VaxGen Receives Repayment in Full of Bridge Loan to Raven biotechnologies

SOUTH SAN FRANCISCO, Calif., July 17 VaxGen,Inc. (OTC Bulletin Board: VXGN), a biopharmaceutical company, today announcedthat it has received repayment in full, including accrued interest, of thebridge loan it extended to Raven biotechnologies Inc. in connection with theproposed merger between the two companies. The proposed merger was terminatedby mutual consent in March 2008. The total amount received from Raven inrepayment was $6.27 million.

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

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 http://www.vaxgen.com.

SOURCE VaxGen, Inc.

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