PRESS RELEASE

PRESS RELEASE

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Novavax Board Elects Dr. James B. Tananbaum as Director

- Dr. Tananbaum is Co-founder of Prospect Venture Partners II and III,

Theravance, Infinity Pharmaceuticals, and GelTex (acquired by Genzyme) -

MALVERN, Pa., April 28 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today announced that its board of directors has elected James B. Tananbaum, M.D., as a director, effective immediately. Dr. Tananbaum is managing director of Prospect Venture Partners, a venture capital firm based in Palo Alto, Calif.

Prospect Venture Partners III recently accumulated a substantial stock equity position in Novavax through a combination of open market purchases and a direct placement from the company.

On behalf of the Novavax Board of Directors, Chairman Gary C. Evans, said, "We are very excited about our new business relationship with Jim Tananbaum and his colleagues at Prospect Venture Partners. Their reputation and track record in our industry is outstanding, and Jim's interest and investment in Novavax is strong validation of our vaccine development strategy.

"We plan on fully utilizing Dr. Tananbaum's knowledge, experience and associations in assisting the Novavax management team as we further develop and capitalize on our unique technology."

"I am extremely pleased to join the Novavax board and to work closely with a company that has the potential to have a significant impact on public health around the world," Dr. Tananbaum said. "The Prospect Venture Partners team believes that Novavax's unique approach to creating vaccines that tackle various strains of flu could one day save countless lives."

Dr. Tananbaum has substantial experience in identifying and nurturing high-potential health care companies. Over the last decade, Dr. Tananbaum has helped found or led financings for numerous biotechnology, pharmaceutical and healthcare service companies, including Infinity Pharmaceuticals, Jazz Pharmaceuticals, PatientCare, Predicant, CompHealth, Nanosys, Vanda Pharmaceuticals and Vitae Pharmaceuticals. Previously, as a partner at Sierra Ventures, Dr. Tananbaum led investments in Amerigroup, Healtheon, Intensiva HealthCare Corp. and NovaMed EyeCare Management.

A graduate of Yale University, Dr. Tananbaum earned his medical degree and M.B.A. at Harvard University. While still at school, Dr. Tananbaum co-founded GelTex Pharmaceuticals, which was purchased by Genzyme for $1.6 billion. Dr. Tananbaum also co-founded Theravance in 1997. Serving as chief executive of Theravance, which is now publicly traded, Dr. Tananbaum raised $300 million and hired more than 200 employees. Dr. Tananbaum began his career at Merck & Co. as a product manager.

Dr. Tananbaum is a member of the Young Presidents' Organization and an officer of the Golden Gate Chapter, as well as a member of the Harvard/MIT Health Sciences and Technology Visiting Committee.

About Novavax, Inc.

Novavax is focused on creating differentiated, value-added pharmaceutical and vaccine products and technologies. The company's technology platforms include the virus-like particle (VLP) manufacturing technology utilizing the baculovirus expression system in insect cells, as well as novel vaccine adjuvants based on Novasomes(R), non-phospholipid vesicles and dendrimer technologies. The company is developing a pandemic flu vaccine against H5N1, H9N2 and other avian influenza viruses and a seasonal flu vaccine against human influenza strains using its VLP and Novasome adjuvant technologies. 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(R). In addition to MNP, Novavax drug delivery technologies include Novasomes(R) and Sterisomes(R), solvent and oil free emulsions for subcutaneous depot injection. The company has several products utilizing the MNP technology in various stages of development.

Forward-Looking Statements

Statements made in this press release that state Novavax's or its management's intentions, hopes, beliefs, expectations, or predictions are forward-looking statements. Forward-looking statements include but are not limited to statements regarding usage of cash, product sales, future product development and related clinical trials and future research and development, including FDA approval. Novavax's actual results could differ materially from those expressed in such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the following: general economic and business conditions; ability to enter into future collaborations with industry partners; competition; unexpected changes in technologies and technological advances; ability to obtain rights to technology; ability to obtain and enforce patents; ability to commercialize and manufacture products; ability to maintain commercial-scale manufacturing capabilities; results of clinical studies; progress of research and development activities; business abilities and judgment of personnel; availability of qualified personnel; changes in, or failure to comply with, governmental regulations; the ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity financing or otherwise; and other factors referenced herein. Additional information is contained in Novavax's annual report on Form 10-K for the year ended December 31, 2004 and quarterly reports on Form 10-Q for the quarters ended March 31, 2005, June 30, 2005 and September 30, 2005, incorporated herein by reference. Statements made herein should be read in conjunction with Novavax's annual and quarterly reports filed with the SEC. Copies of these filings may be obtained by contacting Novavax at 508 Lapp Road, Malvern, PA 19355, Tel: 484-913-1200 or the SEC at http://www.sec.gov.

SOURCE Novavax, Inc.

CONTACT: Cheryl Marley, Novavax, +1-484-913-1202,
cmarley@novavax.com