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VaxGen, Inc. (VXGN) Receives Repayment in Full of Bridge Loan to Raven Biotechnologies, Inc.


7/18/2008 10:45:29 AM

SOUTH SAN FRANCISCO, Calif., July 17 /PRNewswire-FirstCall/ -- VaxGen, Inc. , a biopharmaceutical company, today announced that it has received repayment in full, including accrued interest, of the bridge loan it extended to Raven biotechnologies Inc. in connection with the proposed merger between the two companies. The proposed merger was terminated by mutual consent in March 2008. The total amount received from Raven in repayment was $6.27 million.

(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco, California. The company owns a state-of-the-art biopharmaceutical manufacturing facility with a 1,000-liter bioreactor that can be used to make cell culture or microbial biologic products. For more information, please visit the company's web site at http://www.vaxgen.com.



CONTACT: James Panek of VaxGen, Inc., +1-650-624-2439

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



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