KVISTGAARD, Denmark, March 5, 2013 (GLOBE NEWSWIRE) -- Bavarian Nordic A/S (NASDAQ OMX: BAVA) today applauded the final passage of the Pandemic and All-Hazards Preparedness Reauthorization Act of 2013. This new law continues and improves key biodefense programs that support companies engaged in research, development, and manufacture of medical countermeasures, including vaccines. It demonstrates the U.S. government's continued commitment to develop and purchase medical products to protect the American people from a terrorist attack or other public health emergency.
"We are very pleased that the U.S. government has committed to maintaining and improving their stockpile of medical countermeasures by reauthorizing $2.8 billion in BioShield funding over the next five years," said Bavarian Nordic President and CEO Anders Hedegaard. "This new law will also speed up medical countermeasure development which will benefit our long-term relationship with the U.S. government on the development and stockpiling of current and future biodefense vaccines."
Bavarian Nordic has worked with the U.S. government - in particular the Biomedical Advanced Research and Development Authority - for over ten years on the development and delivery of IMVAMUNE(r), a non-replicating smallpox vaccine. This year, the company will finalize the delivery of the first 20 million doses of IMVAMUNE(r) to the government's Strategic National Stockpile as part of a Project BioShield contract awarded in 2007. The company anticipates the government to exercise an option under the contract to purchase more doses.
"The Pandemic and All-Hazards Preparedness Reauthorization Act advances four of the recommendations identified in our recent industry report titled Medical Countermeasures: A Roundtable Discussion," said Maureen Hardwick, Executive Secretary of the Alliance for Biosecurity. "While significant funding challenges identified in the report remain, the Alliance for Biosecurity applauds passage of this important legislation, which helps provide companies developing medical countermeasures with a more transparent and consistent path to FDA licensure."
About Bavarian Nordic
Bavarian Nordic is a vaccine-focused biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's pipeline targets cancer and infectious diseases, and includes ten development programs. In oncology, the company's lead program is PROSTVAC(r), a therapeutic vaccine candidate for advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial and is being developed under a collaboration agreement with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC(r) has been tested in nearly 600 patients. In infectious diseases, the company's lead program is IMVAMUNE(r), a non-replicating smallpox vaccine candidate that is being developed and supplied for emergency use to the U.S. Strategic National Stockpile under a contract with the U.S. Government. For more information, visit www.bavarian-nordic.com
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.
Contact: Paul Chaplin, Division President, Infectious Diseases, Bavarian Nordic. Phone 202-288-9220
Source:Bavarian Nordic A/S