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2004 AUG 4 - (NewsRx.com & NewsRx.net) -- NOVAVAX, INC. (NASDAQ:NVAX) announced that the U.S. National Institute of Allergy and Infectious Diseases (NIAID) has cancelled its 5-year contract [NO1-AI-30042] for the development of human immunodeficiency virus (HIV) vaccine candidates due to programmatic considerations for "the government's convenience."
Novavax had been the prime contractor, with Emory University, Tulane University, and the University of Pittsburgh as subcontractors.
This event is not expected to have a material financial impact on Novavax. The company expects to recover costs incurred to date in association with this contract. Novavax has a second HIV vaccine program funded by the U.S. National Institutes of Health through a consortium led by the University of Alabama at Birmingham and including Emory University and Harvard University. This second NIH-funded HIV vaccine program is not impacted by this event.
Dr. Gale E. Smith, vice president, vaccine development commented, "Our HIV vaccine development program will now focus on the contract with the University of Alabama. HIV ...