Valneva In Talks With Partner For Funding To Develop Potential Second-generation COVID-19 Vaccine

Valneva SE (VALN, VLA), a French vaccine maker focused on infectious diseases, issued Monday a further update on its COVID-19 vaccine activities.

The company said it is in active discussions with a prospective partner for potentially funding the development of a potential second-generation COVID-19 vaccine. These ongoing talks may continue for several months and may not lead to an agreement, it said.

Valneva had informed earlier that it would invest in further development of the second-generation COVID-19 vaccine only if it received the necessary funding or commitments to such funding during the third quarter of 2022.

The company is also continuing talks with various governments and has initiated regulatory processes with additional regulatory authorities, with the aim to deploy remaining inventory into international markets in the next twelve months.

Valneva further expects to report additional clinical data in the fourth quarter of 2022, notably heterologous booster data, which may potentially support the positioning of its inventory.

Thomas Lingelbach, Valneva's Chief Executive Officer, said, "As we are near the end of the third quarter 2022, we are engaged in active discussions that are likely to continue into the coming months. We therefore plan to continue exploring these potential funding opportunities and will provide future updates if and when we enter into an agreement for further development of our COVID-19 vaccine program."

VLA2001 is produced on Valneva's established Vero-cell platform, leveraging the manufacturing technology for Valneva's licensed Japanese encephalitis vaccine, IXIARO.

VLA2001 is the first COVID-19 vaccine to receive a standard marketing authorization in Europe.

Valneva currently has agreements to supply VLA2001 to certain EU Member States and the Kingdom of Bahrain.

In August 2022, the World Health Organization issued recommendations for use of VLA20017. In light of current order levels and existing inventories, Valneva has suspended manufacturing of the vaccine.

The company said it is retaining inventory for potential additional supply to these EU Member States should demand increase.

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