Bavarian Nordic Receives USD 50 Million Advance Payment From the U.S. Government for Fulfilling Contract Milestones.

PR Newswire Europe, October, 2007

KVISTGARD, Denmark, October 8 /PRNewswire/ -- Bavarian Nordic has received permission from the U.S. authorities to invoice an advance payment of USD 50 million as allowed under the RFP-3 contract to manufacture and deliver 20 million doses of the company's, IMVAMUNE(R) smallpox vaccine. The permission has been granted because the company has fulfilled a number of significant milestones in the contract.

The income will be recognised as revenue in the financial statements as the vaccines are delivered. Delivery will start once an Emergency Use Authorization for IMVAMUNE(R) is granted.

As previously announced, in addition to the advance payment of USD 50 million, the company expects to receive two additional milestone payments each of USD 25 million...