Bavarian Nordic A/S

Bavarian Nordic A/S (CPH:BAVA) This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Bavarian Nordic A/S (CPH:BAVA) Bavarian Nordic owns several United States patents relating to an attenuated strain of the company's core technology, MVA-BN®, which is the basis for its smallpox vaccine, IMVAMUNE®. MVA-BN® also holds promise as a vector for delivering recombinant vaccines. Bavarian Nordic has asserted three US patents as a basis for its infringement action. The claim in this case is that Oxford BioMedica has infringed Bavarian Nordic's patents by commercializing the patented technology in ways that have yielded large payments from Sanofi-Aventis under the agreement between them for the development and commercialization of TroVax®.

Bavarian Nordic A/S (CPH:BAVA) Bavarian Nordic raises its expectations for revenue, result before tax and the net free liquidity for the financial year 2008.

Bavarian Nordic A/S (CPH:BAVA) The financial calendar for 2009 has been determined as follows:

Bavarian Nordic A/S (CPH:BAVA) Following a Request for Proposal issued in 2007 with the intent to procure an MVA-based, third generation smallpox vaccine, Public Works and Government Services Canada, on behalf of the Canadian Department of National Defence, has awarded a contract to Bavarian Nordic for the delivery of IMVAMUNE®.

Bavarian Nordic A/S (CPH:BAVA) In pursuance of the Danish Securities Trading Act's section 29, please be informed that Bavarian Nordic A/S has received information that Lønmodtagernes Dyrtidsfond (LD) has increased its holding of shares in Bavarian Nordic A/S, now owning more than 5.4 % of the share capital.

Bavarian Nordic A/S (CPH:BAVA) Bavarian Nordic has invoiced the U.S. authorities for another milestone payment of USD 25 million as allowed under the RFP-3 contract to manufacture and deliver 20 million doses of the company's IMVAMUNE® smallpox vaccine. This milestone payment was triggered by the recent submission of a clinical safety report from a large Phase II study with IMVAMUNE® in HIV infected subjects, which is part of the regulatory package that will be used to potentially support the use of IMVAMUNE® in a declared emergency. With this, Bavarian Nordic is an important step closer to fulfilling the conditions for initiating delivery of IMVAMUNE® in 2009.

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.