Market Overview

Vaxart Issues Statement Regarding Proposed Merger With Aviragen


Vaxart, Inc. today commented on the Company's proposed merger with
Aviragen Therapeutics, Inc. (NASDAQ:AVIR). The following is a statement
from Wouter Latour, M.D., Chief Executive Officer of Vaxart, who will
lead the combined company following completion of the transaction:

We are thrilled with the prospects of combining forces with Aviragen. In
addition to continuing to develop our influenza oral tablet vaccine and
norovirus vaccine, the transaction will allow us to access Aviragen's
antiviral assets. Specifically, Vaxart is fully committed to Aviragen's
BTA074 Phase 2 program for the treatment of condyloma caused by HPV.

We are confident that Vaxart's drug development capabilities will be an
asset to Aviragen's BTA074 Phase 2 program. Further, the clinical proof
of efficacy of our oral tablet vaccine will provide the company with a
significantly de-risked platform for all of our programs.

We encourage Aviragen stockholders to vote FOR the proposed
merger. Vaxart's Board of Directors and management team looks forward to
completing the transaction expeditiously and intends to work diligently
so that stockholders of both Aviragen and Vaxart can realize the
significant benefits of the merger.

About Vaxart

Vaxart is a clinical-stage company developing a range of oral
recombinant vaccines based on its proprietary delivery platform. Vaxart
vaccines are administered using convenient room temperature-stable
tablets that can be stored and shipped without refrigeration and
eliminate risk of needle-stick injury. Its development programs are oral
tablet vaccines designed to protect against norovirus, seasonal
influenza and respiratory syncytial virus (RSV), as well as a
therapeutic vaccine for human papillomavirus (HPV), Vaxart's first
immuno-oncology indication. For more information, please visit

Forward Looking Statements

This press release contains forward-looking statements about Aviragen
Therapeutics, Inc. and Vaxart Inc., and their respective businesses,
business prospects, strategy and plans, including but not limited to
statements regarding the estimated value of the combined company;
anticipated preclinical and clinical drug development activities,
timelines and market opportunities; the combined company being
well-funded to advance its programs; and the combined companies' ability
to accelerate development of Vaxart's vaccine candidates and generate
near and long term value for stockholders. All statements other than
statements of historical facts included in this press release are
forward looking statements. The words "anticipates," "may," "can,"
"plans," "believes," "estimates," "expects," "projects," "intends,"
"likely," "will," "should," "to be," and any similar expressions or
other words of similar meaning are intended to identify those assertions
as forward looking statements. These forward looking statements involve
substantial risks and uncertainties that could cause actual results to
differ materially from those anticipated, including, without limitation:
the risk that the conditions to the closing of the merger are not
satisfied, the failure to timely or at all obtain stockholder approval
for the merger; uncertainties as to the timing of the consummation of
the merger and the ability of each of Aviragen and Vaxart to consummate
the merger; risks related to Aviragen's ability to correctly estimate
its operating expenses and its expenses associated with the merger;
risks related to the market price of Aviragen's common stock relative to
the exchange ratio; the ability of Aviragen or Vaxart to protect their
respective intellectual property rights; competitive responses to the
merger; unexpected costs, charges or expenses resulting from the merger;
and potential adverse reactions or changes to business relationships
resulting from the announcement or completion of the merger. The vaccine
candidates that Vaxart develops may not progress through clinical
development or receive required regulatory approvals within expected
timelines or at all. In addition, future clinical trials may not confirm
any safety, potency or other product characteristics described or
assumed in this press release and such vaccine candidates may not
successfully commercialized. Additional factors that may cause actual
results to differ materially from such forward looking statements
include those identified under the caption "Risk Factors" in the
documents filed by Aviragen with the Securities and Exchange Commission
from time to time, including its Proxy/Prospectus on Form S-4, Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of
this press release. Except to the extent required by applicable law or
regulation, neither Aviragen nor Vaxart undertakes any obligation to
update the forward-looking statements included in this press release to
reflect subsequent events or circumstances.

Additional Information About the Merger and Where to Find It

In connection with the proposed strategic merger, Aviragen and Vaxart
have filed relevant materials with the Securities and Exchange
Commission, or the SEC, including a registration statement on Form S-4,
as amended, that contains a prospectus and a joint proxy statement.
Investors may obtain the proxy statement/prospectus, as well as other
filings containing important information about Aviragen, Vaxart and the
merger, free of charge at the SEC's web site (
In addition, investors and security holders may obtain free copies of
the documents filed with the SEC by Aviragen by directing a written
request to: Aviragen Therapeutics, Inc. 2500 Northwinds Parkway, Suite
100, Alpharetta, GA 30009, Attention: Corporate Secretary or delivered
via email to
Investors and security holders are urged to read the proxy
statement/prospectus and the other relevant materials before making any
voting or investment decision with respect to the merger.

This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.

Participants in the Solicitation

Aviragen and Vaxart and their respective directors and officers and
certain of their other members of management and employees may be deemed
to be participants in the solicitation of proxies from the stockholders
of Aviragen in connection with the proposed transaction. Information
regarding the special interests of these directors and executive
officers in the merger are included in the proxy statement/prospectus
referred to above. Additional information regarding the directors and
executive officers of Aviragen is also included in Aviragen's Annual
Report on Form 10-K for the year ended June 30, 2017, and the Form
10-K/A filed with the SEC on October 20, 2017. These documents are
available free of charge from the sources indicated above.

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