Novavax revenues up 35%

By Lisa Kerner

Erie, Pa., May 15 - Novavax, Inc. reported total revenues for the first quarter ended March 31 of $1.30 million, up 35% from the $0.96 million reported in the year-ago quarter.

The company reported a first-quarter net loss of $5.49 million, or $0.11 per share, down from an $8.89 million loss, or $0.22 per share, for the comparable period last year.

As of March 31, Novavax had $83.9 million in cash and cash-equivalents, up from $31.9 million at Dec. 31.

The company said it made significant progress toward all of its strategic goals in the quarter, including its influenza vaccine programs.

"We attracted strong investors and recruits to reduce our execution risk and enhanced our intellectual property estate by filing several patent applications," president and chief executive officer Rahul Singhvi said in a company news release.

"We remain optimistic that our work at Novavax will result in the development of next generation vaccines against emerging infectious diseases, such as the H5N1 avian influenza."

Located in Malvern, Pa., Novavax creates pharmaceutical and vaccine products and technologies.

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