Featured Company News - Novavax's CFO Resigns

LONDON, UK / ACCESSWIRE / October 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Novavax, Inc. (NASDAQ: NVAX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=NVAX. The Company announced on October 13, 2017, that Barclay A. 'Buck' Phillips has submitted his resignation as Senior Vice President, Chief Financial Officer (CFO), and Treasurer, to pursue an expanded opportunity in the industry. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/.

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Transition Details

Phillips will step down effective November 10, 2017. He will provide financial, accounting, and transition services as a consultant to Novavax until December 31, 2017. Stanley C. Erck, President and Chief Executive Officer (CEO) of Novavax, will act as the interim CFO pending completion of a search for a new CFO.

Novavax had appointed Phillips to the position of Senior Vice President and CFO, on June 24, 2013. He was given the responsibility for managing Novavax's finance, treasury, and communications functions.

Prior to joining Novavax, Phillips was Senior Vice President and CFO of Micromet, Inc. which was acquired by Amgen in 2012. Previously, he was the Managing Director of Vector Fund Management and a Biotechnology Analyst and Director of Venture Investments at Invesco Funds Group, Inc.

On Phillips' resignation, Erck said:

"Buck has been instrumental in a number of significant Novavax accomplishments, and we thank him for all his contributions over the last four years. We wish him all the best in his new endeavors."

Initiating Trial

On September 19, 2017, Novavax announced the enrollment of the first participant in a Phase-1/2 clinical trial of its nanoparticle influenza vaccine candidate including its proprietary Matrix-M™ adjuvant (NanoFlu™) in older adults.

The trial is a randomized, observer-blinded, active comparator-controlled trial in approximately 330 healthy older adults. The primary objective of the trial is to assess the safety and immunogenicity of two concentrations of NanoFlu compared to a licensed influenza vaccine, Fluzone® High-Dose (Fluzone HD).

The Company stated that it will evaluate immunogenicity using HAI titers, which are the industry standard and an established surrogate marker of protection. Novavax noted that the data from this trial may provide the basis to request accelerated approval for initial licensure of its NanoFlu vaccine.

Reasons for Trial

Novavax noted that its recent preclinical data indicated that NanoFlu elicits improved protective responses against drifted strains, which could be a key differentiating factor of the vaccine. The Company observed that current influenza vaccine protection is typically limited to strain-specific immune responses. Novavax stated that its goal is to deliver a differentiated flu vaccine to the greater than $3 billion global seasonal influenza commercial market and is looking forward to delivering clinical data from this trial by the end of 2017.

About Novavax

Novavax is a clinical-stage biotechnology Company committed to delivering novel products to prevent a broad range of infectious diseases. The Company's recombinant nanoparticles and Matrix-M™ adjuvant technology are the foundations for groundbreaking innovation that improves global health through safe and effective vaccines.

Last Close Stock Review

On Friday, October 13, 2017, the stock closed the trading session at $1.14, dropping 3.39% from its previous closing price of $1.18. A total volume of 4.64 million shares have exchanged hands. Novavax's stock price surged 29.05% in the past six months. At Friday's closing price, the stock's net capitalization stands at $347.10 million.

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