Novavax Announces Leadership Updates

Rhea-AI Summary

On April 13, 2021, Novavax, Inc. (Nasdaq: NVAX) announced key leadership changes, promoting Gale E. Smith, Ph.D., to Senior VP and Chief Scientist, while appointing Troy Morgan as Senior VP and Chief Compliance Officer. Greg Covino will step down as CFO but remain as an executive adviser. Dr. Smith's contributions to Novavax's COVID-19 vaccine candidate and vaccine technology development were highlighted. Morgan brings extensive compliance experience, crucial for Novavax's commercialization strategy. These changes reflect the company's commitment to advancing vaccine solutions against serious infectious diseases.

Positive

• Promotion of Gale E. Smith enhances leadership in vaccine technology development.
• Troy Morgan's appointment strengthens compliance as the company focuses on commercialization.
• Continued advancements in COVID-19 vaccine candidate and other vaccine technologies.

Negative

• Greg Covino stepping down as CFO raises concerns about financial leadership stability.

GAITHERSBURG, Md., April 13, 2021 /PRNewswire/ --  Novavax, Inc. (Nasdaq: NVAX), a biotechnology company developing next-generation vaccines for serious infectious diseases, today announced the promotion of Gale E. Smith, Ph.D., to Senior Vice President, Discovery and Pre-Clinical Research and Chief Scientist, and the appointment of Troy Morgan as Senior Vice President, Chief Compliance Officer. The company also announced that Greg Covino will be stepping down as Chief Financial Officer (CFO) and will take on a new role as executive adviser to the company.

Recognized as a pioneer in vaccine research, Dr. Smith is the senior inventor of the insect cell technology that serves as the basis of Novavax' scientific platform and is used broadly by the pharmaceutical industry, as well as on the company's vaccine patents for respiratory syncytial virus (RSV), Ebola, influenza and coronavirus vaccines, including COVID-19. He is widely published and holds numerous patents for the baculovirus-insect cell expression system as well as seasonal influenza vaccines and adjuvants. Since joining Novavax in January 2004, he has overseen discovery and pre-clinical research and leads vaccine technology development.

"Dr. Smith's scientific insights and leadership are an invaluable asset to Novavax and have already delivered vaccines that protect the health of millions worldwide," said Gregory M. Glenn, M.D., President of Research and Development, Novavax. "This well-deserved promotion reflects not only his major contributions in creating our COVID-19 vaccine candidate, but well over a decade of dedication to improving our technology platform."

Mr. Morgan joins Novavax from EMD Serono, Inc., where he was Chief Compliance Officer, responsible for building a global corporate compliance program that supported a broad range of therapies. Previously, he served in senior leadership roles at Merck KGaA, Sanofi, and Biogen. At the Biogen spinout Bioverativ, he was responsible for the development, implementation and management of the global compliance program. He holds a Master of Laws from Pepperdine University, Juris Doctorate from Jones School of Law, Faulkner University and a Bachelor of Science from Troy State University.

Mr. Morgan will oversee the strategic direction of the company's comprehensive compliance program in a newly created role, which will help to ensure that all respective requirements are met across the organization. He will report directly to John A. Herrmann,  III, Executive Vice President, Chief Legal Officer and Corporate Secretary, effective April 19, 2021.

"We welcome Troy's specialized expertise in global compliance regulations and requirements as we look toward commercialization and work to efficiently deliver our vaccine around the world in the fight against the COVID-19 pandemic," said Stanley C. Erck, President and Chief Executive Officer, Novavax.

Mr. Covino is stepping down from his position as CFO for personal reasons and will remain with the company as an executive adviser. John J. Trizzino, Executive Vice President, Chief Commercial Officer and Chief Business Officer, will assume the CFO role on an interim basis while a search is under way for Mr. Covino's replacement.

About Novavax
Novavax, Inc. (Nasdaq: NVAX) is a biotechnology company that promotes improved health globally through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases. The company's proprietary recombinant technology platform combines the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. Novavax is conducting late-stage clinical trials for NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19. NanoFlu™, its quadrivalent influenza nanoparticle vaccine, met all primary objectives in its pivotal Phase 3 clinical trial in older adults and will be advanced for regulatory submission. Both vaccine candidates incorporate Novavax' proprietary saponin-based Matrix-M™ adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.

For more information, visit www.novavax.com and connect with us on Twitter and LinkedIn.

Novavax Forward Looking Statements

Statements herein relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading "Risk Factors" in the Novavax Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Contacts:

Investors
Novavax, Inc.
Erika Schultz | 240-268-2022
ir@novavax.com

Solebury Trout
Jennifer Porcelli | 646-378-2962
jporcelli@soleburytrout.com

Novavax Media
Amy Speak | 617-420-2461
Laura Keenan | 410-419-5755
media@novavax.com

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SOURCE Novavax, Inc.

FAQ

What leadership changes were announced by Novavax on April 13, 2021?

Novavax announced the promotion of Gale E. Smith to Senior VP and Chief Scientist, and the appointment of Troy Morgan as Senior VP and Chief Compliance Officer. Greg Covino will step down as CFO.

How will Troy Morgan's role impact Novavax?

Troy Morgan's expertise in compliance will ensure Novavax meets regulatory requirements as it advances its vaccine commercialization efforts.

Who is Gale E. Smith and what is his significance to Novavax?

Gale E. Smith is promoted to Senior VP and Chief Scientist, recognized for his major contributions to Novavax's COVID-19 vaccine candidate and vaccine technology development.

What is the stock symbol for Novavax?

The stock symbol for Novavax is NVAX.

When will Greg Covino step down as CFO?

Greg Covino will step down as CFO effective immediately but will stay on as an executive adviser.