VaxGen Provides Update Regarding Record Date

SOUTH SAN FRANCISCO, Calif., Jan. 22 /PRNewswire-FirstCall/ -- VaxGen Inc.
(Pink Sheets: VXGN.PK), a biopharmaceutical company, announced today that it
has not yet formally determined the record date for the stockholder vote on
VaxGen's proposed merger with Raven biotechnologies, inc. Only stockholders
of record as of the record date will be entitled to vote on the proposed
merger. Beneficial owners of VaxGen shares held in "street name" as of the
record date must follow the instructions of their broker with regard to the
voting of shares. At this point, the Company anticipates that the record date
will be January 31, 2008, subject to formal approval by VaxGen's board of
directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO )
At a conference hosted by Punk Ziegel on January 18, 2008, Dr. George
Schreiner, the CEO of Raven biotechnologies, incorrectly stated that the
record date had been set for January 23, 2008, as had been proposed in
VaxGen's preliminary proxy statement/registration statement on Form S-4 filed
on Dec 21, 2007.
The final record date and date of the stockholder meeting will be
disclosed in the Notice of Special Meeting of Stockholders included with the
company's definitive proxy statement/registration statement on Form S-4 at the
time such registration statement is declared effective by the Securities
Exchange Commission.
About VaxGen
VaxGen is a biopharmaceutical company based in South San Francisco,
California. The company owns a state-of-the-art biopharmaceutical
manufacturing facility with a 1,000-liter bioreactor that can be used to make
cell culture or microbial biologic products. For more information, please
visit the company's web site at www.vaxgen.com.
About Raven
Raven biotechnologies, inc. is a privately held biotechnology company
focused on the development of monoclonal antibody therapeutics for treating
cancer. Raven's lead product candidate, RAV12, targets adenocarcinomas and is
in clinical development for the treatment of gastrointestinal and other
cancers. Raven, which is based in South San Francisco, California, has
identified multiple candidate therapeutic MAbs for many cancer indications
including lung, colon, pancreatic, prostate, breast, brain, and ovarian
cancer. Please visit www.ravenbio.com for more information about Raven
biotechnologies inc.
Note: This press release contains "forward-looking statements" within the
meaning of the federal securities laws. These forward-looking statements
include, without limitation, statements regarding the anticipated record date
for the special meeting of VaxGen stockholders to vote on the proposed merger
with Raven biotechnologies, inc.. These statements are subject to risks and
uncertainties that could cause actual results and events to differ materially
from those anticipated. Additional information concerning these and other risk
factors is contained in VaxGen's Annual Report on Form 10-K for the year ended
December 31, 2006 and most recently filed Quarterly Report on Form 10-Q.
Readers are cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release. VaxGen and Raven
undertake no obligation to update publicly any forward-looking statements to
reflect new information, events, or circumstances after the date of this
release except as required by law.
Additional Information and Where to Find It
VaxGen has filed a registration statement on Form S-4, and a related proxy
statement/prospectus, in connection with the merger. Investors and security
holders are urged to read the registration statement on Form S-4 and the
related proxy/prospectus because they contain important information about the
merger transaction. Investors and security holders may obtain free copies of
these documents (when they are available) and other documents filed with the
SEC at the SEC's web site at www.sec.gov. In addition, investors and security
holders may obtain free copies of the documents filed with the SEC by
contacting VaxGen Investor Relations at the email address: ir@vaxgen.com.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No
offering of securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as amended.
VaxGen, Raven and their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies from the stockholders
of VaxGen in connection with the merger transaction. Information regarding the
special interests of these directors and executive officers in the merger
transaction is included in the proxy statement/prospectus described above.
Additional information regarding the directors and executive officers of
VaxGen is also included in VaxGen's definitive proxy statement for its 2007
Annual Meeting of Stockholders which was filed with the SEC on November 21,
2007 and its Annual Report on Form 10-K for the year ended December 31, 2006,
which was filed with the SEC on August 30, 2007. These documents are
available free of charge at the SEC's web site at www.sec.gov and from
Investor Relations at VaxGen as described above.
SOURCE VaxGen, Inc.

Matthew Pfeffer of VaxGen, Inc., +1-650-624-2400