|CERTIFICATION
PRINCIPAL FINANCIAL OFFICERPURSUANT TO RULE 13a-14(a)


Exhibit 31.2


I, Carter A. Lee, certify that:
|--------------------------------------------------------------------------------------------------------------------

|1. | I have reviewed this quarterly report on Form 10-Q of VaxGen, Inc.
|-- | ------------------------------------------------------------------

|2. | Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report;
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations and cash flows of the registrant as of, and
          for, the periods presented in this report;
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | The registrants other certifying officer(s) and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a)
                    Designed such disclosure controls and procedures, or caused such
disclosure           controls and procedures to be designed under our supervision, to
ensure that           material information relating to the registrant, including its
consolidated           subsidiaries, is made known to us by others within those entities,
particularly           during the period in which this report is being prepared;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)
                    Evaluated the effectiveness of the registrants disclosure
controls and           procedures and presented in this report our conclusions about the
effectiveness           of the disclosure controls and procedures, as of the end of the
period covered           by this report based on such evaluation; and
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)
                    Disclosed in this report any change in the registrants internal
control           over financial reporting that occurred during registrants most
recent           fiscal quarter (the registrants fourth quarter in the case of an
annual           report) that has materially affected, or is reasonably likely to
materially           affect, the registrants internal control over financial
reporting; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | The registrants other certifying officer(s) and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrants auditors and the audit committee of registrants board of
          directors (or persons performing the equivalent functions):
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a)  All
significant deficiencies and material weaknesses in the design or operation           of
internal control over financial reporting which are reasonably likely to
          adversely affect the registrants ability to record, process, summarize
and           report financial information; and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)  Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrants internal control over
          financial reporting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|November 19, 2003
|-----------------

|/s/
Carter A. Lee Carter A. LeeSenior Vice PresidentFinance & AdministrationPrincipal Financial Officer |  | 
|------------------------------------------------------------------------------------------------------- |  | 

|
|