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2014-05-27

Bavarian Nordic A/S: Bavarian Nordic A/S Issues New Shares in Connection with Exercise of Warrants

KVISTGAARD, Denmark, May 27, 2014
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today that the
Company's share capital has been increased by nominally DKK 185,020 as a
consequence of the exercise of warrants. After registration of the capital
increase, Bavarian Nordic A/S' share capital amounts to DKK 261,128,630.

The exercise price for the new shares is DKK 114 per share of nominal DKK 10.
The gross proceeds to Bavarian Nordic A/S from the capital increase amounts
to DKK 2,109,228.00.

Each share of nominally DKK 10 carries one vote at general meetings in the
company. The new shares give rights to dividend and other rights from the
time of subscription. The new shares are issued without pre-emptions rights
for the company's shareholders. The new shares are expected to be admitted to
trading and official listing on NASDAQ OMX Copenhagen on May 28, 2014.

The revised Articles of Association will be published separately and will
subsequently be available on the Company's website.

The content of this announcement does not affect the Company's expectations
for the financial results for 2014.

Anders Hedegaard, President&CEO.

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.

Contacts
Rolf Sass Sørensen, Vice President Investor Relations (EU). Phone +45 61 77 47
43
Seth Lewis, Vice President Investor Relations (US). Phone + 1 978-298-5654

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.

201412uk
http://hugin.info/100065/R/1788675/614606.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#1788675

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