Novavax Inc announced that Nelson M. Sims, a 28-year veteran of Eli Lilly and Company, has been named President and Chief Executive Officer, succeeding Mitchell J. Kelly, who has served as President and Chief Executive Officer since September 2002. Sims will join the Company on August 11, 2003 and was elected to the Company's Board of Directors, effective immediately. Kelly, who is also Chief Executive Officer of Anaconda Capital Management, LLC, a New York City-based investment firm, will continue to serve as a Director.

Sims, age 56, joins Novavax with over 30 years of pharmaceutical industry experience. He retired from Eli Lilly and Company in 2001, following 28 years of service. During his tenure with Lilly, Sims held numerous executive management assignments including President of Eli Lilly Canada Inc, Executive Director Strategic Alliance Management, Vice President Hybritech Inc, a Lilly subsidiary, U. S. Eastern Region Pharmaceutical Sales Director, and numerous other assignments in sales and marketing management and business development. While in Canada, Sims also served as Chairman of the Board of Directors for the Pharmaceutical Manufactures Association of Canada. In his final assignment he was the founding leader of Lilly's Alliance Management initiative responsible for "Best in Class" partnering capabilities for research and development, commercial, and manufacturing alliances.

Sims has a Bachelor of Science in Pharmacy from Southwestern Oklahoma State University. He is also active on several biopharmaceutical and life science company boards including Chairman of the Board of GlycoDesign Inc (recently acquired by Inflazyme Pharmaceuticals Ltd.) and director of MDS Inc and Hemosol Inc.