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| VaxGen, Inc. |
| 1000 Marina Boulevard, Suite 200, Brisbane, CA 94005 * (650) 624-1000 |
| Business Description | The company is developing preventive vaccines for worldwide use against HIV. We are conducting two large-scale Phase III clinical trials of our AIDSVAX vaccines, one principally in North America and one in Thailand. To date, we are the only company to advance an HIV vaccine into Phase III clinical trials. If the Phase III clinical trials are successful, we will apply to the United States Food and Drug Administration and foreign regulatory authorities for licenses to manufacture and sell AIDSVAX in the United States and abroad. |
| Offering Information Company has | |||
| Trading As | VXGN (NASNTL) | Industry | Pharmaceutical (SIC 2834) |
| Type of Stock Offered | Common Shares | Filing Date | 05/07/1999 |
| Domestic Shares Offered | 3,100,000 | Offer Date | 06/29/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 3,100,000 | Offer Price | $13.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.910 |
| Gross Proceeds | $40,300,000 | Selling | $0.530 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 10,785,200 | Employees | 52 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Prudential Securities Incorporated | Lead Manager | (212) 778-5420 |
| Punk, Ziegel & Knoell | Co-manager | (212) 308-9494 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | 03/31/1998 | 03/31/1999 | ||
| Revenues | - | - | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Income from Oper. | - | - | -2.054 | -3.946 | -10.176 | -1.163 | -4.044 |
| Net Income | - | - | -2.082 | -3.060 | -9.163 | -0.857 | -3.760 |
| E.P.S | - | - | -1.900 | -0.600 | -1.480 | -0.140 | -0.490 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -11.81 | -2.86 | -4.00 | ||||
| Cash Flow - Inv. | 9.34 | 2.84 | -0.16 | ||||
| Cash Flow - Fin. | 8.64 | 0.00 | 5.27 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 22.69 | Current Assets | 21.05 | Current Ratio | 12.16 |
| Total Liab. | 1.80 | Current Liab. | 1.73 | Debt Ratio | 7.92% |
| Total Equity | 20.90 | Working Cap. | 19.32 | Debt to Equity Ratio | 0.09 |
| Cash | 7.93 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to complete Phase III clinical trials of AIDSVAX, including the costs to engage medical clinics to perform the clinical trials; development and operation of laboratory and data management systems; costs of obtaining regulatory approvals; and administrative costs and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Graham & James |
| Bank's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Auditor | KPMG LLC |
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