Biotech Values

[mcbio]

NVAX @ Jefferies (6/12)

1. NVAX sees peak sales potential for its RSV vaccine of $2B in the U.S. and >$5B worldwide.

2. Its RSV vaccine uses the F protein as an antigen, which is the same target of Synagis. NVAX is effectively creating the equivalent of Synagis in its vaccinees. NVAX generated Synagis antibodies 10-fold higher than what Medimmmune calculated was the protective level of antibodies for Synagis.

3. Phase 2 trials will commence in 2H12 in elderly patients and women of childbearing age with results in 1Q13. Trial in toddlers (age 2-5) likely in 2013.

4. NVAX has cash to last a couple of years given the recent $12M investment from RA Capital.