UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G
                                (AMENDMENT NO. 2)

                    Under the Securities Exchange Act of 1934

                                  Novavax, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    670002104
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2009
--------------------------------------------------------------------------------
             (Date of Event which Required Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

|X|    Rule 13d-1(b)
|_|    Rule 13d-1(c)
|_|    Rule 13d-1(d)

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


CUSIP NO. 670002104                SCHEDULE 13G                PAGE 2 OF 6 PAGES


--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON
      SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      Ironwood Investment Management, LLC
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (A) |_|
                                                                  (B) |X|
--------------------------------------------------------------------------------
3     SEC USE ONLY

--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

      Massachusetts
--------------------------------------------------------------------------------
                           5  SOLE VOTING POWER

                              891,956
   NUMBER OF SHARES        -----------------------------------------------------
BENEFICIALLY OWNED BY      6  SHARED VOTING POWER
EACH REPORTING PERSON
         WITH                 0
                           -----------------------------------------------------
                           7  SOLE DISPOSITIVE POWER

                              891,956
                           -----------------------------------------------------
                           8  SHARED DISPOSITIVE POWER

                              0
--------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      891,956
----------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   |_|

--------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      0.96%
--------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON

      IA
--------------------------------------------------------------------------------


CUSIP NO. 670002104                SCHEDULE 13G                PAGE 3 OF 6 PAGES


Item 1. (a). Name of Issuer: ICO, Inc.

        (b). Address of Issuer's Principal Executive Offices:

             9920 Belward Campus Drive
             Rockville, MD 20850

Item 2. (a). Name of Person Filing:

             Ironwood Investment Management, LLC

        (b). Address of Principal Business Office or, if none, Residence:

             Ironwood Investment Management, LLC
             21 Custom House Street, Suite 240
             Boston, MA 02110

        (c). Citizenship or Place of Organization: Massachusetts

        (d). Title of Class of Securities: Common Stock

        (e). CUSIP Number: 670002104


CUSIP NO. 670002104                SCHEDULE 13G                PAGE 4 OF 6 PAGES


Item 3. If this statement is filed pursuant to sections 240.13d-1(b) or
        240.13d-2(b) or (c), check whether the person filing is a:

        (a) [ ] Broker or dealer registered under section 15
                of the Act (15 U.S.C. 78o);
        (b) [ ] Bank as defined in section 3(a)(6) of the Act
                (15 U.S.C. 78c);
        (c) [ ] Insurance company as defined in section
                3(a)(19) of the Act (15 U.S.C. 78c.);
        (d) [ ] Investment company registered under section 8
                of the Investment Company Act of 1940 (15 U.S.C.
                80a-8);
        (e) [x] An investment adviser in accordance with
                section 240.13d-1(b)(1)(ii)(E);
        (f) [ ] An employee benefit plan or endowment fund in
                accordance with section 240.13d-1(b)(1)(ii) (F);
        (g) [ ] A parent holding company or control person in
                accordance with section 240.13d-1(b)(1)(ii)(G);
        (h) [ ] A savings associations as defined in section
                3(b) of the Federal Deposit Insurance Act (12
                U.S.C. 1813);
        (i) [ ] A church plan that is excluded from the
                definition of an investment company under section
                3(c)(14) of the Investment Company Act of 1940
                (15 U.S.C. 80a-3);
        (j) [ ] Group, in accordance with section
                240.13d-1(b)(1) (ii)(J).

Item 4. Ownership.

        Provide the following information regarding the aggregate number and
        percentage of the class of securities of the issuer identified in
        Item 1.

        (a). Amount beneficially owned:                                  891,956

        (b). Percent of class:                                             0.96%

        (c). Number of shares as to which the person has:

             (1) Sole power to vote or to direct the vote:               891,956

             (2) Shared power to vote or to direct the vote:                   0

             (3) Sole power to dispose or to direct the disposition of:  891,956

             (4) Shared power to dispose or to direct the disposition of:      0


CUSIP NO. 670002104                SCHEDULE 13G                PAGE 5 OF 6 PAGES

Item 5. Ownership of Five Percent or Less of a Class:

        Yes

Item 6. Ownership of More Than Five Percent on Behalf of Another Person:

        Not Applicable

Item 7. Identification and Classification of Subsidiaries which Acquired
        the Security Being Reported on by the Parent Holding Company:

        Not Applicable

Item 8. Identification and Classification of Members of the Group:

        Not Applicable

Item 9. Notice of Dissolution of Group:

        Not Applicable

Item 10. Certification:

        By signing below I certify that, to the best of my knowledge and belief,
        the securities referred to above were acquired and are held in the
        ordinary course of business and were not acquired and are not held for
        the purpose of or with the effect of changing or influencing the control
        of the issuer of the securities and were not acquired and are not held
        in connection with or as a participant in any transaction having that
        purpose or effect.


CUSIP NO. 670002104                SCHEDULE 13G                PAGE 6 OF 6 PAGES


                                    SIGNATURE

      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                  IRONWOOD INVESTMENT MANAGEMENT, LLC

Date: February 4, 2010          By:   /s/ CHARLES J. DALY
                                      ----------------------------------------
                                      Charles J. Daly, Chief Compliance Officer