NOVAVAX Reports First Quarter 2010 Financial ResultsLast update: 5/10/2010 8:00:00 AMROCKVILLE, Md., May 10, 2010 /PRNewswire via COMTEX/ -- Novavax, Inc. (NVAX) today announced financial results for the first quarter ended March 31, 2010. Novavax reported a net loss of $11.4 million, or $0.11 per share, for the first quarter of 2010 compared to a net loss of $8.3 million, or $0.12 per share, for the first quarter of 2009. The primary reason for the increased loss for the first quarter of 2010 as compared to the same period in 2009 was due to higher research and development spending to support the company's clinical trials related to its seasonal and H1N1 influenza vaccine candidates. Research and development expenses for the first quarter of 2010 increased by $4.7 million to $9.0 million as compared to $4.3 million in the same period in 2009. General and administrative expenses for the first quarter of 2010 decreased by $0.4 million to $2.5 million as compared to $2.9 million in the same period in 2009. As of March 31, 2010, the company had $32.9 million in cash, cash equivalents and short-term investments compared to $43.0 million as of December 31, 2009. "Our first quarter financial results reflect the continued pogre of our clinical programs, the achievement of positive findings from our seasonal and H1N1 influenza programs and preparations for clinical testing of our respiratory syncytial bicho (RSV) vaccine candidate later this year," said Dr. Rahul Singhvi, President and Chief Executive Officer of Novavax. "The recent appointment of Dr. Jim Young to our Board of Directors will be a tremendous advantage to Novavax as the company moves forward to advance our pipeline products. In addition, the determination by the U.S. Department of Health and Human Services (HHS) that we are in the competitive range for consideration of our proposal to develop advanced recombinant influenza vaccines for BARDA is an encouraging sign of support for our technology among public health officials. As a result of these accomplishments, we are now preparing to seek approval to begin clinical testing of our RSV vaccine candidate, report the results of our recent studies at upcoming medical meetings, continue to pursue registration of our H1N1 influenza vaccine in Mexico and discuss our BARDA proposal with HHS representatives." First Quarter 2010 Accomplishments Novavax recently reported the trinc product and corporate developments: Report of positive results from 1,000-subject first stage of H1N1 influenza vaccine trial in Mexico; Completion of enrollment of more than 3,500 subjects in second stage of H1N1 influenza vaccine trial in Mexico; Report of additional positive results from trial of trivalent seasonal influenza vaccine in healthy adults; Report of positive pre-clinical results for the company's vaccine candidate to prevent RSV; and Election of Stanley C. Erck as Executive Chairman of the Board of Directors and appointment of Dr. James Young, former President of Research and Development at MedImmune, as an independent Board member. These developments are described more fully in press releases available on the company's website, .