Notes Receivable from Former Directors	9 Months Ended
Sep. 30, 2011
Notes Receivable from Former Directors	Note 9 – Notes Receivable from Former Directors In March 2010, the Company initiated legal proceedings against Mr. Mitch Kelly in the state of New York and Dr. Denis O’Donnell in the Commonwealth of Massachusetts for collection of their respective indebtedness due to the Company. Mr. Kelly and Dr. O’Donnell are former directors of the Company that had each defaulted on outstanding notes due to the Company in the aggregate principal amount of $1,572,000. In 2002, Mr. Kelly and Dr. O’Donnell executed notes with the Company as payment of the exercise price in connection with stock options to acquire Novavax Common Stock. In September 2011, the Company executed settlement agreements with both Mr. Kelly and Dr. O’Donnell, and in each case the lawsuit has been dismissed and the pledged shares of Common Stock were surrendered to the Company. As reflected on the Company’s balance sheet, the remaining notes receivable were eliminated with a corresponding reduction in Common Stock and Additional Paid-In Capital as of September 30, 2011.

Note 9 – Notes Receivable from Former Directors

In March 2010, the Company initiated legal proceedings against Mr. Mitch Kelly in the state of New York and Dr. Denis O’Donnell in the Commonwealth of Massachusetts for collection of their respective indebtedness due to the Company. Mr. Kelly and Dr. O’Donnell are former directors of the Company that had each defaulted on outstanding notes due to the Company in the aggregate principal amount of $1,572,000. In 2002, Mr. Kelly and Dr. O’Donnell executed notes with the Company as payment of the exercise price in connection with stock options to acquire Novavax Common Stock. In September 2011, the Company executed settlement agreements with both Mr. Kelly and Dr. O’Donnell, and in each case the lawsuit has been dismissed and the pledged shares of Common Stock were surrendered to the Company. As reflected on the Company’s balance sheet, the remaining notes receivable were eliminated with a corresponding reduction in Common Stock and Additional Paid-In Capital as of September 30, 2011.