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2014-04-22

Bavarian Nordic A/S: Bavarian Nordic Announces Execution of Option on Freeze-Dried IMVAMUNE

* Option results in $21.9M payment from U.S. Government

KVISTGAARD, Denmark, April 22, 2014
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today that the
Biomedical Advanced Research and Development Authority (BARDA) has exercised
an option at a value of USD 21.9 million under the existing development
contract for freeze-dried IMVAMUNE smallpox vaccine. This will fund the
transfer of the already validated manufacturing process to a commercial
manufacturing line with a larger capacity.

Under the freeze-dried contract, which was awarded in 2009, the Company has
validated the freeze-dried manufacturing process and shown the freeze-dried
formulation to induce an equivalent immune response and efficacy as the
current liquid frozen formulation in numerous animal models.

The execution of this option follows the completion of enrollment of 680
healthy subjects in a Phase 2 study designed to meet the clinical
requirements for emergency use in the U.S. of the freeze-dried formulation of
the vaccine, which would enable the product to be stockpiled. A freeze-dried
formulation is expected to reduce life cycle management costs based on a
longer shelf life. Data from the study are expected to be submitted to the
FDA in 2015, potentially supporting the production and supply of freeze-dried
IMVAMUNE in 2016. Procurement would need to be conducted through a new
contract, which the Company expects to initiate dialogue with the U.S.
Government in 2014.

The exercise of the option does not change the Company's financial guidance
for 2014.

Asger Aamund
Chairman of the Board

Contacts
Anders Hedegaard, President&CEO. Phone +45 23 20 30 64

About Bavarian Nordic
Bavarian Nordic is an international biotechnology company developing and
manufacturing novel cancer immunotherapies and vaccines for infectious
diseases. Lead product candidates are PROSTVAC®, an immunotherapy product
candidate for advanced prostate cancer that is the subject of an ongoing
pivotal Phase 3 clinical trial and IMVAMUNE, a non-replicating smallpox
vaccine candidate in Phase 3 development, which is being developed and
supplied for emergency use to the U.S. Strategic National Stockpile under a
contract with the U.S. Government. The vaccine is approved in Canada under
the trade name IMVAMUNE and in the European Union under the trade name
IMVANEX®.

Bavarian Nordic's shares are listed on NASDAQ OMX Copenhagen under the symbol
BAVA (Reuters: BAVA.CO, Bloomberg: BAVA.DC). The company has a sponsored
Level 1 ADR program listed in the US (OTC) under the symbol BVNRY.

For more information, visitwww.bavarian-nordic.com.

Forward-looking statements
This announcement includes forward-looking statements that involve risks,
uncertainties and other factors, many of which are outside of our control
that could cause actual results to differ materially from the results
discussed in the forward-looking statements. Forward-looking statements
include statements concerning our plans, objectives, goals, future events,
performance and/or other information that is not historical information. We
undertake no obligation to publicly update or revise forward-looking
statements to reflect subsequent events or circumstances after the date made,
except as required by law.

201405uk
http://hugin.info/100065/R/1778500/607440.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bavarian Nordic A/S via Globenewswire

HUG#1778500

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