Market Overview

Vaxart, Inc. Closes Merger with Aviragen Therapeutics, Inc.

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Combined Company Renamed Vaxart, Inc. and Will Begin Trading Under
New Symbol NASDAQ: VXRT

Vaxart, Inc. (NASDAQ:VXRT) today announced the completion of its merger
with Aviragen Therapeutics, Inc. In connection with the merger, Aviragen
Therapeutics, Inc. changed its name to Vaxart, Inc. and effected a
1-for-11 reverse split of its common stock. The combined company will
commence trading on a post-reverse split basis effective at the opening
of the market on February 14, 2018 on Nasdaq under the symbol "VXRT."

"We are very pleased to complete this merger, which marks a significant
milestone for Vaxart," said Wouter Latour, M.D., president and chief
executive officer of Vaxart. "The merger provides us with the necessary
funding to support operations and enables us to advance the development
of our pipeline of proprietary oral vaccines and direct-acting
antivirals. We expect to have several value-creating events this year,
including a data readout from the Phase 2 study of BTA074, which we
acquired in the merger, and the start of a Phase 2 norovirus challenge
study."

Stifel Financial Corp. acted as financial advisor to Aviragen on the
merger. Dechert LLP acted as legal counsel to Aviragen. Cooley LLP acted
as legal counsel to Vaxart.

About Vaxart

Vaxart is a clinical-stage company focused on developing oral
recombinant protein vaccines based on its proprietary oral vaccine
platform and direct-acting antivirals to treat infections that have
limited therapeutic options. 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 that are designed to
protect against norovirus, seasonal influenza and respiratory syncytial
virus (RSV), as well as a therapeutic vaccine for human papillomavirus
(HPV). Through the merger, Vaxart also acquired antiviral drug
candidates, including teslexivir (BTA074), an antiviral treatment for
condyloma caused by HPV types 6 and 11. For more information, please
visit www.vaxart.com.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, included in this press release regarding
our strategy, future operations, future financial position, prospects,
plans and objectives, intentions, beliefs and expectations of management
are forward-looking statements. These forward-looking statements may be
accompanied by such words as "expect," "may," "will" and other words and
terms of similar meaning. Examples of such statements include, but are
not limited to, statements relating to the availability of cash for
Vaxart's future operations and Vaxart's ability to develop its pipeline
of proprietary oral vaccines and direct-acting virals, as well as the
anticipated timing of value creating events. Vaxart may not actually
achieve the plans, carry out the intentions or meet the expectations or
projections disclosed in our forward-looking statements and you should
not place undue reliance on these forward-looking statements. Actual
results or events could differ materially from the plans, intentions,
expectations and projections disclosed in the forward-looking
statements. Various important factors could cause actual results or
events to differ materially from the forward-looking statements that
Vaxart makes, that Vaxart's product candidates may not be approved by
the FDA or non-U.S. regulatory authorities; that, even if approved by
the FDA or non-U.S. regulatory authorities, Vaxart's product candidates
may not achieve broad market acceptance; and the risks described in the
"Risk Factors" sections of the Registration Statement on Form S-4 (file
no. 333-222009) and of Vaxart's periodic reports filed with the SEC.
Vaxart does not assume any obligation to update any forward-looking
statements, except as required by law.

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