1000694--3/6/2006--NOVAVAX

related topics

{product, candidate, development}

{product, liability, claim}

{debt, indebtedness, cash}

{control, financial, internal}

{property, intellectual, protect}

{acquisition, growth, future}

{stock, price, operating}

{competitive, industry, competition}

{investment, property, distribution}

{customer, product, revenue}

Our success depends on our ability to maintain the proprietary nature of our technology. We have limited financial resources and we are not certain that we will be able to obtain financing to maintain our operations or to fund the development of future products. We have a history of losses and our future profitability is uncertain. Many of our competitors have significantly greater resources and experience, which may negatively impact our commercial opportunities and those of our current and future licensees. The return on our investment in ESTRASORB depends in large part on the success of our relationship with Esprit and our ability to manufacture the product. We must utilize our manufacturing facility for products other than ESTRASORB in order to avoid operating the facility at a loss. We have not completed the development of products other than ESTRASORB and we may not succeed in obtaining the FDA approval necessary to sell additional products. We may fail to obtain regulatory approval for our products on a timely basis or comply with our continuing regulatory obligations after approval is obtained. Our substantial indebtedness could adversely affect our cash flow and prevent us from fulfilling our obligations. Health care insurers and other payors may not pay for our products or may impose limits on reimbursement. We may have product liability exposure. We have made loans to certain of our directors, and have guaranteed a brokerage margin loan for one of these directors, which could have a negative impact on our stock price. The price of our common stock has been and may continue to be volatile.

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1000694--3/6/2006--NOVAVAX_INC