Market Overview

Vaxart Announces Its Oral Flu Vaccine Significantly Reduced Rate of Influenza Infection in Phase 2 Challenge Study


Vaxart influenza vaccines are manufactured using a high-yield
recombinant process rather than in chicken eggs like most influenza
vaccines currently on the market

Vaxart, Inc., a clinical-stage biotechnology company developing oral
recombinant vaccines that are administered by tablet rather than by
injection, announced today that its investigational H1 influenza oral
tablet vaccine demonstrated a statistically significant reduction in the
rate of influenza infection compared with placebo, and compared
favorably with the market-leading injectable quadrivalent influenza
vaccine (QIV) in a Phase 2 challenge trial. The study was completed with
support from the Biomedical Advanced Research and Development Authority
(BARDA), a division of the U.S. Department of Health and Human Services

The Vaxart oral tablet vaccine reduced the influenza infection rate by
48 percent compared to 38 percent with injectable QIV. Specifically,
only 37 percent of the Vaxart subjects developed influenza infection
compared with 44 percent who received the injectable QIV and 71 percent
who received placebo. In the analysis that was performed by BARDA, the
results for both vaccines were statistically significant compared to
placebo, with p values of 0.001 for the Vaxart vaccine and 0.009 for
QIV, exhibiting a strong trend by the Vaxart vaccine toward greater
efficacy than injectable QIV.

"These results suggest that our tablet vaccine has the potential to
provide superior protection against influenza," said Wouter W. Latour,
M.D., chief executive officer of Vaxart. "Combined with the favorable
safety profile and the convenience of a tablet, we believe that our oral
influenza vaccine will offer invaluable advantages over currently
available injectable vaccines, and could help increase vaccination rates
and reduce the significant morbidity and mortality caused by influenza,
a major public health objective."

The new Phase 2 results complement previously reported data
demonstrating that the Vaxart oral tablet vaccine protected against
influenza disease at least as well as injectable QIV and highlighting
the favorable safety and tolerability profile of the Vaxart vaccine.

"Importantly, the Vaxart tablet vaccine is manufactured using standard
recombinant techniques rather than in eggs," said David Liebowitz, M.D.,
chief medical officer of Vaxart. "According to recent studies, the
common practice of growing influenza vaccine in chicken eggs can render
the flu vaccine less effective in humans, a phenomenon that was observed
with the circulating H3N2 flu strain that is causing the current
epidemic. Our vaccines are not vulnerable to this issue."

Phase 2 Challenge Trial Design

The randomized, double-blind Phase 2 influenza A challenge trial
consisted of three groups. Adult subjects (19-49 years) received either
a single dose of the Vaxart oral tablet vaccine and a placebo
intramuscular injection, a placebo tablet and a QIV injection, or a
double placebo. Subjects were challenged intranasally with an influenza
A strain matching the vaccine at 90-120 days after vaccination. Subjects
were defined as infected if they had detectable viral shedding on any
day after the first 36 hours from challenge.

Vaxart received a $13.9 million contract from BARDA in September 2015 to
support the advanced development of more effective influenza vaccines to
ultimately improve seasonal and pandemic influenza preparedness. The
contract was increased to $15.7 million in 2017.

This project has been funded in whole or in part with federal funds from
the Department of Health and Human Services' Office of the Assistant
Secretary for Preparedness and Response; Biomedical Advanced Research
and Development Authority under Contract No. HHSO100201500034C.

About Influenza

Influenza, commonly known as the flu, is a contagious respiratory
illness caused by influenza viruses that infect the nose, throat and
sometimes the lungs. It can cause mild to severe illness and can lead to
death. The best way to prevent the flu is by getting a flu vaccine each
year. While the impact of flu varies, it places a substantial burden on
the health of people in the United States. The U.S. Centers for Disease
Control and Prevention (CDC) estimates that influenza has resulted in
between 9.2 million and 60.8 million illnesses, between 140,000 and
710,000 hospitalizations, and between 12,000 and 56,000 deaths annually
since 2010.

For further information on influenza, its burden on human health, and
vaccine development, please visit the CDC website at

About Vaxart

Vaxart is a clinical-stage company focused on developing oral
recombinant protein vaccines based on its proprietary oral vaccine
platform. Vaxart's oral vaccines are designed to generate broad and
durable immune responses that protect against a wide range of infectious
diseases and may be useful for the treatment of chronic viral infections
and cancer. Vaxart's oral vaccines are administered using a convenient
room temperature-stable tablet, rather than by injection. Vaxart
believes that tablet vaccines are easier to distribute and administer
than injectable vaccines, and have the potential to significantly
increase vaccination rates.. Vaxart's development programs include 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

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements about Vaxart Inc.
and its business, strategy and plans, including but not limited to
statements regarding its clinical drug development activities, clinical
results and trial designs. All statements other than statements of
historical facts included in this press release are forward looking
statements. The words "believes", "may," "can," "plans," "estimates,"
"will," 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. 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, Vaxart undertakes no obligation to update the
forward-looking statements included in this press release to reflect
subsequent events or circumstances.

Additional Information and Where to Find It

In connection with a proposed strategic merger of Aviragen Therapeutics
(NASDAQ:AVIR) and Vaxart, Aviragen has filed relevant materials with
the Securities and Exchange Commission (SEC), including a registration
statement on Form S-4, as amended. Investors may obtain the proxy
statement/prospectus, as well as other filings containing information
about Aviragen, free of charge, from 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: Investor Relations. Investors and
security holders are urged to read the proxy statement, prospectus and
the other relevant materials when they become available 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 its directors and executive officers and Vaxart and its
directors and executive officers 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 will
be included in the proxy statement/prospectus referred to above.
Additional information regarding the directors and executive officers of
Aviragen is also included in Aviragen Annual Report on Form 10-K for the
year ended December 31, 2016. This document is available free of charge
at the SEC web site (
and from Investor Relations at Aviragen at the address set forth above.

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