Novavax Posts Wider-Than-Expected Loss; Investors Flee (NVAX)
3/12/2010-Shares of Novavax (NASDAQ: NVAX) are trading 4.4% lower to $2.37 premarket Friday after the company reported a Q4 loss of $0.15 per share, missing consensus estimates for a loss of $0.06 per share.
In 2010, the company expects to report final H1N1 data from the two-stage pivotal study of 2009 H1N1 VLP pandemic influenza vaccine in Mexico, and pursue possible regulatory approval for the vaccine.
Dr. Rahul Singhvi, President and CEO of Novavax, remarked, "During 2009, Novavax made substantial progress across every part of our business and in each of our vaccine programs. We raised $56 million in new capital, launched a pivotal study of our 2009 H1N1 VLP pandemic influenza vaccine in Mexico with encouraging results to date, demonstrated safety and immunogenicity of our trivalent seasonal VLP influenza vaccine and identified a viable vaccine candidate to prevent respiratory syncytial virus (RSV). We have now conducted five human clinical studies for our pandemic and seasonal VLP vaccine candidates in over 4,200 subjects, demonstrating safety and immunogenicity. We plan to begin Phase III studies of our influenza vaccines, subject to the expected results of the ongoing Phase IIa trial in older subjects and future clinical pathway discussions with the FDA. The Company ended 2009 with a solid balance sheet and a strong scientific position that will enable us to continue to advance our pipeline products."
Write to Chip Brian at cbrian@tradethetrend.com
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