Novavax Reports Second Quarter 2019 Financial Results Agreement with the FDA on Phase 3 non-inferiority immunogenicity study design for NanoFlu NanoFlu pivotal Phase 3 clinical trial expected to initiate in the third qua

Reports Second Quarter 2019 Financial Results

MD, August 7, 2019 (GLOBE NEWSWIRE) - Novavax, Inc. (NASDAQ: NVAX), a late-stage biotechnology company developing next-generation

vaccines for serious infectious diseases, today announced its financial results and operational highlights for the second quarter

and six months ended June 30, 2019.

made important clinical and strategic progress this quarter, particularly in advancing NanoFlu, our next-generation flu vaccine

candidate," said Stanley C. Erck, President and Chief Executive Officer of Novavax. "The agreement reached with the

FDA on our NanoFlu Phase 3 clinical trial design will allow us to leverage the accelerated approval pathway. We are now well-positioned

to deliver top-line Phase 3 data in the first quarter of 2020."

Second Quarter 2019 and Subsequent Operational

Financial Results for the Three and

Six Months Ended June 30, 2019

Share and per share information have been

restated to reflect the reverse stock split described above.

reported a net loss of $39.6 million, or $1.69 per share, for the second quarter of 2019, compared to a net loss of $44.5 million,

or $2.37 per share, for the second quarter of 2018. For the six months ended June 30, 2019, the net loss was $82.8 million, or

$3.77 per share, compared to a net loss of $90.8 million, or $5.10 per share, for the same period in 2018.

revenue in the second quarter of 2019 was $3.4 million, compared to $10.8 million in the same period in 2018. This 69% decrease

was driven by the completion of enrollment of participants in the Prepare trial in the second quarter of 2018.

and development expenses decreased 32% to $30.4 million in the second quarter of 2019, compared to $44.5 million for the same period

in 2018. This decrease was primarily due to decreased development activities of ResVax.

and administrative expenses increased 17% to $9.6 million in the second quarter of 2019, compared to $8.2 million for the same

period in 2018. The increase was primarily due to higher professional fees and recent stockholders meetings.

income (expense), net for the second quarter of 2019 was ($2.9) million, compared to ($2.6) million for the same period of 2018.

of June 30, 2019, Novavax had $78.2 million in cash, cash equivalents, marketable securities and restricted cash, compared to $103.9

million as of December 31, 2018. Net cash used in operating activities for the first six months of 2019 was $80.6 million, compared

to $106.0 million for same period in 2018.

will host its quarterly conference call today at 4:30 p.m. ET. The dial-in numbers for the conference call are (877) 212-6076 (Domestic)

or (707) 287-9331 (International), passcode 3193866. A replay of the conference call will be available starting at 7:30 p.m. ET

on August 7, 2019 until 7:30 p.m. ET on August 14, 2019. To access the replay by telephone, dial (855) 859-2056 (Domestic) or (404)

537-3406 (International) and use passcode 3193866.

webcast of the conference call can also be accessed via a link on the home page of the Novavax website (novavax.com) or through

the "Investor Info"/"Events" tab on the Novavax website. A replay of the webcast will be available on the

Novavax website until November 7, 2019.

is a world-wide infectious disease that causes illness in humans with symptoms ranging from mild to life-threatening or even death.

Serious illness occurs not only in susceptible populations such as infants, young children and older adults, but also in the general

population largely because of infection by continuously evolving strains of influenza which can evade the existing protective antibodies

in humans. An estimated one million deaths globally each year are attributed to influenza. Current estimates for seasonal influenza

vaccine growth in the top seven markets (U.S., Japan, France, Germany, Italy, Spain and UK), show a potential increase from approximately

$3.2 billion in 2015 to $5.3 billion by 2025.

About NanoFlu and Matrix-M

is a recombinant hemagglutinin (HA) protein nanoparticle influenza vaccine produced by Novavax in its SF9 insect cell baculovirus

system. NanoFlu uses HA amino acid protein sequences that are the same as the recommended wild-type circulating virus HA sequences.

NanoFlu contains Novavax' patented saponin-based Matrix-M adjuvant, which has demonstrated a potent and well-tolerated effect

by stimulating the entry of antigen-presenting cells into the injection site and enhancing antigen presentation in local lymph

About Accelerated Approval

approval may be granted for certain biological products that have been studied for their safety and effectiveness in treating serious

or life-threatening illnesses and that provide meaningful therapeutic benefit over existing treatments. Such an approval will be

based on adequate and well-controlled clinical trials establishing that the biological product has an effect on a surrogate endpoint

that is reasonably likely to predict clinical benefit. For seasonal influenza vaccines, the hemagglutination inhibition (HAI) antibody

response may be an acceptable surrogate marker of activity that is reasonably likely to predict clinical benefit. To be considered

for accelerated approval, a biologics license application for a new seasonal influenza vaccine should include results from one

or more well-controlled studies designed to meet immunogenicity endpoints and a commitment to conduct confirmatory post-marketing

studies of clinical effectiveness in preventing influenza.

About RSV in Infants

RSV (respiratory syncytial virus) is the leading viral cause of severe lower respiratory tract disease in infants and young children.

It is the second leading cause of death in children under one year of age. Estimated annual hospitalizations of 1.4 million and

an estimated 27,300 in-hospital deaths were due to RSV acute lower respiratory infection in children under six months of age. RSV

results in a total global economic burden of $6.2 billion annually.

the U.S., RSV is the leading cause of hospitalization of infants, with estimated annual hospitalizations of up to 76,000. While

RSV can impact all infants, babies under six months of age are among those at highest risk, as approximately 77% of all first-year

RSV infections occur before six months. In the U.S., the total economic burden is $2.7 billion annually.

is an RSV fusion (F) protein recombinant nanoparticle vaccine with aluminum phosphate as an adjuvant. It is being developed to

protect infants from RSV disease via maternal immunization, which may offer the best method of protection from RSV disease in infants

through the first months of life. ResVax is being evaluated in Prepare , a global Phase 3 clinical trial in 4,636 pregnant

women, at least 3,000 of whom received the vaccine, and their infants. Prepare is supported by an $89.1 million grant from the

Bill & Melinda Gates Foundation (BMGF).

(Nasdaq:NVAX), is a late-stage biotechnology company that drives improved health globally through the discovery, development, and

commercialization of innovative vaccines to prevent serious infectious diseases. ResVax , its RSV vaccine for infants via

maternal immunization, is the only vaccine in a Phase 3 clinical program and is designed to prevent severe lower respiratory tract

infection which is the second leading cause of death in children under one year of age worldwide. Novavax is also advancing NanoFlu ,

its quadrivalent influenza nanoparticle vaccine, to address key factors that can lead to the poor effectiveness of currently approved

flu vaccines. Novavax is a leading innovator of recombinant vaccines; its proprietary recombinant technology platform combines

the power and speed of genetic engineering to efficiently produce a new class of highly immunogenic nanoparticles addressing urgent

global health needs.

For more information, visit www.novavax.com

and connect with us on Twitter and LinkedIn.

Forward-Looking Statements

relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products 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, 2018, and

Quarterly Report on Form 10-Q for the period ended June 30, 2019, as filed with the Securities and Exchange Commission (SEC). 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 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.

SELECTED CONSOLIDATED BALANCE SHEET DATA

Senior Manager, Investor & Public Relations

Brandzone/Speak Life Science