Frederick W. Driscoll VP, Chief Financial Officer and Treasurer Novavax, Inc. 240-268-2000 Novavax Announces $27 Million Equity Offering Rockville, MD (

Novavax Announces $27 Million Equity

MD (October 23, 2012)-/GlobeNewswire/-Novavax, Inc. (Nasdaq: NVAX) today announced that it has raised a total of

$27 million through the sale of 12,285,321 shares of its common stock to RA Capital Management, Camber Capital Management and

Ayer Capital Management at a price of $2.18 per share. The shares were offered under an effective shelf registration

statement previously filed with the Securities and Exchange Commission.

Novavax received proceeds, after deducting

offering expenses, of approximately $26.9 million. The net proceeds of the financing will be used for general corporate purposes,

including working capital, product development and capital expenditures.

The securities were offered by means of

a prospectus supplement and accompanying prospectus, forming a part of the company's previously filed effective registration

statement, copies of which may be obtained, when available, at the SEC's website at http://www.sec.gov or at the company's

website at http://www.novavax.com.

This press release does not and shall not

constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state

or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities

laws of any such state or jurisdiction.

Novavax, Inc. (Nasdaq: NVAX) is a clinical-stage

biopharmaceutical company creating novel vaccines to address a broad range of infectious diseases worldwide. Using innovative recombinant

protein nanoparticle vaccine technology, as well as new and efficient manufacturing approaches, the company produces vaccine candidates

to combat diseases, with the goal of allowing countries to better prepare for and more effectively respond to rapidly spreading

infections. Novavax is committed to using its technology platforms to create geographic-specific vaccine solutions and is therefore

involved in several international partnerships, including collaborations with Cadila Pharmaceuticals of India, LG Life Sciences

of Korea and PATH. Together, these organizations support Novavax' worldwide commercialization strategy and have the global

reach to create real and lasting change in the biopharmaceutical field. Additional information about Novavax is available on the

company's website, www.novavax.com.

Forward-Looking Statements

Statements herein relating to the future

of Novavax are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks

and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These

risks and uncertainties include those identified under the heading "Risk Factors" in the Novavax Annual Report on Form

10-K for the year ended December 31, 2011, and filed with the Securities and Exchange Commission. We caution investors not to place

considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings

with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements

in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the

statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential

investors, and others should give careful consideration to these risks and uncertainties.