UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934


                                  Novavax, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    670002104
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                               September 12, 2007
--------------------------------------------------------------------------------
             (Date of Event which Required Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X]  Rule 13d-1(b)
[ ]  Rule 13d-1(c)
[ ]  Rule 13d-1(d)

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).






<PAGE>



                                  SCHEDULE 13G



   1      NAME OF REPORTING PERSON
          SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Ironwood Investment Management, LLC

   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP     (a) [ ]
                                                               (b) [X]
   3      SEC USE ONLY


   4      CITIZENSHIP OR PLACE OF ORGANIZATION

          Massachusetts

                           5      SOLE VOTING POWER
                                  3,990,597

   NUMBER OF SHARES        6      SHARED VOTING POWER
BENEFICIALLY OWNED BY             0
EACH REPORTING PERSON
         WITH
                           7      SOLE DISPOSITIVE POWER
                                  3,990,597


                           8      SHARED DISPOSITIVE POWER
                                  0

    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
            3,990,597

    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
            [ ]

    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
            6.4%

    12      TYPE OF REPORTING PERSON
            IA


<PAGE>


Item 1.     (a).  Name of Issuer: Novavax, Inc.

            (b).  Address of Issuer's Principal Executive Offices:

                  9920 Belward Campus Drive
                  Rockville, MD 20850

Item 2.     (a).  Name of Person Filing:

                  Ironwood Investment Management, LLC

            (b).  Address of Principal Business Office or, if none, Residence:

                  Ironwood Investment Management, LLC
                  21 Custom House Street, Suite 240
                  Boston, MA 02110

            (c).  Citizenship or Place of Organization: Massachusetts

            (d).  Title of Class of Securities: Common Stock

            (e).  CUSIP Number: 957070105



<PAGE>



Item 3.     If this  statement  is filed  pursuant to sections  240.13d-1(b)  or
            240.13d-2(b) or (c), check whether the person filing is a:

                   (a)         [ ] Broker or dealer  registered under section 15
                               of the Act (15 U.S.C. 78o);
                   (b)         [ ] Bank as defined in section 3(a)(6) of the Act
                               (15 U.S.C. 78c);
                   (c)         [ ]  Insurance  company  as  defined  in  section
                               3(a)(19) of the Act (15 U.S.C. 78c.);
                   (d)         [ ] Investment company registered under section 8
                               of the Investment  Company Act of 1940 (15 U.S.C.
                               80a-8);
                   (e)         [x] An  investment  adviser  in  accordance  with
                               section 240.13d-1(b)(1)(ii)(E);
                   (f)         [ ] An employee benefit plan or endowment fund in
                               accordance with section 240.13d-1(b)(1)(ii) (F);
                   (g)         [ ] A parent holding company or control person in
                               accordance with section 240.13d-1(b)(1)(ii)(G);
                   (h)         [ ] A savings  associations as defined in section
                               3(b) of the  Federal  Deposit  Insurance  Act (12
                               U.S.C. 1813);
                   (i)         [ ] A  church  plan  that is  excluded  from  the
                               definition of an investment company under section
                               3(c)(14)  of the  Investment  Company Act of 1940
                               (15 U.S.C. 80a-3);
                   (j)         [   ]   Group,   in   accordance   with   section
                               240.13d-1(b)(1) (ii)(J).

Item 4.     Ownership.

            Provide the following  information  regarding the aggregate number
            and percentage of the class of securities of the issuer identified
            in Item 1.

            (a). Amount beneficially owned: 3,990,597

            (b). Percent of class: 6.4%

            (c). Number of shares as to which the person has:

                   (1)  Sole power to vote or to direct the vote:   3,990,597

                   (2)  Shared power to vote or to direct the vote: 0

                   (3)  Sole power to dispose or to direct the disposition of:
                        3,990,597

                   (4)  Shared power to dispose or to direct the disposition of:
                        0

Item 5.     Ownership of Five Percent or Less of a Class:

            Not Applicable

Item 6.     Ownership of More Than Five Percent on Behalf of Another Person:

            Not Applicable

Item 7.     Identification and Classification of Subsidiaries which Acquired the
            Security Being Reported on by the Parent Holding Company:

            Not Applicable

Item 8.     Identification and Classification of Members of the Group:

            Not Applicable

Item 9.     Notice of Dissolution of Group:

            Not Applicable

Item 10.    Certification:

            By signing  below I certify  that,  to the best of my knowledge  and
            belief, the securities  referred to above were acquired and are held
            in the ordinary course of business and were not acquired and are not
            held  for  the  purpose  of  or  with  the  effect  of  changing  or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection  with or as a participant in
            any transaction having that purpose or effect.




<PAGE>


                                   SIGNATURES

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

                                  IRONWOOD INVESTMENT MANAGEMENT, LLC

Date:    February 14, 2008       By:  /s/ Charles J. Daly
                                      ------------------------------------------
                                      Charles J. Daly, Chief Compliance Officer