The
pre-clinical data represent proof of principle that the Company's MNP
technology is capable of transdermally delivering clinically relevant amounts
of non-hormone drugs into systemic circulation.
The five drugs include three non-hormone candidates: NX-300, fentanyl for
pain management; NX-301, nicotine for smoking cessation; and NX-302, clonidine
for hypertension.

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"
The decision to advance one or more of these product candidates to the
IND stage will incorporate technical and market analysis . MNP technology has also been successfully
applied in the development of Androsorb(TM), which has completed Phase I
trials as a topical testosterone replacement therapy.
Novavax, Inc.

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Altman 's presentation addressing transdermal estrogen and Dr. He later completed his internship and residency at the
Boston Lying-In and Free Hospital for Women, which then became the Brigham and
Women's Hospital. Davis
trained as a Specialist Physician in Endocrinology at Prince Henry's Hospital
in Melbourne and later completed her PhD on "The molecular biology of female
ovarian inhibin. Dr. Novavax currently sells, markets, and distributes a line of
prescription pharmaceutical products and prenatal vitamins through its
national sales force including its MNP-based product, ESTRASORB, the first
topical emulsion for estrogen therapy. Novavax's actual results could differ
materially from those expressed in such forward-looking statements.

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VIVUS Announces Symposium/Web cast at the 53rd American College of Obstetricians and Gynecologists Annual Meeting

Altman received his B. Novavax's MNP technology involves the
use of patented oil and water nanoemulsions that it believes can be used as
vehicles for the topical delivery of a wide variety of drugs and other
therapeutic products, including hormones.

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VIVUS will provide a live webcast of the symposium, accessible at
http://www.wsw.

About VIVUS
VIVUS, Inc.

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In addition to achieving
clinically relevant blood concentrations of each candidate, these results
confirmed that MNP delivery technology can establish a drug depot in the
application area and thereby provide for an extended drug release.
"These pre-clinical results were obtained from a well validated model for
transdermal drug delivery," said Nelson M. is a fully -integrated specialty biopharmaceutical company
focused on the research, development and commercialization of products
utilizing its proprietary drug delivery and vaccine technologies for large and
growing markets, concentrating on the areas of women's health and infectious
diseases.

hormone hormones

Altman, Harvard Medical
School and Dr.
Alan M.
"Once we demonstrate MNP drug delivery achieves the targeted blood levels, we
believe there is a high probability of clinical success since the candidates
we use are FDA-approved compounds. In addition, Novavax conducts
research and development on preventative and therapeutic vaccines and proteins
for a variety of infectious diseases, including HIV, influenza , and SARS, and
E-selectin tolerogen for the prevention of stroke. Copies of the filing may be obtained
by contacting Novavax at 508 Lapp Road, Malvern, PA 19355 Tel 484-913-1200 or
the SEC at http: //www.

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The symposium
will include Dr. He is a
practicing gynecologist who specializes in peri and post-menopausal care,
problems with hormone replacement therapy and issues of mid-life sexuality . Dr. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Company, or industry results, to be materially different from those
expressed or implied by such forward-looking statements .

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Symposium Will Feature Presentations by Dr.
Davis's focusing on transdermal testosterone . The Company plans to advance two product candidates to the IND
stage by the end of the fourth quarter of 2005.

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Susan R. Davis, Monash University, Australia on the
Transdermal Delivery of Hormones

MOUNTAIN VIEW, Calif.m.
Susan R.D.

About Novavax, Inc. Statements made herein should be read
in conjunction with Novavax's Form 10K.

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Alan M. For more information on clinical trials and products, please
visit the Company's web site at http://www.vivus.

CONTACT: Christina Weisgerber of VIVUS, Inc.

