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Novavax erases doubts about its ability to remain in business

FILE PHOTO: Syringes with needles are seen in front of a displayed Novavax logo in this illustration taken

(Reuters) - COVID-19 vaccine maker Novavax, on Friday, erased doubts about its ability to remain in business by removing a so-called "going concern" notice.

In February last year, Novavax had raised doubts about its ability to remain in business and announced plans to slash spending as it worked to prepare for a fall vaccination campaign.

The company also said on Friday that its revenue rose to $94 million in the first quarter, from $81 million in the same period in 2023.

(This story has been corrected to clarify that the notice was from February 2023 in paragraph 2)

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Savio D'Souza)