Bavarian Nordic Announces First Patient Treated in a Phase 1 Study of MVA-BN® Brachyury in Advanced Cancer

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| Source: Bavarian Nordic A/S
KVISTGAARD, Denmark, July 24, 2014 - Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY)
announced today that the first patient has been treated in an NCI-sponsored
Phase 1 study of MVA-BN Brachyury in patients with advanced cancer.

MVA-BN Brachyury is a novel, active immunotherapy developed using Bavarian
Nordic's proprietary validated MVA platform. This immunotherapy is designed to
induce a robust immune response against Brachyury, a tumor-associated antigen
which is overexpressed in every major solid tumor setting. Brachyury is believed
to play a key role in both the metastasis and progression of tumors. Tumors
which overexpress Brachyury are believed to be highly resistant to current
therapies and are associated with decreased survival rates.

Paul Chaplin, President and CEO of Bavarian Nordic said: "Brachyury is an
exciting and novel target which in recent years has come to be associated with
highly difficult to treat, aggressive tumors, and we are pleased to introduce
our newest pipeline candidate into the clinic. These tumors either fail to
respond to current cancer treatments, or have metastasized beyond localized
therapies. Using our proprietary and specialized immunotherapy platform, we
created a drug candidate which can harness the immune system to target Brachyury
and may offer a treatment option to those patients with aggressive or late stage
disease. We are proud to be working with the NCI to become one of the leaders in
this exciting space as Brachyury continues to gain interest with both
investigators and drug developers."

The study is an open label, Phase 1 trial that will enroll patients with
advanced cancer into three cohorts (6 patients per dose cohort) with dose
escalation of MVA-BN Brachyury. Additional patients may be enrolled at the
maximum tolerated dose. The objective of the study is to determine the safety
and tolerability of escalating doses of MVA-BN Brachyury and to evaluate
immunologic responses as measured by an increase in Brachyury-specific T cells.
Principal Investigator is Christopher R. Heery, M.D., NCI. Full details for the
study can be found here: http://clinicaltrials.gov/ct2/show/NCT02179515.


Contacts
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 MVA-BN Brachyury
Brachyury is a transcription factor that is involved in mesodermal development
in the embryo, and involved in epithelial-mesenchymal transition (EMT) in tumor
cells, a key step in tumor invasion and metastasis. MVA-BN Brachyury is based on
MVA-BN (Modified vaccinia Ankara Bavarian Nordic), which has been clinically
tested in more than 7,300 subjects, including cancer patients, and has shown to
be well-tolerated and to induce a strong immune response. The product candidate
also employs the TRICOM technology (human T cell costimulatory molecules; B7.1,
ICAM-1 and LFA-3), which has been extensively studied in both preclinical and
clinical studies and have demonstrated their ability to induce robust T-cell
activation and provide evidence of clinical benefit. TRICOM is employed in the
Company's other active immunotherapy candidates, PROSTVAC and CV-301.

MVA-BN Brachyury has been shown to be a good target for active T cell
immunotherapy in preclinical models.

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 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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