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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

1.  Name and Address of Reporting Person

    Anaconda Opportunity Fund, L.P.
    c/o Anaconda Capital Management, LLC
    730 Fifth Avenue, 15th Floor
    New York, New York 10019

2.  Date of Event Requiring Statement (Month/Day/Year)

    March 13, 1997

3.  IRS Number of Reporting Person
    (Voluntary)

4.  Issuer Name and Ticker or Trading Symbol

    Novavax, Inc. (NOX)

5.  Relationship of Reporting Person(s) to Issuer (Check all
    applicable)

    ( ) Director (X) 10% Owner ( ) Officer (give title
    below) ( ) Other
    (specify below)

6.  If Amendment, Date of Original (Month/Day/Year)

7.  Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person


     Table I -- Non-Derivative Securities Beneficially Owned

1. Title of Security 2. Amount of    3. Ownership     4. Nature of Indirect
                        Securities      Form:            Beneficial Ownership
                        Beneficially    Direct(D) or
                        Owned           Indirect(I)

    Common Stock       1,222,900          (D)





            Table II -- Derivative Securities Beneficially Owned

                                                                        
1.Title of     2.Date Exer-    3.Title and Amount     4. Conver-      5. Ownership     6. Nature of
  Derivative     cisable and     of Securities           sion or         Form of          Indirect
  Security       Expiration      Underlying              Exercise        Derivative       Beneficial
                 Date            Derivative Security     Price of        Security:
                 Ownership
                 (Month/Day/      ---------------        Deri-           Direct(D) or
                 Year)           Title   Amount or       vative          Indirect (I)
               ---------------           Number of       Security
               Date    Expira-           Shares
               Exer-   tion
               cisable Date

  Warrants     Immed. 3/12/00    Common    600,000        $6.00           (D)
                                 Stock

  Warrants     Immed. 3/12/00    Common    600,000        $8.00           (D)
                                 Stock






Explanation of Responses:

SIGNATURE OF REPORTING PERSON

Anaconda Opportunity Fund, L.P.

By: /s/ Mitchell J. Kelly
___________________________

NAME:  Mitchell J. Kelly
TITLE: Managing General Partner
DATE:  March 28, 20000















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