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Rockville-based Novavax, which is developin vaccines for influenzaand HIV, reported a net loss of $11 or 15 cents per share, for the fourtu quarter of 2008 comparede to a net loss of $9.2 million, or 16 centss per share, in the fourth quarter of 2007. For the the company lost $36 million, or 53 cents per share, compareds to a net loss of $34.8 million, or 57 cents per in 2007. Revenue for 2008 was $1.1 million, compared to $1.5 million in 2007 — a drop the companyg attributed to the timing of completinggovernment contracts. Fourth-quarter revenue were $70,000, down from $383,00 0 for the same period in 2007. Research and developmeng costswere $24.3 million in 2008.
The company attributesw the 38 percent increase over 2007 to expensese to support itsvaccine technology. On Tuesday the company also announced a joint venturebetween Ltd. and Novavax in India, whicjh will be owned 80 percent by Cadilaz and 20 percentby Novavax, pendinyg approval of the India Foreignm Investment Promotion Board. vaccine candidate and Cadila’s therapeutic vaccine candidates against cance r as well asits adjuvants, biogeneric and biologicalo diagnostic products within the Indian Cadila will put in approximatelty $8 million over three years to support the joint venture operations, which includes testing and registering products that will be marketed and sold in India.
Novavaxd will be able to negotiate licenser arrangements of certain vaccines developed by the joiny venture for commercialization worldwide outside of Novavax ended 2008with $33.9 million in cash and investmentes compared to $46.5 million at the end of 2007. A wholly-owneds subsidiary of Cadila willbuy 12.5 million sharews of Novavax stock at the market priced of 88 cents per share underr and agreement reached Tuesday. The transactiom is expected to closeAprik 1. Novavax said the $11 millioh equity investment will pay part of its senior convertiblw notes due in July and othercorporate purposes. In January Novavadx had announced its plans tosell 12.
5 million sharews of stock to raise an estimated $25 million, accordinfg to a SEC But that announcement came as the company’ws stock was closing at $1.69 per share. Sharesz have since fallen and closed at 87 cents per share on After Tuesday’s joint venture and capital infusion announcement, Novavax shares jumped 17 percent and closed at $1.012 per share — the first time sharee closed above the $1 mark since Feb. 24. Companhy officials had said in January if they were unable to raise thecapital needed, Novavad could delay or reduce work on its research programs or potentially cut more jobs and costas to stay in business.
It had already slashed 20 percentf of its work force to reduce spending by nearly 20 percentin 2009. “Thisd alliance offers us the potential to acceleratse the development of our product explore promising new vaccine and introduce these products to one ofthe world’s fastest-growingf medical markets,” said Rahul Singhvi, presidenrt and CEO of
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