GAITHERSBURG, Md., Feb. 27, 2014 (GLOBE NEWSWIRE) -- Novavax, Inc. (Nasdaq:NVAX) announced today the execution of a contract modification to extend the base period of performance of its current contract with the U.S. Department of Health and Human Services, Biomedical Advanced Research and Development Authority (BARDA) for the advanced development of Novavax' recombinant seasonal and pandemic influenza vaccines. The contract was originally awarded in February 2011, with funding of up to $97 million over an initial base period ending in February 2014. Novavax and BARDA have agreed to amend the agreement to allow Novavax to continue to access the remainder of the $97 million in base period funding through September 2014. These funds will support the upcoming Phase 2 trial for our H7N9 vaccine candidate with Matrix-M, and activities relating to our quadrivalent seasonal influenza vaccine. BARDA has the ability to dedicate up to $79 million in additional funds to support Novavax' later-stage development of these vaccines, during an option period currently anticipated to add two years to the overall performance period.
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