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

KVISTGAARD, Denmark, March 24, 2015
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today that the
Company's share capital has been increased by nominally DKK 607,460 as a
consequence of employees' exercise of warrants.

The capital increase is effected without any pre-emption rights for the
existing shareholders of the Company or others. The shares are subscribed for
in cash at the following prices per share of nominally DKK 10: 21,543 shares
at DKK 192.00 and 39,203 shares at DKK 194.00. The total proceeds to Bavarian
Nordic A/S from the capital increase amounts to DKK 11.7 million.

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 in the
Company from the time of subscription. The new shares are expected to be
admitted to trading and official listing on Nasdaq Copenhagen on March 25,
2015. After registration of the capital increase with the Danish Business
Authority, Bavarian Nordic A/S' share capital amounts to DKK 277,319,930.

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 2015.

Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43

Seth Lewis
Vice President Investor Relations (US)
Tel: +1 978 341 5271

About Bavarian Nordic
Bavarian Nordic is a biopharmaceutical company focused on the development and
manufacturing of cancer immunotherapies and vaccines for infectious diseases.
Through a long-standing collaboration with the U.S. Government, Bavarian
Nordic has developed a portfolio of biological countermeasures, including the
non-replicating smallpox vaccine, IMVAMUNE®, which is stockpiled for
emergency use by the U.S. and other governments. The vaccine is approved in
the EU (under the trade name IMVANEX®) and in Canada. Bavarian Nordic and its
partner Janssen are pioneering the development of an Ebola vaccine, which has
been fast-tracked by authorities in response to the current situation in West
Africa. Additionally, in collaboration with the National Cancer Institute,
Bavarian Nordic has developed a portfolio of active cancer immunotherapies
based on its versatile pox-virus based technologies, including PROSTVAC®,
which is currently in Phase 3 clinical development for the treatment of
advanced prostate cancer. The company has partnered with Bristol-Myers Squibb
for the potential commercialization of PROSTVAC. For more information
visitwww.bavarian-nordic.comor follow us on Twitter@bavariannordic.

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.



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


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