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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 OR 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): August 25, 2008</B>

<P style="font-size: 24pt" align="center"><B>VAXGEN, INC.<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
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cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>DELAWARE</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-26483</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>94-3236309</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>349 OYSTER POINT BOULEVARD,<br>
SOUTH SAN FRANCISCO, CALIFORNIA <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>94080</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(650) 624-1000</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
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 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center"><B>SECTION 2 &#8212; FINANCIAL
INFORMATION</B>

<P style="font-size: 10pt" align="left"><B>Item&nbsp;2.02. Results of
Operations and Financial Condition.</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">On August&nbsp;27,
2008, VaxGen, Inc. (&#8220;VaxGen&#8221; or the &#8220;Company&#8221;) issued a
press release titled &#8220;VaxGen Provides Financial Update Following the
Filing of its 10-Q for Second Quarter with SEC; Results Include $8.5 Million
Charge in Respect of Manufacturing Plant Asset Impairment.&#8221;

<P style="font-size: 10pt; text-indent: 3%" align="left">The press release is
attached as Exhibit&nbsp;99.1 to this report and is incorporated herein by
reference.

<P style="font-size: 10pt" align="center"><B>SECTION 5 &#8211; CORPORATE
GOVERNANCE AND MANAGEMENT</B>

<P style="font-size: 10pt" align="left"><B>Item&nbsp;5.02. Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">On August&nbsp;25,
2008 the Board of Directors of VaxGen approved the termination of the
employment of Piers Whitehead, the Company&#8217;s Vice President, Corporate
and Business Development, effective August&nbsp;31, 2008. Consistent with his
existing Amended and Restated Executive Employment Agreement dated
September&nbsp;12, 2006, as amended effective March&nbsp;28, 2008,
Mr.&nbsp;Whitehead will receive a lump sum payment in an amount equal to
ninety-nine percent of his annual base salary, and accelerated vesting of all
outstanding stock option awards. Consistent with the VaxGen, Inc. Employee
Severance Benefit Plan, Mr.&nbsp;Whitehead will receive, together in a lump sum
with his salary severance amount described above, two months of his current
base salary, as well as Company payment of his COBRA premiums (including any
covered dependents), if he elects continued group health care coverage under
COBRA, for up to two months.

<P style="font-size: 10pt; text-indent: 3%" align="left">The Company&#8217;s
decision to terminate Mr.&nbsp;Whitehead&#8217;s employment was in connection
with a reduction-in-force, was unrelated to performance, and did not result
from any dispute or disagreement with the Company on any matter relating to the
Company&#8217;s operations, policies or practices.

<P style="font-size: 10pt" align="center"><B>SECTION 8 &#8211; OTHER EVENTS</B>

<P style="font-size: 10pt" align="left"><B>Item&nbsp;8.01. Other Events.</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">Reference is made to
Item&nbsp;2.02, above.

<P style="font-size: 10pt" align="center"><B>SECTION 9 &#8211; FINANCIAL
STATEMENTS AND EXHIBITS</B>

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01. Financial Statements
and Exhibits.</B>


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  <TD valign="top" align="left" style="border-bottom: 1px solid #000000">Exhibit<BR>Number</TD>
  <TD>&nbsp;</TD>
  <TD valign="bottom" align="left" style="border-bottom: 1px solid #000000">Description</TD>
 </TR>

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 <TR valign="top">
  <TD valign="top" align="left">99.1</TD>
  <TD>&nbsp;</TD>
  <TD valign="bottom" align="left">Press release, dated
August&nbsp;27, 2008, entitled &#8220;VaxGen Provides Financial Update
Following the Filing of its 10-Q for Second Quarter with SEC; Results Include
$8.5 Million Charge in Respect of Manufacturing Plant Asset Impairment&#8221;</TD>
 </TR>

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<P style="font-size: 10pt" align="center">&nbsp;

<P style="font-size: 10pt" align="center">&nbsp;

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<P style="font-size: 10pt" align="left"><B>SIGNATURE</B>

<P style="font-size: 10pt" align="left">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
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 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="2">VaxGen, Inc.</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="2">(Registrant)</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp; </TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">Dated: August&nbsp;28,
2008&nbsp; </DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">By:&nbsp;&nbsp; </TD>
  <TD valign="top" align="left" style="border-bottom: 1px solid #000000">/s/ James P. Panek</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp; </TD>
  <TD valign="top" align="left">James P. Panek&nbsp;<BR>
President and Chief Executive Officer</TD>
 </TR>

