Bavarian Nordic Announces First Patient Treated in a Phase 2 Study Evaluating its Immunotherapy Candidate CV-301 in Bladder Cancer

| Source: Bavarian Nordic A/S
KVISTGAARD, Denmark, April 28, 2014 - Bavarian Nordic A/S (OMX: BAVA, OTC:
BVNRY) announced today the first patient has now been treated in a randomized,
prospective Phase 2 study of its active immunotherapy candidate CV-301 in
bladder cancer.

In the study, sponsored by the National Cancer Institute, 54 patients with high
grade non-muscle invasive bladder cancer whose cancer has progressed after
initial BCG (Bacillus Calmette-Guerin) treatment will be treated with BCG alone
or in combination with CV-301. BCG has been approved in many countries to
prevent the recurrence of superficial bladder tumors.

The study's primary endpoint is to determine if there is an improvement in
disease-free survival for patients receiving BCG treatment and CV-301
immunotherapy compared to those receiving BCG treatment alone. It is the
hypothesis that the combined administration of BCG and CV-301 may augment the
BCG-induced cytotoxic T lymphocyte response against bladder cancer cells
expressing MUC-1 and/or CEA and potentially reverse BCG failure in patients that
progressed following a prior induction course of the therapy. Lead investigator
for the study is Piyush K. Agarwal, M.D., Head, Bladder Cancer Section, National
Cancer Institute, NIH.

An abstract on this study, entitled "A Randomized, Prospective, Phase II Study
to Determine the Efficacy of Bacillus Calmette-Guerin (BCG) given in combination
with PANVAC versus BCG given alone in Adults with High Grade Non-Muscle Invasive
Bladder Cancer (NMIBC) who failed at least 1 Induction Course of BCG," has been
accepted for presentation in the Trials in Progress section at the 2014 ASCO
Annual Meeting in Chicago, IL from May 30 to June 3. Abstract #TPS4590. Poster
Board: #157B. Presenter: Sam Joseph Brancato, M.D.

James B. Breitmeyer, President of Bavarian Nordic's Cancer Immunotherapy
Division said: "We are very pleased that development of our cancer immunotherapy
candidates is expanding further into new indications and new combination
approaches. We are hopeful that combination therapy with CV-301 will yield
positive results for bladder cancer patients who currently face limited
treatment options."

Anders Hedegaard, President & CEO.

Rolf Sass Sørensen, Vice President Investor Relations (EU). Phone
+45 61 77 47 43
Seth Lewis, Vice President Investor Relations (US). Phone + 1 978-298-5654

About CV-301
CV-301 (formerly developed as PANVAC) is an immunotherapy product candidate for
the treatment of multiple cancers. It originates from the same poxvirus
technology platform as PROSTVAC.

Both PROSTVAC and CV-301 are prime-boost vaccines sequentially combining two
different poxviruses (vaccinia and fowlpox). Collectively, these two product
candidates, along with earlier generations of these vaccines, have been the
subject of over 30 clinical trials with more than 1,100 patients actively
treated for prostate, breast, lung, colorectal, gastric, pancreatic, ovarian and
other cancers. These extensive clinical studies suggest that the product
candidates are well-tolerated with the ability to induce specific immune
responses directed against the relevant tumor-associated antigens.

While PROSTVAC incorporates a single antigen over-expressed in prostate cancer
(PSA), CV-301 incorporates two antigens (CEA and MUC-1) that are over-expressed
in other major cancers, including breast, colon, bladder and other cancers,
which makes CV-301 potentially applicable in various cancers.

About bladder cancer
In developed countries, more than 250,000 people are diagnosed every year with
bladder cancer. Approximately one third of the patients present with high-grade
non-muscular invasive bladder cancer, which is extremely difficult to treat due
to high recurrence and progression rates. The standard of care is a single
induction of intravesical BCG treatment followed by maintenance therapy.
Unfortunately, high recurrence rates of 50% lead to a significant unmet need.

Bladder cancer is well known to respond to immunotherapy, and BCG was the first
modern immunotherapy to be approved in many countries to prevent the recurrence
of superficial bladder tumors. BCG is a vaccine against tuberculosis that is
prepared from attenuated (weakened) live bovine tuberculosis bacillus that has
lost its virulence in humans. BCG immunotherapy is effective in up to 2/3 of the
cases at this stage. The mechanism by which BCG prevents recurrence is unknown,
but may involve a localized immune reaction which clears residual cancer cells.

Although a second induction course can be used in patients who fail a single
induction course of BCG, only 35% of patients who failed an initial induction
course will experience 12 month disease-free survival after receiving a second
induction course. For those patients failing a second induction course, radical
cystectomy with pelvic lymphadenectomy is the recommended treatment, although it
has a high morbidity rate and a small but real mortality rate. Therefore, there
is an unmet need for localized treatment for patients who fail an initial
induction course of BCG that can potentially improve upon the poor results of a
second induction course of BCG.

About Bavarian Nordic
Bavarian Nordic is an international biotechnology company developing and
manufacturing novel cancer immunotherapies and vaccines for infectious diseases.
Lead product candidates are PROSTVAC®, an immunotherapy product candidate for
advanced prostate cancer that is the subject of an ongoing pivotal Phase 3
clinical trial and IMVAMUNE®, a non-replicating smallpox vaccine candidate in
Phase 3 development, which is being developed and supplied for emergency use to
the U.S. Strategic National Stockpile under a contract with the U.S. Government.
The vaccine is approved in Canada under the trade name IMVAMUNE and in the
European Union under the trade name IMVANEX®.

Bavarian Nordic's shares are listed on NASDAQ OMX Copenhagen under the symbol
BAVA (Reuters: BAVA.CO, Bloomberg: BAVA.DC). The company has a sponsored Level
1 ADR program listed in the US (OTC) under the symbol BVNRY.

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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
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