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VaxGen to Present at the 10th Annual BIO CEO and Investor Conference

Tuesday, February 12, 2008 General News J E 4
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NEW YORK, Feb. 11 VaxGen, Inc.(Pink Sheets: VXGN)

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, and ovarian cancer.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 addition, investorsand security holders may obtain free copies of the documents filed with theSEC by contacting VaxGen Investor Relations at the email address:ir@vaxgen.com.

This communication shall not constitute an offer to sell or thesolicitation of an offer to sell or the solicitation of an offer to buy anysecurities, nor shall there be any sale of securities in any jurisdiction inwhich such offer, solicitation or sale would be unlawful prior to registrationor qualification under the securities laws of any such jurisdiction. Nooffering of securities shall be made except by means of a prospectus meetingthe requirements of Section 10 of the Securities Act of 1933, as amended.

VaxGen, Raven and their respective directors and executive officers may bedeemed to be participants in the solicitation of proxies from the stockholdersof VaxGen in connection with the merger transaction. Information regarding thespecial interests of these directors and executive officers in the mergertransaction is included in the proxy statement/prospectus described above.Additional information regarding the directors
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