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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="left"><B>EXHIBIT INDEX</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>

<!-- Begin Table Head -->

 <TR valign="top">
  <TD valign="top" align="left" style="border-bottom: 1px solid #000000">Exhibit<BR>Number</TD>
  <TD>&nbsp;</TD>
  <TD valign="bottom" align="left" style="border-bottom: 1px solid #000000">Description </TD>
</TR>

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 <TR valign="top">
  <TD valign="top" align="left">99.1</TD>
  <TD>&nbsp;</TD>
  <TD valign="bottom" align="left">Press release, dated
August&nbsp;27, 2008, titled &#8220;VaxGen Provides Financial Update Following
the Filing of its 10-Q for Second Quarter with SEC; Results Include $8.5
Million Charge in Respect of Manufacturing Plant Asset Impairment&#8221;</TD>
 </TR>

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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "VAXGEN INC", "cik": "0001036968", "assigned-sic": "2834", "irs-number": "943236309", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26483", "film-number": "081044225"}, "business-address": {"street1": "349 OYSTER POINT BOULEVARD", "city": "SOUTH SAN FRANCISCO", "state": "CA", "zip": "94080", "phone": "(650) 624-1000"}, "mail-address": {"street1": "349 OYSTER POINT BOULEVARD", "city": "SOUTH SAN FRANCISCO", "state": "CA", "zip": "94080"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): August 25, 2008
VAXGEN, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
0-26483
94-3236309
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
349 OYSTER POINT BOULEVARD,
SOUTH SAN FRANCISCO, CALIFORNIA
94080
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(650) 624-1000
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 2 — FINANCIAL
INFORMATION
Item 2.02. Results of
Operations and Financial Condition.
On August 27,
2008, VaxGen, Inc. ("VaxGen" or the "Company") issued a
press release titled "VaxGen Provides Financial Update Following the
Filing of its 10-Q for Second Quarter with SEC; Results Include $8.5 Million
Charge in Respect of Manufacturing Plant Asset Impairment."
The press release is
attached as Exhibit 99.1 to this report and is incorporated herein by
reference.
SECTION 5 – CORPORATE
GOVERNANCE AND MANAGEMENT
Item 5.02. Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On August 25,
2008 the Board of Directors of VaxGen approved the termination of the
employment of Piers Whitehead, the Company's Vice President, Corporate
and Business Development, effective August 31, 2008. Consistent with his
existing Amended and Restated Executive Employment Agreement dated
September 12, 2006, as amended effective March 28, 2008,
Mr. Whitehead will receive a lump sum payment in an amount equal to
ninety-nine percent of his annual base salary, and accelerated vesting of all
outstanding stock option awards. Consistent with the VaxGen, Inc. Employee
Severance Benefit Plan, Mr. Whitehead will receive, together in a lump sum
with his salary severance amount described above, two months of his current
base salary, as well as Company payment of his COBRA premiums (including any
covered dependents), if he elects continued group health care coverage under
COBRA, for up to two months.
The Company's
decision to terminate Mr. Whitehead's employment was in connection
with a reduction-in-force, was unrelated to performance, and did not result
from any dispute or disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
SECTION 8 – OTHER EVENTS
Item 8.01. Other Events.
Reference is made to
Item 2.02, above.
SECTION 9 – FINANCIAL
STATEMENTS AND EXHIBITS
Item 9.01. Financial Statements
and Exhibits.
Exhibit
Number
Description
99.1
Press release, dated
August 27, 2008, entitled "VaxGen Provides Financial Update
Following the Filing of its 10-Q for Second Quarter with SEC; Results Include
$8.5 Million Charge in Respect of Manufacturing Plant Asset Impairment"
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
VaxGen, Inc.
(Registrant)
Dated: August 28,
2008
By:
/s/ James P. Panek
James P. Panek
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Press release, dated
August 27, 2008, titled "VaxGen Provides Financial Update Following
the Filing of its 10-Q for Second Quarter with SEC; Results Include $8.5
Million Charge in Respect of Manufacturing Plant Asset Impairment"