the acquisition by such person or group of 50% or more of the outstanding voting stock, the Board
may exchange the rights, in whole or in part, for that number of shares of the Series D Preferred Stock having a fair market value
on the date such person or group became an acquiring person equal to the excess of (i) the fair market value of Series D Preferred
Stock issuable upon the exercise of the rights over (ii) the exercise price of the rights, in each case subject to anti-dilution
adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time prior to the close of business
on the tenth business day after there has been a public announcement that a person has become an acquiring person or such earlier
date as a majority of the Board shall become aware of the existence of an acquiring person, we may redeem the rights in whole,
but not in part, at a price of $.001 per right. Immediately upon the effective time of such Board action, the right to exercise
the rights will terminate and the only right of the holders will be to receive the redemption price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For as long as the
rights are then redeemable, we may, except with respect to the redemption price, amend the rights in any manner, including extending
the time period in which the rights may be redeemed. At any time when the rights are not then redeemable, we may amend the rights
in any manner that does not materially adversely affect the interests of holders of the rights as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Provisions of our Certificate of Incorporation and By-laws
and Delaware Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain provisions of our Certificate of
Incorporation and By-laws may be deemed to have an anti-takeover effect and may prevent, delay or defer a tender offer or takeover
attempt that a stockholder may deem in his, her or its best interest. The existence of these provisions also could limit the price
that investors might be willing to pay for our securities. They include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>Staggered Board, Removal of Directors and Charter
Amendments relating to the Board</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Certificate of Incorporation and By-laws
provide for the division of our Board of Directors into three classes, with no one class having more than one director more than
any other class, serving staggered three year terms. Our By-laws further provide that directors may be removed only for cause by
the affirmative vote of the holders of 2/3 of the shares of capital stock of the Company issued and outstanding and entitled to
vote. Moreover, our Certificate of Incorporation provides that any amendments to the charter relating to the number, classes, election,
term, removal, vacancies and related provisions with respect to the Board may only be made by the affirmative vote of the holders
of at least 75% of the shares of capital stock issued and outstanding and entitled to vote. These provisions may have the effect
of making it more difficult for a third party to acquire control of Novavax, or of discouraging a third party from acquiring control
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>Authorized but Unissued Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The authorized but unissued shares of our
common stock and preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed
by the NASDAQ Stock Market. These additional shares may be utilized for a variety of corporate purposes. In particular, although
our Board of Directors has no present intention to do so, it could issue shares of preferred stock that could, depending on the
terms of the series, impede the completion of a merger, tender offer, proxy contest or other takeover attempt. Our Board may determine
that the issuance of such shares of preferred stock is in the best interest of the Company and our stockholders. Such issuance
could discourage a potential acquiror from making an unsolicited acquisition attempt through which such acquiror may be able to
change the composition of the board, including a tender offer or other transaction that some, or a majority, of our stockholders
might believe to be in their best interest or in which stockholders might receive a premium for their stock over the then-current
market price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>Advance Notice Requirements for Stockholder Proposals
and Director Nominations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our By-laws provide that a stockholder
seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors, must
provide timely notice of such stockholder's intention in writing. To be timely, a stockholder's notice must be received not less
than 60 nor more than 90 days prior to the meeting at which such candidate or proposal is to be considered. However, if the Company
does not give prior notice or make public disclosure of the date of the meeting at least 70 days' prior to the meeting date, notice
is considered timely if it is received no later than the&nbsp;close of business on the 10<SUP>th</SUP> day following the date
on which such notice was given or public disclosure was made (whichever occurred first). If a stockholder desires to have a proposal
included in the Company's proxy statement, notice of such proposal must be received not less than 120 days prior to the first
anniversary of the date of the Company's notice of the previous year's annual meeting. These advance notice provisions may preclude
stockholders from bringing matters before a meeting or from making nominations for directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>Special Meetings of Stockholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our By-laws provide that special meetings
of stockholders may be called by the Chief Executive Officer (or, if there is no Chief Executive Officer, the President) or by
the Board of Directors, with no provision for any right of stockholders to call such meetings. Further, business transacted at
any special meeting of stockholders is limited to matters relating to the purpose or purposes stated in the notice of meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>Section 203 of the General Corporation Law of
the State of Delaware</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>We </I>are subject to the provisions
of Section 203 of the General Corporation Law of the State of Delaware. Subject to certain exceptions, Section 203 prohibits a
publicly-held Delaware corporation from engaging in a &quot;business combination&quot; with an &quot;interested stockholder&quot;
for a period of three years after the time such person became an interested stockholder, unless the interested stockholder attained
such status with the approval of our Board of Directors or unless the business combination is approved in a prescribed manner.
