Commercial Portfolio

Our commercial product portfolio includes two product candidates in Phase II clinical development, one vaccine candidate in Phase I clinical development and two vaccine candidates in preclinical development. Our commercial product candidates in clinical development are:

• Typhoid Vaccine – Typhoid Vaccine – a single dose, drinkable vaccine, for which we have completed a Phase I clinical program, including trials in the United States, the United Kingdom and Vietnam, and a Phase II clinical trial in Vietnam.
• Hepatitis B Therapeutic Vaccine – a multiple dose, drinkable vaccine for treatment of chronic carriers of hepatitis B infection, for which we have completed a Phase I clinical trial in the United Kingdom and where we have an ongoing Phase II clinical trial.

Our commercial product candidates in preclinical development are a chlamydia vaccine and a meningitis B vaccine.

The Wellcome Trust has provided funding for our Phase I clinical trial of our typhoid vaccine candidate in Vietnam and has agreed to provide funding for our Phase II clinical trial of this vaccine candidate in Vietnam. In May 2006, we entered into a license and co-development agreement with Sanofi Pasteur, the vaccines business of Sanofi-Aventis, under which we granted Sanofi Pasteur an exclusive, worldwide license under our proprietary technology to develop and commercialize a meningitis B vaccine candidate.

ALL INVESTIGATIONAL PRODUCTS MUST SUCCESSFULLY COMPLETE THEIR RESPECTIVE DEVELOPMENT PROGRAMS AND BE APPROVED BY THE FDA (AND/OR FOREIGN EQUIVALENTS) BEFORE THEY MAY BE MARKETED.