Replies to post #127734 on Biotech Values

[mcbio]

Of note NVAX pulled in a few ex-Medimmune people (ex-Synagis).

NVAX just reeled in another ex-Medimmune employee (http://www.novavax.com/download/releases/2011-03-11%20Erica%20Shane%20Appointment%20Announcement%20Final.pdf ). Also, just listened to today's CC, and management made reference to expecting to land a partner in the next year or so on the RSV vaccine as there was reference to partnering deals taking time. They did state that they have received partnering interest from the usual potential partners since the Phase 1 RSV vaccine data was released.

NVAX also guided for about a year or so of available cash, and that was taking into account future at-the-market offerings, so there may be a bit of crunch between available cash and needing to land a partner without some significant dilution, but I'll be surprised if NVAX doesn't find a partner for the RSV vaccine.

[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.