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"We are obviously very disappointed that the proposed merger with Ravenwas not approved by our stockholders," said James P. Panek, VaxGen Presidentand CEO. "Despite the strong support of some institutions, and solid supportby so many individual investors, it has become quite clear that there issufficient opposition, such that this merger will not be approved."
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VaxGen intends to open the Special Meeting of Stockholders scheduled forFriday, March 28th, but will adjourn the meeting without taking any action.The Board of Directors intends to immediately assess the Company's strategicalternatives, including a possible liquidation of the Company.
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.
Note: This press release contains "forward-looking statements" within themeaning of the federal securities laws, including statements regarding theholding of the Special Meeting of Stockholders and the Board of Directors'plans to assess strategic alternatives. These statements are subject to risksand uncertainties that could cause actual results and events to differmaterially from those anticipated. Additional information concerning these andother risk factors is contained in VaxGen's Annual Report on Form 10-K for theyear ended December 31, 2007. Readers are cautioned not to place unduereliance on these forward-looking statements that speak only as of the date ofthis release. VaxGen undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances afterthe date of this release except as required by law.
SOURCE VaxGen, Inc.
