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A similar proportion of stockholders supported the re-election of theBoard of Directors.
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James P. Panek, VaxGen's CEO and President, commented: "We are verypleased with this result, which seems to indicate a high level of stockholdersupport for the direction chosen by the company's management and board. Withthe S-4 registration statement filed just prior to the holidays and Raven andVaxGen agreeing that an OTC Bulletin Board listing satisfies the listingclosing condition of the merger agreement, we look forward to a shareholdervote and closure of the merger as expeditiously as possible."
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.
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, statements regarding quotation of VaxGen's commonstock on the OTC Bulletin Board and the anticipated benefits of suchquotation, VaxGen's and Raven's ability to meet the conditions necessary toclose the proposed merger between the two companies and the potential futurelisting of VaxGen's common stock on a national securities exchange. Thesestatements are subject to risks and uncertainties that could cause actualresults and events to differ materially from those anticipated. Additionalinformation concerning these and other risk factors is contained in VaxGen'sAnnual Report on Form 10-K for the year ended December 31, 2006 and mostrecently filed Quarterly Report on Form10-Q. Readers are cautioned not toplace undue reliance on these forward-looking statements that speak only as ofthe date 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/prospectus because they will contain important information aboutthe merger transaction. Investors and security holders may obtain free copiesof these documents (when they are available) and other documents filed withthe SEC at the SEC's web site at http://www.sec.gov. In additio
