AlphaVax Named the Triangle's Fastest Growing Private Biotech
Company


RESEARCH TRIANGLE PARK, N.C., Nov. 11
For the third consecutive year, AlphaVax, a North Carolina-based
vaccine company, has been recognized as one of Research Triangle
Park's fastest growing private companies by Triangle Business
Journal's Fast 50 Awards program. At this year's awards ceremony
held on November 3rd at Raleigh's North Ridge Country club, AlphaVax
was honored as the 10th fastest growing private company overall
and was the top ranked biotechnology company. The Company ranked as
the 49th and 27th fastest growing company on the Fast 50 list in
2003 and 2004, respectively.

Commenting on the award, Peter Young, President and CEO of
AlphaVax, said,
"We are extremely gratified by this award. Considering that all our
products
are still in development, and that this achievement is not based on
product
sales but the strength of our technology and our organizational
expertise, we
think our performance is pretty competitive."
The rankings of the Triangle's Fast 50 were determined by
PricewaterhouseCoopers LLP who evaluated revenues and percentage
growth of
locally headquartered private companies. This year, AlphaVax
received $10
million in new grant awards from the National Institutes of Health
for
pandemic influenza and smallpox vaccine development, bringing their
cumulative
total to over $75 million in grant and foundation funding.
Substantial annual
revenue growth, from $4.5 million in 2001 to a projected $16.5
million in
2005, has enabled the Company to expand its product pipeline to 12
vaccine
development programs using its proprietary vaccine platform
technology.
AlphaVax has grant supported vaccine development projects in HIV,
biodefense, influenza and SARS and is working with a number of
academic and
industry partners on vaccines for important diseases like herpes and
human
papilloma virus (the principal cause of cervical cancer), as well as
vaccines
that can be used to treat different types of cancer. The Company is
located
in Research Triangle Park and currently employs 70 people. It also
manages a
GMP manufacturing operation in a leased vaccine production facility
in Lenoir,
North Carolina.
All 50 winning companies are profiled in an in-depth special
Fast 50
Awards section in Triangle Business Journal's November 4 edition.

SOURCE AlphaVax

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