Bavarian Nordic A/S

Bavarian Nordic A/S (CPH:BAVA) Bavarian Nordic has completed a clinical safety report from a large Phase II study with IMVAMUNE® in HIV infected subjects that confirms the excellent safety profile of IMVAMUNE®. Within the next few days the safety report of this study will be submitted to the FDA and this will trigger a USD 25 million milestone payment under the RFP-3 contract. The clinical safety report constitutes a major part of the data package that will be used to potentially support the use of IMVAMUNE® in a declared emergency.

Bavarian Nordic A/S (CPH:BAVA) In the first nine months of 2008 Bavarian Nordic generated revenue of DKK 45 million and recorded a loss before tax of DKK 195 million. The expectations for the financial result for the full year 2008 are maintained at revenues in the level of DKK 180 million, and a pre-tax loss in the level of DKK 225 million. The main part of the revenue comprises of a milestone payment under the RFP-3 contract, which is expected in the fourth quarter of 2008. As of 30 September 2008 the Group's net free liquidity was DKK 782 million.

Bavarian Nordic A/S (CPH:BAVA) The Board of Directors in Bavarian Nordic A/S has decided to award warrants to management, certain members of management in subsidiaries and the Board of Directors. The Board decision is made in accordance with the shareholder authorisation for the Board of Directors adopted as Article 5f of the Articles of Association and the Company's guidelines regarding incentive programs. The award is made by the Board of Directors and exercise is limited by and governed by the Danish Act on Options for Employees (the Stock Option Act/aktieoptionsloven) regarding termination of employment prior to exercise of warrants.

Bavarian Nordic A/S (CPH:BAVA) 125 patient, prospective randomized placebo-controlled phase II study shows statistically significant improved overall survival.

Bavarian Nordic A/S (CPH:BAVA) In the first half of 2008 Bavarian Nordic generated revenue of DKK 23 million and recorded a loss before tax of DKK 119 million. The expectations for the financial result for the full year 2008 are maintained at revenues in the level of DKK 180 million, and a pre-tax loss in the level of DKK 225 million. The main part of the revenue comprises of a milestone payment under the RFP-3 contract, which is expected in the fourth quarter of 2008. As of 30 June 2008 the Group's net free liquidity was DKK 882 million. The Company raises its expectations for the net free liquidity at year-end 2008 from approx. DKK 500 million to approx. DKK 620 milllion.

Bavarian Nordic A/S (CPH:BAVA) Bavarian Nordic's US subsidiary, BN ImmunoTherapeutics has entered into a scientific partnership with the National Cancer Institute (NCI) in the United States. Under the Cooperative Research and Development Agreement (CRADA) the NCI and Bavarian Nordic will jointly develop new immunotherapies for the treatment of prostate cancer. Under the CRADA, BN ImmunoTherapeutics has rights to exclusively license intellectual property that results from this collaboration.

Bavarian Nordic A/S Bavarian Nordic has filed a patent infringement suit against Oxford BioMedica plc, Biomedica, Inc., and Oxford BioMedica Ltd., in the United States District Court of the Southern District of California.

Bavarian Nordic A/S Bavarian Nordic's cancer research unit, BN ImmunoTherapeutics, has completed an interim analysis of its first two clinical studies with MVA-BN®-HER2, a cancer vaccine immunotherapy for breast cancer patients.

Bavarian Nordic A/S Bavarian Nordic's subsidiary, BN ImmunoTherapeutics has initiated Phase I/II clinical studies with its therapeutic vaccine candidate against prostate cancer.