Total number of voting rights and share capital in Bavarian Nordic A/S

Kvistgård, Denmark, November 30, 2011 - Bavarian Nordic A/S (OMX: BAVA)
increased its share capital in November 2011 through the issue of 213,716 new
shares with a nominal value of DKK 10 each. The shares were issued as a
milestone payment for Reiner Laus, CEO and President and two former employees of
the Company's subsidiary, BN ImmunoTherapeutics Inc., following the successful
completion of a milestone related to the initiation of the Phase 3 trial with
the prostate cancer vaccine, PROSTVAC(®). Reference is made to the Company's
announcement no. 33/2011.

Pursuant to section 6 of Executive Order no. 220 of 10 March 2010 on Issuers'
Disclosure Obligations, it is hereby announced that the total nominal value of
Bavarian Nordic A/S' share capital is DKK 260,943,610 at the end of November
2011, which is made up of 26.094.361 shares of a nominal value of DKK 10 each
corresponding to 26.094.361 votes.


Asger Aamund
Chairman of the Board


Contact
Anders Hedegaard, President & CEO. Phone +45 23 20 30 64


About Bavarian Nordic

Bavarian  Nordic  is  a  vaccine-focused  biotechnology  company  developing and
producing  novel vaccines for  the treatment and  prevention of life-threatening
diseases  with a large unmet medical need. The company's pipeline targets cancer
and infectious diseases, and includes ten development programs. In oncology, the
company's  lead  program  is  PROSTVAC(®),  a  therapeutic vaccine candidate for
advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial
and  is being developed under a collaboration agreement with the National Cancer
Institute.  In infectious diseases, the company's lead program is IMVAMUNE(®), a
third-generation smallpox vaccine candidate that is being developed and supplied
for emergency use to the U.S. Strategic National Stockpile under a contract with
the U.S. Government. For more information, visit www.bavarian-nordic.com

Forward-looking statements

This  announcement  includes  "forward-looking  statements"  that involve risks,
uncertainties  and other factors, many of which  are outside of our control that
could  cause actual results  to differ materially  from the results discussed in
the  forward-looking statements.  Forward-looking statements  include statements
concerning our plans, objectives, goals, future events, performance and/or other
information  that is not  historical information. We  undertake no obligation to
publicly  update  or  revise  forward-looking  statements  to reflect subsequent
events or circumstances after the date made, except as required by law.

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