ROCKVILLE, Md., Feb. 8 /PRNewswire-FirstCall/ -- Novavax, Inc. announced today that the company has decided to discontinue negotiations in its pursuit of the previously announced collaboration with ROVI Pharmaceuticals (Madrid: ROVI) to develop Novavax's virus-like-particle (VLP)-based vaccines against influenza in the country of Spain. This decision is due to the companies' inability to agree on acceptable terms of the proposed collaboration and to obtain the necessary funding commitments for the program. Novavax is free to seek a new partner for its pandemic and seasonal influenza vaccine development efforts in Europe in the future.
Novavax, Inc. is a clinical-stage biotechnology company creating novel vaccines to address a broad range of infectious diseases worldwide, including H1N1, using advanced proprietary virus-like-particle (VLP) technology. The company produces potent VLP-based recombinant vaccines utilizing new and efficient manufacturing approaches. Novavax is committed to using its VLP technology to create country-specific vaccine solutions. The company has formed a joint venture with Cadila Pharmaceuticals, named CPL Biologicals, to develop and manufacture vaccines, biological therapeutics and diagnostics in India. Additional information about Novavax is available on the company's website: www.novavax.com.