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VaxGen Provides Update Regarding Record Date

Tuesday, January 22, 2008 General News J E 4
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SOUTH SAN FRANCISCO, Calif., Jan. 22 VaxGen Inc.(Pink Sheets: VXGN.PK), a biopharmaceutical company, announced today that ithas not yet formally determined the record date for the stockholder vote onVaxGen's proposed merger with Raven biotechnologies, inc. Only stockholdersof record as of the record date will be entitled to vote on the proposedmerger. Beneficial owners of VaxGen shares held in "street name" as of therecord date must follow the instructions of their broker with regard to thevoting of shares. At this point, the Company anticipates that the record datewill be January 31, 2008, subject to formal approval by VaxGen's board ofdirectors.

(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO )

At a conference hosted by Punk Ziegel on January 18, 2008, Dr. GeorgeSchreiner, the CEO of Raven biotechnologies, incorrectly stated that therecord date had been set for January 23, 2008, as had been proposed inVaxGen's preliminary proxy statement/registration statement on Form S-4 filedon Dec 21, 2007.

The final record date and date of the stockholder meeting will bedisclosed in the Notice of Special Meeting of Stockholders included with thecompany's definitive proxy statement/registration statement on Form S-4 at thetime such registration statement is declared effective by the SecuritiesExchange Commission.

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco,California. The company owns a state-of-the-art biopharmaceuticalmanufacturing facility with a 1,000-liter bioreactor that can be used to makecell culture or microbial biologic products. For more information, pleasevisit the company's web site at www.vaxgen.com.

About Raven

Raven biotechnologies, inc. is a privately held biotechnology companyfocused on the development of monoclonal antibody therapeutics for treatingcancer. Raven's lead product candidate, RAV12, targets adenocarcinomas and isin clinical development for the treatment of gastrointestinal and othercancers. Raven, which is based in South San Francisco, California, hasidentified multiple candidate therapeutic MAbs for many cancer indicationsincluding lung, colon, pancreatic, prostate, breast, brain, and ovariancancer. Please visit www.ravenbio.com for more information about Ravenbiotechnologies inc.

Note: This press release contains "forward-looking statements" within themeaning of the federal securities laws. These forward-looking statementsinclude, without limitation, statements regarding the anticipated record datefor the special meeting of VaxGen stockholders to vote on the proposed mergerwith Raven biotechnologies, inc.. These statements are subject to risks anduncertainties that could cause actual results and events to differ materiallyfrom those anticipated. Additional information concerning these and other riskfactors is contained in VaxGen's Annual Report on Form 10-K for the year endedDecember 31, 2006 and most recently filed Quarterly Report on Form 10-Q.Readers are cautioned not to place undue reliance on these forward-lookingstatements that speak only as of the date of this release. VaxGen and Ravenundertake no obligation to update publicly any forward-looking statements toreflect new information, events, or circumstances after the date of thisrelease except as required by law.

Additional Information and Where to Find It

VaxGen has filed a registration statement on Form S-4, and a related proxystatement/prospectus, in connection with the merger. Investors and securityholders are urged to read the registration statement on Form S-4 and therelated proxy/prospectus because they contain important information about themerger transaction. Investors and security holders may obtain free copies ofthese documents (when they are available) and other documents filed with theSEC at the SEC's web site at www.sec.gov. In additi
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