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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): October 8, 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>

</TABLE>

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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>
 </TR>

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  <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="left"><B>SECTION 1&#8212;REGISTRANT&#8217;S
BUSINESS AND OPERATIONS</B>

<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01. Entry into a
Material Definitive Agreement.</B>

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

<P style="font-size: 10pt; text-indent: 4%" align="left">On October&nbsp;8,
2008, VaxGen, Inc. (&#8220;VaxGen&#8221;) entered into a Note Repurchase
Agreement with Quattro Fund, Ltd. (the &#8220;Quattro Agreement&#8221;), whereby
VaxGen agreed to repurchase its 5 <FONT style="font-size: 75%">1/2</FONT>%
convertible senior subordinated notes due April&nbsp;2010 (&#8220;Notes&#8221;).

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the
Quattro Agreement, VaxGen agreed to repurchase its Notes in the principal
amount of $3,000,000 at a purchase price of $2,460,000, plus accrued interest
of $4,124.97, based on an assumed settlement date of October&nbsp;10, 2008.

<P style="font-size: 10pt; text-indent: 4%" align="left">The transaction
described above was initiated by the noteholder and was not the result of any
solicitation by or on behalf of VaxGen. VaxGen has not initiated any broader
effort to repurchase or restructure its remaining Notes.

<P style="font-size: 10pt; text-indent: 4%" align="left">The Quattro Agreement
is attached to this report as Exhibit&nbsp;10.1. The foregoing description is
qualified in its entirety by reference to the full text of the Quattro
Agreement.

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


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<TD width="8%">&nbsp;</TD>
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<TR valign="bottom">
<TD align="left">Exhibit<BR>Number</TD>
<TD>&nbsp;</TD>
<TD align="left">Description </TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD nowrap align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Note Repurchase Agreement, dated October&nbsp;8, 2008, by and between
VaxGen, Inc. and Quattro Fund, Ltd.</TD>
 </TR>

</TABLE>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="left"><B>SIGNATURE</B>


<P style="font-size: 10pt" align="justify">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 align="left">&nbsp;</TD>
<TD align="left">&nbsp;</TD>
<TD align="left">VaxGen, Inc.<BR>
(Registrant)</TD>
</TR>


<TR><TD>&nbsp;</TD></TR>


<TR valign="bottom">
<TD align="left">Dated: October&nbsp;10, 2008</TD>
<TD align="left">By: </TD>
<TD align="left" style="border-bottom: 1px solid #000000">/s/ James P. Panek</TD>
</TR>

<TR valign="bottom">
<TD align="left">&nbsp;</TD>
<TD align="left">&nbsp;</TD>
<TD align="left">James P. Panek<BR>
President and Chief Executive Officer </TD>
</TR>

</TABLE>
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<P style="font-size: 10pt; text-indent: 24%" 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>



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

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

<TR valign="bottom">
<TD align="left">Exhibit<BR>Number</TD>
<TD>&nbsp;</TD>
<TD align="left">Description</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD nowrap align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Note Repurchase Agreement, dated October&nbsp;8, 2008, by and between VaxGen, Inc. and Quattro Fund, Ltd.</TD>
 </TR>

</TABLE>

<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": "081117630"}, "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): October 8, 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 1—REGISTRANT'S
BUSINESS AND OPERATIONS
Item 1.01. Entry into a
Material Definitive Agreement.
Note Repurchase Agreement
On October 8,
2008, VaxGen, Inc. ("VaxGen") entered into a Note Repurchase
Agreement with Quattro Fund, Ltd. (the "Quattro Agreement"), whereby
VaxGen agreed to repurchase its 5
1/2
%
convertible senior subordinated notes due April 2010 ("Notes").
Pursuant to the
Quattro Agreement, VaxGen agreed to repurchase its Notes in the principal
amount of $3,000,000 at a purchase price of $2,460,000, plus accrued interest
of $4,124.97, based on an assumed settlement date of October 10, 2008.
The transaction
described above was initiated by the noteholder and was not the result of any
solicitation by or on behalf of VaxGen. VaxGen has not initiated any broader
effort to repurchase or restructure its remaining Notes.
The Quattro Agreement
is attached to this report as Exhibit 10.1. The foregoing description is
qualified in its entirety by reference to the full text of the Quattro
Agreement.
Item 9.01. Financial Statements
and Exhibits.
Exhibit
Number
Description
10.1
Note Repurchase Agreement, dated October 8, 2008, by and between
VaxGen, Inc. and Quattro Fund, Ltd.
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: October 10, 2008
By:
/s/ James P. Panek
James P. Panek
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Note Repurchase Agreement, dated October 8, 2008, by and between VaxGen, Inc. and Quattro Fund, Ltd.