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VaxGen and Raven Announce Form S4 Registration Statement Declared Effective

Tuesday, February 12, 2008 General News J E 4
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SOUTH SAN FRANCISCO, Calif., Feb. 11 VaxGen Inc.(Pink Sheets: VXGN), a biopharmaceutical company, and Raven biotechnologies,inc. a privately held company focused on the development of monoclonalantibody therapeutics (MAbs) for treating cancer, announced today thatVaxGen's registration statement on Form S-4 related to the proposed mergerwith Raven biotechnologies has been declared effective by the Securities andExchange Commission. VaxGen expects to mail the related proxystatement/prospectus to stockholders on February 12. VaxGen's Board ofDirectors has set March 28th as the date for the Special Meeting ofStockholders to vote on the proposed transaction. Consistent with previousguidance, the date of record for this vote is January 31, 2008.

"We are very pleased to have completed the regulatory phase of thisprocess, and are now on track for a stockholder vote and, I am confident,completion of the merger soon thereafter." Said James P. Panek, CEO andPresident of VaxGen.

Additionally, VaxGen and Raven have each made significant progress in theoperational and planning activities necessary prior to the close of the mergerand required to ensure momentum thereafter. This progress includes:

"Our goal for the merged company is to focus on advancing our pipeline ofmonoclonal antibodies directed against cancer stem cells, and these actionswill allow us to do this in what we believe will be the most cost-effectivemanner possible," said George F. Schreiner, M.D., Ph.D., Raven's ChiefExecutive Officer. "We are confident that this merger will provide value toinvestors and, subject to a positive stockholder vote and satisfaction of theclosing conditions, we look forward to combining our two companies."

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, VaxGen's and Raven's ability to meet theconditions necessary to close the proposed merger between the two companies,the benefits of the proposed merger, the ability to meet the stated drugdevelopment and financial objectives of the merged company, and the ability toand timing to successfully integrate Raven and VaxGen following consummationof the merger. These statements are subject to risks and uncertainties thatcould cause actual results and events to differ materially from thoseanticipated. Additional information concerning these and other risk factorsis 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 this
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