VAXGEN WILL SELL PART OF KOREAN COMPANY

VaxGen Inc. plans to raise $15 million by selling some of its stake in South Korean company Celltrion Inc. Brisbane-based VaxGen (Pink Sheets:VXGN) said Wednesday it will sell to a group of South Korean investors. Its stake in Celltrion, which is based in a South Korean economic free zone, will fall from 26.9 percent to 22.2 percent. VaxGen seeks to make drugs to treat and prevent infectious diseases like anthrax, smallpox and meningitis B. The U.S. government has given the company a $877.5 million contract for 75 million doses of anthrax vaccine to be used in civil defense.

San Francisco Business Times (http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2005/09/19/daily25.html)