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"VaxGen's management and Board are looking forward to the upcomingstockholder vote and are optimistic about the potential of the combinedcompany. We believe the merger represents the best opportunity for ourstockholders," said James P. Panek, VaxGen President and CEO. "Somestockholders have suggested liquidation as an alternative to the proposedmerger with Raven. However, the expenses and liabilities associated withterminating operations, including the termination of the nearly nine years ofremaining facility lease obligation, would greatly diminish the amount of cashavailable for return to stockholders. Moreover, any potential liquidationproceeds would only be returned following a very extensive and time consumingprocess, one which could take one to two years to complete. We stronglyencourage stockholders to vote in favor of the merger."
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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.
http://www.b2i.us/irpass.asp?BzID=923&to=ea&s=0
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 http://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, the benefits of the proposed merger, the businesspotential of the combined company as well as any potential non-cash impairmentcharge related to VaxGen's facility. 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, the most recently filed Quarterly Report on Form10-Q andthe Form S-4 filed on February 6, 2008. Readers are cautioned not to placeundue reliance on these forward-looking statements that speak only as of thedate of this release. VaxGen and Raven undertake no obligation to updatepublicly any forward-looking statements to reflect new information, events, orcircumstances after the date of this release 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 statement/prospectus because they will contain importantinformation about the merger transaction. Investors and security holders mayobtain free copies of these documents (when they
