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PRESS RELEASE

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Novavax Names Executive Director of Biologic Product Discovery
Dr. Kutub Mahmood - An Expert in Virology and Immunology

MALVERN, Pa., June 8, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Novavax, Inc. (Nasdaq: NVAX) today announced the appointment of Dr. Kutub Mahmood, an expert in virology and immunology, to the newly created position of Executive Director of Biologic Product Discovery. Dr. Mahmood will report directly to Novavax President and Chief Executive Officer, Dr. Rahul Singhvi.

"We are delighted to welcome Dr. Mahmood to lead our research team in biologic product discovery," Dr. Singhvi said. "As a world-class scientist, he complements our existing vaccine leadership team of Drs. Gale Smith, Rick Bright and Craig Wright. Dr. Mahmood's arrival at Novavax bolsters our efforts to build a strong pipeline of a new class of vaccines that prevent a variety of infectious diseases."

Dr. Mahmood received his Ph.D. from India's National Institute of Virology for his work on flaviviral diseases such as Japanese Encephalitis, Dengue and West Nile viruses. Dr. Mahmood did post-doctoral work on poliovirus at the Massachusetts Institute of Technology. From 1994 to 1998, Dr. Mahmood held various senior research positions at the University of Rochester Cancer Center and at Progenics Pharmaceuticals of Tarrytown, NY.

More recently at MedImmune Inc., Dr. Mahmood made numerous contributions to the successful development of the FluMist(R) influenza vaccine and was recognized with the Chairman's and MedImmune Champion award. He has published over 25 research articles in leading scientific journals. Throughout his distinguished career, Dr. Mahmood has been affiliated with the American Society of Virology, American Association for the Advancement of Science, and the American Society of Microbiology.

"I am very impressed with virus-like particle (VLP) technology, which allows us to make safer vaccines," Dr. Mahmood said. "I am excited about the simplicity, safety and speed of our manufacturing processes for VLPs and believe Novavax's unique technology will have a significant impact on the prevention of various infectious diseases. At Novavax, I hope to contribute to the creation of safer and better vaccines to improve public health worldwide."

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 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 management's intentions, hopes, beliefs, expectations, or predictions of the future 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 establish and 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 10K for the year ended December 31, 2005 and quarterly report on Form 10Q for the quarter ended March 31, 2006 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.

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

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