PRESS RELEASE

PRESS RELEASE

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Novavax Announces Release Date of Fourth Quarter and Year-End 2005 Financial Results and Investor Conference Call

MALVERN, Pa., Feb 21, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Novavax, Inc. (Nasdaq: NVAX) announced today that it will report its fourth quarter and year-end 2005 financial results in a Press Release to be issued after 7:00 a.m. ET on March 1, 2006. The Company will subsequently hold an investor conference call to discuss its financial results at 10:00 a.m. ET on March 1, 2006. The call will be hosted by Mr. Gary C. Evans, Chairman of the Board, and Dr. Rahul Singhvi, President and CEO of Novavax. Other participants on the call will include senior management of Novavax. A question and answer session will follow the financial results overview. The dial-in number for the conference call is (866) 356-3093, pass code 67425359.

A live audio webcast of the conference call will be available through http://www.novavax.com. Please connect to this website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. A replay of the webcast will be available for 90 days starting on March 1, 2006 at http://www.novavax.com. A replay of the conference call will also be available by telephone on March 1, 2006 through June 1, 2006. To access the replay, dial (888) 286-8010 and enter pass code 63645862 followed by the number sign.

About Novavax, Inc.

Novavax, Inc. is a product development company focused on the research, development and commercialization of products utilizing its proprietary drug delivery and biological technologies for large and growing markets. Novavax's drug delivery technologies include the micellar nanoparticle (MNP) technology which is the basis for the development of its first FDA-approved product, ESTRASORB. In addition to MNP, Novavax drug delivery technologies include Novasomes(R) (paucillamellar non-phospholipid liposomes) and Sterisomes(R) (subcutaneous depot injection). Novavax's vaccine technologies include its virus-like particle (VLP) manufacturing technology utilizing the baculovirus expression system in insect cells, as well as novel vaccine adjuvants based on Novasomes and dendrimer technologies.

SOURCE Novavax, Inc.

Kathy Hamilton, Investor Relations of Novavax, Inc., +1-484-913-1213, or
KHamilton@novavax.com