Market Overview

Vaxart Provides Merger Update

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Vaxart, Inc., a clinical-stage biotechnology company developing oral
recombinant vaccines that are administered by tablet rather than by
injection, announced today it has reached an understanding with the CAS
Group under which East Hill, a major shareholder in Aviragen, will
support the merger between Vaxart and Aviragen.

"We are committed to creating significant value for all our shareholders
as evidenced by the amended terms of the merger that were recently
announced," said Wouter W. Latour, M.D., chief executive officer of
Vaxart. "We want to thank all those who helped in that process,
including in particular the current Vaxart shareholders."

"We look forward to building a long term relationship with East Hill, as
with all our shareholders, and greatly appreciate their support."

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 are 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 www.vaxart.com.

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 (www.sec.gov).
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 (www.sec.gov)
and from Investor Relations at Aviragen at the address set forth above.

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