SOUTH SAN FRANCISCO, Calif., May 5 /PRNewswire-FirstCall/ -- VaxGen, Inc.(OTC Bulletin Board: VXGN.OB), a biopharmaceutical company, announced today ithas completed the sale of all assets and rights related to its recombinantprotective antigen (rPA) anthrax vaccine product candidate and relatedtechnology to Emergent BioSolutions, Inc. Under the terms of the transaction,Emergent BioSolutions paid VaxGen $2 million upon execution of the definitiveagreement and may be obligated to pay up to an additional $8 million inmilestone payments, plus specified percentages of future net sales.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)
'We have marketed our anthrax vaccine candidate and related technologyvery broadly over the last 12 months,' said James P. Panek, VaxGen Presidentand CEO. 'In Emergent, we believe we have identified a partner whoseexpertise in the field and track record in contracting with governmentagencies maximizes the chances of returns for our shareholders.'
About VaxGen
VaxGen is a biopharmaceutical company based in South San Francisco,California. The company owns a state-of-the-art biopharmaceuticalmanufacturing facility with a 1,000-liter bioreactor that can be used to makecell culture or microbial biologic products. For more information, pleasevisit the company's web site at http://www.vaxgen.com.
Note: This press release contains 'forward-looking statements' within themeaning of the federal securities laws, including statements regarding thepotential receipt of milestone payments and specified percentages of futurenet sales from Emergent BioSolutions. These statements are subject to risksand uncertainties that could cause actual results and events to differmaterially from those anticipated. Additional information concerning these andother risk factors is contained in VaxGen's Annual Report on Form 10-K for theyear ended December 31, 2007. Readers are cautioned not to place unduereliance on these forward-looking statements that speak only as of the date ofthis release. VaxGen undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances afterthe date of this release except as required by law.
SOURCE VaxGen, Inc.