A &quot;business combination&quot; is defined to include a merger, asset sale or other transaction resulting in a financial benefit
to the interested stockholder. Subject to various exceptions, an &quot;interested stockholder&quot; is a person who, together with
affiliates and associates, owns, or within the past three years did own, 15% or more of a corporation's voting stock. This statutory
provision could prohibit or delay the accomplishment of mergers or other takeover or change in control attempts with respect to
us and, accordingly, may discourage attempts to acquire the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF OUR WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This description summarizes only the terms
of any warrants that we may offer under this prospectus and related warrant agreements and certificates. You should refer to the
warrant agreement, including the form of warrant certificate representing the warrants, relating to the specific warrants being
offered for complete terms, which will be described and included in an accompanying prospectus supplement. Such warrant agreement,
together with the warrant certificate, will be filed with the SEC in connection with the offering of the specific warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We may issue warrants for the purchase
of common or preferred stock. Warrants may be issued independently or together with common or preferred stock, and may be attached
to or separate from any offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We will evidence each series of warrants
by warrant certificates that we will issue under a separate warrant agreement. We may enter into the warrant agreement with a warrant
agent and, if so, we will indicate the name and address of the warrant agent in the applicable prospectus supplement relating to
the particular series of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The particular terms of any issue of warrants
will be described in the prospectus supplement relating to the series. Those terms may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of such warrants;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate number of such warrants;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price or prices at which such warrants will be issued;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies (including composite currencies) in which the price of such warrants may be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of the securities issuable upon exercise of such warrants and the procedures and conditions relating to the exercise
of such warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price at which the securities issuable upon exercise of such warrants may be acquired;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dates on which the right to exercise such warrants will commence and expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise
price of the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the minimum or maximum amount of such warrants that may be exercised at any one time;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants
issued with each such security or principal amount of such security;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the date on and after which such warrants and the related securities will be separately transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information with respect to book-entry procedures, if any; and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of such warrants, including terms, procedures and limitations relating to the exchange or exercise of such
warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The prospectus supplement relating to any
warrants to purchase equity securities may also include, if applicable, a discussion of certain U.S. federal income tax and ERISA
considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">As of March 11, 2010, the Company has warrants
outstanding which are exercisable for 3,343,325 shares of common stock at an exercise price of $3.62 per share. These warrants
expire on July 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exercise of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Each warrant will entitle its holder to
purchase the number of shares of common or preferred stock at the exercise price set forth in, or calculable as set forth in, the
applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants
may exercise the warrants at any time up to the expiration date set forth in the applicable prospectus supplement. After the close
of business on the expiration date, unexercised warrants will become void. We will specify the place or places where, and the manner
in which, warrants may be exercised in the applicable prospectus supplement. We will set forth on the reverse side of the applicable
certificate and in the applicable prospectus supplement the information that the holder of the warrant will be required to deliver
upon exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Upon receipt of payment and the warrant
certificate properly completed and duly executed, we will, as soon as practicable, forward the purchased securities. If less than
all of the warrants represented by the warrant certificate are exercised, a new warrant certificate will be issued for the remaining
warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Enforceability of Rights by Holders of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Each warrant agent will act solely as our
agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder
of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will
have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty
or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may,
without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right
to exercise, and receive the securities purchasable upon exercise of, such holder's warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">Prior to the exercise of any warrants to
purchase preferred stock or common stock, holders of the warrants will not have any of the rights of holders of the preferred stock
or common stock purchasable upon exercise, including the right to vote or to receive any payments of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF OUR UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">We may issue units
comprised of two or more of the other securities described in this prospectus in any combination. Each unit will be issued so that
the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights
and obligations of a holder of each included security. The units may be issued under unit agreements to be entered into between
us and a bank or trust company, as unit agent, as detailed in the prospectus supplement relating to units being offered. The prospectus
supplement will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
the securities comprising the units may be held or transferred separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of the terms of any unit agreement governing the units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a description of the provisions for the payment, settlement,
transfer or exchange of the units;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a discussion of material federal income tax considerations,
if applicable; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the units will be issued in fully registered
or global form.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The descriptions of the units in this prospectus
and in any prospectus supplement are summaries of the material provisions of the applicable agreements. These descriptions do not
restate those agreements in their entirety and may not contain all the information that you may find useful. We urge you to read
the applicable agreements because they, and not the summaries, define your rights as holders of the units. For more information,
please review the form of the relevant agreements, which will be filed with the SEC promptly after the offering of units and will
be available as described under the heading &quot;Where You Can Find Additional Information&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.9pt">Certain legal matters
with respect to the securities offered hereby have been passed upon by Ballard Spahr LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.7pt"><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">The financial statements and management's
assessment of the effectiveness of internal control over financial reporting incorporated by reference in this prospectus and elsewhere
in the registration statement have been so incorporated by reference in reliance upon the report of Grant Thornton LLP, independent
registered public accountants, upon the authority of said firm as experts in accounting and auditing in giving said reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">We are subject to the informational
requirements of the Exchange Act, and in accordance with the Exchange Act we file reports and other information with the SEC.
