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Bavarian Nordic A/S completes registration of share capital increase and upgrades its expectations to year-end cash preparedness

Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan

Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan or in any jurisdiction in which such transmission or distribution is unlawful. Any failure to comply with this restriction may constitute a violation of US, Canadian, Australian or Japanese securities laws or the securities laws of other states as the case may be. This announcement does not constitute or form part of an offer of securities for sale into the United States, Canada, Australia or Japan. The securities described in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The issuer of the Securities has not registered, and does not intend to register, any portion of the offering in the United States and does not intend to conduct a public offering of the Securities in the United States.

Kvistgård, Denmark, 6 December 2010 - Bavarian Nordic A/S (OMX: BAVA) announce that the capital increase in connection with the private placement has been registered. Please refer to Company Announcement no. 37 / 2010.

Bavarian Nordic A/S announce that the capital increase of nominal DKK 10,500,000 (1,050,000 shares of a nominal value of DKK 10 each), representing 8.8% of the share capital prior to the capital increase, in connection with the private placement has today been completed and registered with the Danish Commerce and Companies Agency.

The new shares will be listed under the existing ISIN code DK0015998017 for the existing shares on NASDAQ OMX Copenhagen with effect from 8 December 2010.

As a consequence of the capital increase, the company raises its expectations to the 2010 year-end cash preparedness, which is now expected to be in the level of DKK 450 million, compared to previous guidance of DKK 250 million.

This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for 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 document or prospectus has been or will be submitted to be approved by any regulatory authority in relation to the offering.

This document is an announcement and is not a prospectus for the purposes of Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive").

In any EEA Member State that has implemented the Prospective Directive this communication is only addressed to and is only directed at qualified investors in that member state within the meaning of the Prospectus Directive.

Notice to UK residents

This  announcement is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.