Bavarian Nordic A/S Issues New Shares in Connection with Exercise of Warrants

| Source: Bavarian Nordic A/S
KVISTGAARD, Denmark, May 27, 2014 - Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY)
announced today that the Company's share capital has been increased by nominally
DKK 185,020 as a consequence of the exercise of warrants. After registration of
the capital increase, Bavarian Nordic A/S' share capital amounts to DKK

The exercise price for the new shares is DKK 114 per share of nominal DKK 10.
The gross proceeds to Bavarian Nordic A/S from the capital increase amounts to
DKK 2,109,228.00.

Each share of nominally DKK 10 carries one vote at general meetings in the
company. The new shares give rights to dividend and other rights from the time
of subscription. The new shares are issued without pre-emptions rights for the
company's shareholders. The new shares are expected to be admitted to trading
and official listing on NASDAQ OMX Copenhagen on May 28, 2014.

The revised Articles of Association will be published separately and will
subsequently be available on the Company's website.

The content of this announcement does not affect the Company's expectations for
the financial results for 2014.

Anders Hedegaard, President & CEO.

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.

For more information, visit

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

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.