COMUNICADO DE VAXGEN (2)

(Continuación)

VaxGen is nearing completion of its Phase III trial in Thailand,

testing a formulation of AIDSVAX designed to protect against HIV

subtypes B and E, and expects to announce results of that trial in

the second half of 2003. Subtype E is prevalent in Southeast and East

Asia and the Central African Republic. Unlike the AIDSVAX B/B trial,

which tested the vaccine against sexual transmission of the virus,

the trial in Thailand is testing the vaccine against infection

acquired by injection drug use.

VaxGen is also in an early stage of developing a vaccine against

HIV subtype C, prevalent in Sub-Saharan Africa, India and China. The

company is committed to developing increasingly effective

formulations of AIDSVAX that target all HIV subtypes. AIDSVAX B/B

Trial Statistics

Number of volunteers to complete three immunisations: 5,009

Placebo recipients: 1,679

AIDSVAX B/B recipients: 3,330

White volunteers: 4,185

Hispanic volunteers: 326

Non-white volunteers (Black, Asian, Other): 498

Black volunteers: 314

Annual study infection rate 2.7%

Approximate Efficacy (after at least 3 primary doses)

All volunteers: 3.8% (p-value = 0.76; confidence interval: -23%

to 24%)

Non-white volunteers: 67% (p-value á 0.01; confidence interval: 30%

to 84%)

Black volunteers: 78% (p-value á 0.02; confidence interval: 29%

to 93%)

Conference Call and Webcast

VaxGen will host a conference call and webcast today, Monday,

February 24, 2003, at 9:00 a.m. EST (14:00 GMT) to discuss the

results of its Phase III AIDS Vaccine Trial. Participants are asked

to dial in 10 minutes before the start of the call. The following

phone numbers will provide access to the conference call, the replay

of which will be available through February 28, 2003. WHEN: Monday,

Feb. 24, 2003 9 a.m. EST (14:00 GMT) WHERE: Live Call: Domestic:

888-937-5291 International: +1 212-271-4646 No passcode required

Replay: Domestic: 800-428-6051 International: +1 973-709-2089

Passcode: 286715 The replay will be available for five business days

following the call. Webcast: Accessed via any one of three web sites:

www.vaxgen.com, www.kaisernetwork.org,

www.companyboardroom.com (insert Ticker: VXGN)

(http://www.companyboardroom.com/company....)

About VaxGen

VaxGen is focused on the commercial development of biologic

products for the prevention and treatment of human infectious

diseases and is currently developing vaccines against HIV/AIDS,

anthrax and smallpox. Additionally, VaxGen is the largest shareholder

of Celltrion, Inc., a joint venture created to provide large-scale

manufacturing services, principally for products produced in

mammalian cell culture, including AIDSVAX. VaxGen is located in

Brisbane, Calif. For more information, please visit the company"s web

site at: www.vaxgen.com. AIDSVAX(R) is a registered trademark of

VaxGen.

VaxGen was co-founded by Donald Francis, M.D., D.Sc., and Robert

Nowinski, Ph.D. Francis leads the clinical development of the

vaccine, and Dr. Nowinski, who retired from VaxGen in 2001, was the

company"s entrepreneur, financing the company at its origin and key

early stages. AIDSVAX was invented by Phillip Berman, Ph.D., head of

VaxGen"s research and development.

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

outcome of any further analysis of the clinical data from this

AIDSVAX trial, the timing and progress of completion of development

efforts for AIDSVAX, the need for additional clinical trials to

support licensure of AIDSVAX, the timing or ultimate outcome of FDA

approval of AIDSVAX in racial subgroups or more broadly, and the

timing and progress of the Company"s second Phase III clinical trial

in Thailand. These statements are subject to risks and uncertainties

that could cause actual results and events to differ materially from

those anticipated. Reference should be made to VaxGen"s Quarterly

Report on Form 10-Q, filed with the Securities and Exchange

Commission on November 14, 2002, under the heading "Risk Factors" and

to VaxGen"s Annual Report on Form 10-K, filed with the Securities and

Exchange Commission on April 1, 2002, under the heading "Business"

for a more detailed description of such factors. Readers are

cautioned not to place undue reliance on these forward-looking

statements that speak only as of the date of this release. VaxGen

undertakes 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.

Source: VaxGen

Contact: VaxGen Media and Investor Relations, tel: +1 877 682

9436, (+1-877-6VAXGEN), or international, +1 202 266 3325; Photo:

NewsCom: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO; AP

Archive: http://photoarchive.ap.org; PRN Photo Desk, +1 888 776 6555,

or +1 212 782 2840; Web site: http://www.vaxgen.com

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