These reports and other information are not incorporated by reference in this prospectus and do not form a part of this
prospectus except as stated below under &quot;Incorporation of Certain Information by Reference.&quot; You may read and copy
these reports and other information filed with the SEC at the SEC's Public Reference Room located at 100 F Street, N.E.,
Washington, D.C. 20549. You can request copies of these documents, for a copying fee, by writing to the SEC. Please call the
SEC at 1-800-SEC-0330 or visit the SEC's website for more information about the operation of the public reference room. Our
filings with the SEC are also available to you over the Internet at the SEC's web site at <U>http://www.sec.gov.</U> The
Company's web site is <U>http://www.novavax.com.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is traded on the NASDAQ
Global Market under the symbol NVAX. Materials we file can also be inspected at the offices of NASDAQ Operations at 1735 K Street,
Washington, D.C 20006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
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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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed a registration statement on
Form S-3 (together with all amendments and exhibits, which we refer to as the registration statement) with the SEC under the Securities
Act with respect to the securities offered by this prospectus. This prospectus, which constitutes a part of the registration statement,
does not contain all the information in the registration statement. For further information about us and our securities, see the
registration statement and its exhibits. Statements made in this prospectus as to the content of any contract, agreement or other
document are not necessarily complete. With respect to each such contract, agreement or other document filed as an exhibit to the
registration statement, reference is made to the exhibit for a more complete description of the matter involved, and each such
statement shall be deemed qualified in its entirety by such reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to &quot;incorporate by
reference&quot; in this prospectus the information in other documents that we file with it, which means that we can disclose important
information to you by referring you to those documents containing such information. This prospectus is part of a registration statement
we filed with the SEC. You should rely on the information incorporated by reference in this prospectus and the registration statement.
The information incorporated by reference is considered to be part of this prospectus and information we file later with the SEC
will automatically update and supersede this information and information contained in documents filed earlier with the Commission.
We incorporate by reference the documents listed below and any future filings made with the SEC under Section 13(a), 13(c), 14
or 15(d) of the Exchange Act prior to the termination of the offering; <I>provided, </I>that we are not incorporating by reference
any documents or information deemed to have been furnished and not filed in accordance with SEC rules. The documents we are incorporating
by reference are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Annual Report on Form 10-K for the year ended December
31, 2009, filed on March 16, 2010;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Current Reports on Form 8-K filed on January 12, 2010, January 13, 2010, February 8, 2010, February 9, 2010, February 18, 2010
and March 17, 2010; and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 1in; text-indent: -0.55in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.55in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The description of our common stock contained in the Registration Statement on Form 10 filed with the SEC on September 14,
1995.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will furnish to you, on written or oral
request, a copy of any or all of the documents that have been incorporated by reference, including exhibits to these documents.
You may request a copy of these filings at no cost by writing or telephoning Investor Relations at the following address and telephone
number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Novavax, Inc.<BR>
9920 Belward Campus Drive<BR>
Rockville, MD 20850<BR>
(240) 268-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 21; Options: Last -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
