VAXGEN RAISES $79M THROUGH SALE OF INTEREST IN OVERSEAS BIOPHARMACEUTICAL MANUFACTURING FACILITY

VaxGen, Inc. announced today that it has realized gross proceeds of approximately $79.0 million through the sale of a portion of its common shares in Celltrion, Inc. VaxGen also granted the purchasers an exclusive option to acquire the remainder of its Celltrion shares by December 31, 2006.

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