KVISTGAARD, Denmark, May 21, 2015 - Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announces that members of the Company's management and board of directors, who in accordance with Section 28a of the Danish Securities Trading Act are subject to reporting of trading in Bavarian Nordic shares and related securities, have reported the following transactions to the Danish Financial Supervisory Authority ("Finanstilsynet"):

President & CEO Paul Chaplin has exercised 25,000 warrants for the subscription of 25,000 new shares. Subsequently, Paul Chaplin has sold 10,000 shares, thereby increasing his holding to 26,800 shares in Bavarian Nordic.

Executive Vice President & CFO Ole Larsen has exercised 25,000 warrants for the subscription of 25,000 new shares. Subsequently, Ole Larsen has sold 22,000 shares, thereby increasing his holding to 6,000 shares in Bavarian Nordic.

Member of the board of directors Anders Gersel Pedersen has exercised 5,000 warrants for the subscription of 5,000 new shares. Subsequently, Anders Gersel Pedersen has sold 4,500 shares, thereby increasing his holding to 500 shares in Bavarian Nordic.

Detailed information on the transactions is found on the Danish Financial Supervisory Authority's website: www.ftnet.dk/en:
http://www.ftnet.dk/en. Further reference is made to the Company's announcement no. 15 / 2015 of May 18, 2015 regarding employees' exercise of warrants.

Contacts
Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43

Seth Lewis
Vice President Investor Relations (US)
Tel: +1 978 341 5271

About Bavarian Nordic
Bavarian Nordic is a biopharmaceutical company focused on the development and manufacturing of cancer immunotherapies and vaccines for infectious diseases. Through a long-standing collaboration with the U.S. Government, Bavarian Nordic has developed a portfolio of biological countermeasures, including the non-replicating smallpox vaccine, IMVAMUNE®, which is stockpiled for emergency use by the U.S. and other governments. The vaccine is approved in the EU (under the trade name IMVANEX®) and in Canada. Bavarian Nordic and its partner Janssen are pioneering the development of an Ebola vaccine, which has been fast-tracked by authorities in response to the current situation in West Africa. Additionally, in collaboration with the National Cancer Institute, Bavarian Nordic has developed a portfolio of active cancer immunotherapies based on its versatile pox-virus based technologies, including PROSTVAC®, which is currently in Phase 3 clinical development for the treatment of advanced prostate cancer. The company has partnered with Bristol-Myers Squibb for the potential commercialization of PROSTVAC. For more information visit www.bavarian-nordic.com:
http://www.bavarian-nordic.com/ or follow us on Twitter @bavariannordic:
http://twitter.com/bavariannordic.

20150521en:
http://hugin.info/100065/R/1923186/689662.pdf


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bavarian Nordic A/S via Globenewswire
HUG#1923186