VaxGen, Inc. Files Annual and Quarterly Reports for 2005

SOUTH SAN FRANCISCO, May 31 /PRNewswire-FirstCall/ -- VaxGen, Inc. announced today that it has filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K and three associated Quarterly Reports on Forms 10-Q for the year ended December 31, 2005. The reports can be found at the link titled "SEC Filings" in the Investor Relations section of VaxGen's web site at http://www.vaxgen.com.

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Next Steps

VaxGen intends to complete the following steps in order to get current with its financial reporting obligations and to re-list its common stock.

-- Submit to its independent auditors, in sequence, its Annual Report on Form 10-K and associated Quarterly Reports on Form 10-Q for the year 2006, then any outstanding Quarterly Reports for 2007. -- File each of these reports with the SEC after VaxGen's independent accountants have completed their audits or reviews. -- Apply for listing of VaxGen's common stock on a recognized stock exchange.

As the company announced in March 2006, VaxGen no longer provides specific guidance on the timing related to filing its outstanding financial statements.

About VaxGen

VaxGen, Inc. is a biopharmaceutical company engaged in the development, manufacture and commercialization of biologic products for the prevention and treatment of human infectious diseases. For more information, please visit the company's web site at http://www.vaxgen.com.

Note: This press release contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include without limitation, statements regarding the anticipated filing of the company's outstanding quarterly and annual reports and its application for listing of its common stock. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. VaxGen undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

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CONTACT: Lance Ignon, Vice President, Corporate Affairs of VaxGen, Inc.,+1-650-624-1016

Web site: http://www.vaxgen.com/