Company news from the 05/23/06 News Brief

Novavax announced Friday that it has entered into a definitive agreement with Esprit Pharma to co-develop, supply and commercialize Novavax's micellar nanoparticle testosterone medicine currently in development to treat female hypoactive sexual desire disorder (HSDD). Under terms of the agreement, Esprit will receive exclusive rights to market the product in North America. Esprit will make certain minimum payments to Novavax upon the achievement of predetermined clinical and regulatory milestones, as well as royalties on all net sales of the product. Esprit will be responsible for all development costs and will lead clinical programs. Novavax will be responsible for manufacturing the product in its existing facility, located in Philadelphia.