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Davis, MBBS, FRACP, PhD, is the Professor of Women 's Health,
Monash University, and Director of the Monash University NHMRC Centre of
Clinical Research Excellence in Women's Health, Victoria, Australia., +1-650-934-5240. Sims, President and CEO of Novavax .,
Senior Vice-President and COO of Novavax. Forward-looking statements include but
are not limited to statements regarding usage of cash, product sales, future
product development and related clinical trials and future research and
development, including FDA approval. Such factors include,
among other things, the following: general economic and business conditions;
ability to enter into future collaborations with industry partners including
an ESTRASORB(R) licensing agreement; competition; unexpected changes in
technologies and technological advances; ability to obtain rights to
technology; ability to obtain and enforce patents; ability to commercialize
and manufacture products; ability to establish and maintain commercial-scale
manufacturing capabilities; results of clinical studies; progress of research
and development activities; business abilities and judgment of personnel;
availability of qualified personnel; changes in, or failure to comply with,
governmental regulations; the ability to obtain adequate financing in the
future through product licensing, co-promotional arrangements , public or
private equity financing or otherwise; and other factors referenced herein.

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A.
(Nasdaq: NVAX), a specialty biopharmaceutical company, today announced
positive results from pre-clinical studies applying its proprietary micellar
nanoparticle (MNP) technology to transdermally deliver five drugs.
"Prior to these results, MNP technology had only been used to deliver
hormonal products systemically, even though we believed that this technology
would work for other potent, small molecule drugs," said Rahul Singhvi, Sc.

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com/webcast/vivus/ and archived for 30 days." Her particular area of expertise is gynecological
endocrinology with an emphasis on clinical practice, research and education.

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(Nasdaq: VVUS), a specialty pharmaceutical company focused on the research,
development and commercialization of products to restore sexual function in
women and men, today announced it will host a breakfast symposium on Monday,
May 9, 2005 at 6:00 a. Dr.

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, VIVUS, Inc. on the "Transdermal Delivery of Hormones: The
Benefits of Non-Oral Estrogen Delivery and The Role of Testosterone Therapy
for Women. Davis is
President of the Australasian Menopause Society. - Achieves Target Blood Levels for Non-Hormonal Drugs Using MNP Drug
Delivery Technology -

MALVERN, PA, May 24 - Novavax, Inc.gov.

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He graduated with honors from the New York University School of
Medicine in 1975.com.

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" The American College of Obstetricians and Gynecologists (ACOG)
has accredited this program to receive 1 continuing medical education (CME)
credit.

Statements made in this press release that state Novavax's or
management's intentions, hopes, beliefs, expectations, or predictions of the
future are forward-looking statements.

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is a pioneer in the research and development of proprietary
products to restore sexual function for women and men.

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Altman, MD is Assistant Clinical Professor of Obstetrics,
Gynecology and Reproductive Biology at Harvard Medical School. He
is well known for his ability to sift through even the most complex problems
in these areas and help guide women to the best kind of treatment if treatment
is necessary. in Biology at the University of
Pennsylvania .

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Novavax Announces Positive Pre-Clinical Results

MNP is the basis for
ESTRASOB(R), marketed as a topical emulsion that delivers estrogen in a
lotion-like formulation for the management of moderate to severe vasomotor
symptoms in postmenopausal women.

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She has published over 150 peer-reviewed manuscripts and has written two
books for women, The Healthy Woman and Our Health, Our Lives."

About Micellar Nanoparticle (MNP) Technology
Micellar nanoparticles are an oil and water nanoemulsion that allows
systemic drug delivery through topical application.sec.

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"We are very encouraged by these new
data, which substantially expand the list of potential drug candidates to
formulate in our unique delivery system.

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He maintains his private practice in Brookline,
Massachusetts .
She now focuses her research and clinical practice on the consequences and
management of sex steroid depletion in women. VIVUS' current product
pipeline includes four investigational products in late stage clinical
development. The two hormone candidates are NX-200, norethindrone for
female hormone replacement and NX-201, ethinyl estradiol, which when combined
with norethindrone, is used as a contraceptive. In most cases, we can use a 505(b)(2)
filing for FDA approval, which results in a shorter development time horizon
and a lower cost than a typical New Drug Application. The Company is
currently evaluating other candidates, including non-hormonal molecules not
currently available in patch form, to determine their suitability for further
development.
Additional information is contained in Novavax's annual report on Form 10K for
the year ended December 31, 2004 and Form 10Q for the quarter ended March 31,
2005 incorporated herein by reference.