1 )	Company Overview

Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has

three

Phase

clinical stage compounds:

BTA074

(teslexivir), an antiviral treatment for condyloma caused by human papillomavirus types

11;

vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus upper respiratory infections; and

BTA585

(enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus (RSV) infections. The Company also has a preclinical RSV non-fusion inhibitor program. The Company is incorporated in the state of Delaware and its corporate headquarters are located in Alpharetta, Georgia.

Although several of the Company

’s influenza product candidates have been successfully developed and commercialized to-date by other larger pharmaceutical companies under collaboration, license or commercialization agreements with the Company, it has

not

independently developed or received regulatory approval for any product candidate, and the Company does

not

currently have any sales, marketing or commercial capabilities. Therefore, it is possible that the Company

may

not

successfully derive any significant product revenues from any product candidates that it is developing now, or

may

develop in the future. The Company expects to incur losses for the foreseeable future as it intends to support the clinical and preclinical development of its product candidates.

October 30, 2017,

the Company announced that it had entered into a definitive Agreement and Plan of Merger and Reorganization dated as of

October 27, 2017,

among the Company, Agora Merger Sub, Inc. and Vaxart, Inc. (the “Merger Agreement”) pursuant to which Vaxart, a privately-held clinical-stage company focused on developing oral recombinant vaccines from its proprietary delivery platform, would become a wholly-owned subsidiary of the Company (the “Merger”). This transaction marks the culmination of the Company

’s Strategic Review process which was initiated in

April.

The Merger will result in a clinical-stage pharmaceutical company focused on developing Vaxart’s oral recombinant vaccines and Aviragen’s direct-acting antivirals to treat infections that have limited therapeutic options.

The exchange ratio in the merger agreement was determined by Vaxart assigning

$60,000,000

in value to Aviragen for its financial and clinical assets, and

$90,000,000

in value for its own assets.

On a pro forma basis after giving effect to the number of shares of Aviragen common stock that will be issued to Vaxart security holders in the Merger and assuming

adjustments for cash balances as provided for in the Merger Agreement, current Vaxart security holders will own approximately

60%

of the combined company and current Aviragen security holders will own approximately

40%

of the combined company. The transaction has been approved by the boards of directors of both companies. The Merger is expected to close in

February 2018,

subject to the approval of the stockholders of each company as well as other customary conditions.

Upon closing of the Merger, the name of the combined company will become Vaxart, Inc. and shares of the combined

company are expected to continue trading on the NASDAQ Capital Market under the proposed ticker symbol VXRT. Wouter Latour, M.D., Chief Executive Officer of Vaxart, will serve as Chief Executive Officer of the combined company.

Prior to the completion of the proposed merger, t

he Company plans to continue to finance its operations with existing cash, cash equivalents and investments.