Total number of voting rights and share capital in Bavarian Nordic A/S

Kvistgård, Denmark, November 30, 2011 - Bavarian Nordic A/S (OMX: BAVA) increased its share capital in November 2011 through the issue of 213,716 new shares with a nominal value of DKK 10 each. The shares were issued as a milestone payment for Reiner Laus, CEO and President and two former employees of the Company's subsidiary, BN ImmunoTherapeutics Inc., following the successful completion of a milestone related to the initiation of the Phase 3 trial with the prostate cancer vaccine, PROSTVAC®. Reference is made to the Company's announcement no. 33/2011.

Pursuant to section 6 of Executive Order no. 220 of 10 March 2010 on Issuers' Disclosure Obligations, it is hereby announced that the total nominal value of Bavarian Nordic A/S' share capital is DKK 260,943,610 at the end of November 2011, which is made up of 26.094.361 shares of a nominal value of DKK 10 each corresponding to 26.094.361 votes.