Valneva Announces Successful Outcome of its
AGM and the Appointment of two new Supervisory Board
Members;
The Company Confirms its Growth Strategy and
R&D Outlook
Lyon (France), June 30, 2017 - Valneva SE
("Valneva" or "the Company"), a fully integrated, commercial stage
biotech company focused on developing innovative lifesaving
vaccines, today announces that all the resolutions proposed by the
Management Board were adopted by the shareholders at its Combined
General Meeting (AGM) held in Lyon on June 29, 2017.
Among the resolutions approved during the AGM
were the 2016 financial statements and the appointment, for a
three-year term, of two new Supervisory Board members.
Ms. Sandra E. Poole, aged 53, a Canadian
national, has more than 25 years of experience leading the product
development and manufacture of biopharmaceutical products across
multiple therapeutic areas including oncology, rare genetic and
metabolic diseases. Most recently, Ms. Poole served as Executive
Vice President, Technical Operations and Commercial Development at
ImmunoGen Inc. Prior to joining ImmunoGen, she was with Genzyme
(now Sanofi Genzyme) for 15 years where she served in multiple
leadership roles within Industrial Operations, culminating in the
role as Senior Vice President, Global Biologics Manufacturing. Ms.
Poole holds a Master's and Bachelor's degree in Chemical
Engineering from the University of Waterloo (Canada) and completed
the Executive Program in Business Management at MIT Sloan School of
Management.
Dr. Balaji Muralidhar, aged 37, a British
national, is a partner of leading global healthcare equity firm MVM
Life Science Partners LLP ("MVM") who acquired a 7.5% Shareholding
in Valneva at the end of 2016. Prior to joining MVM in 2012, Dr.
Muralidhar was a member of Bain Capital's healthcare deal team. Dr.
Muralidhar obtained a degree in Clinical Medicine from Oxford
University and practiced general surgery at the John Radcliffe and
Addenbrooke's Hospitals. He has a PhD in translational cancer
research from the MRC Cancer Cell Unit, Cambridge University, and
has published over a dozen peer reviewed papers.
During its AGM, Valneva also confirmed its
financial targets and growth strategy, reiterating that it expects
revenues to reach €105 to €115 million in 2017 and an EBITDA of €5
to €10 million. Valneva will pursue its strategy to grow revenues
to around €250 million by 2020 by complementing profitable organic
growth with opportunistic M&A while maximizing the value of its
R&D.
Thomas Lingelbach, President and CEO and
Franck Grimaud, Deputy CEO of Valneva, commented, "We welcome
Sandra and Bali to Valneva and are thrilled to have such highly
accomplished individuals onboard. Based on our first-quarter
results, we are confident that we can achieve the 2017 financial
targets we set for ourselves at the beginning of the year. We also
expect to announce some important R&D milestones in the coming
months that, we believe, will create substantial value for our
shareholders while offering a potential answer to high-priority
medical needs".
Valneva confirmed at its AGM it expects to
announce the Phase I results of its Lyme vaccine candidate in the
first half of 2018 and accelerate the program's progression with a
view to starting Phase II in early 2018.
About Valneva SE
Valneva is a fully integrated, commercial stage
biotech company focused on developing innovative lifesaving
vaccines.
The Company seeks financial returns through
focused R&D investments in promising product candidates and
growing financial contributions from commercial products, striving
towards financial self-sustainability.
Valneva's portfolio includes two commercial
vaccines for travelers: IXIARO®/JESPECT® indicated for the
prevention of Japanese encephalitis and DUKORAL® indicated for the
prevention of cholera and, in some countries, prevention of
diarrhea caused by ETEC. The Company has proprietary vaccines in
development including candidates against Clostridium difficile and
Lyme Borreliosis. A variety of partnerships with leading
pharmaceutical companies complement the Company's value proposition
and include vaccines being developed using Valneva's innovative and
validated technology platforms (EB66® vaccine production cell line,
IC31® adjuvant).
Valneva shares are tradable on Euronext-Paris,
the Vienna stock exchange and Deutsche Börse's electronic platform
Xetra®. The Company has operations in France, Austria, Great
Britain, Sweden, Canada and the US with over 400 employees. More
information is available at www.valneva.com.
Contacts Valneva
SE Laetitia Bachelot Fontaine Head of Investor Relations &
Corporate Communications T +33 (0)2 2807 1419 M +33 (0)6 4516 7099
investors@valneva.com |
Nina Waibel
Corporate Communications Specialist T +43 1206 201 149 M +43
6768 455 6719 Communications@valneva.com |
Forward-Looking Statements
This press release contains certain
forward-looking statements relating to the business of Valneva,
including with respect to the progress, timing and completion of
research, development and clinical trials for product candidates,
the ability to manufacture, market, commercialize and achieve
market acceptance for product candidates, the ability to protect
intellectual property and operate the business without infringing
on the intellectual property rights of others, estimates for future
performance and estimates regarding anticipated operating losses,
future revenues, capital requirements and needs for additional
financing. In addition, even if the actual results or development
of Valneva are consistent with the forward-looking statements
contained in this press release, those results or developments of
Valneva may not be indicative of the future. In some cases, you can
identify forward-looking statements by words such as "could,"
"should," "may," "expects," "anticipates," "believes," "intends,"
"estimates," "aims," "targets," or similar words. These
forward-looking statements are based largely on the current
expectations of Valneva as of the date of this press release and
are subject to a number of known and unknown risks and
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievement expressed or implied by
these forward-looking statements. In particular, the expectations
of Valneva could be affected by, among other things, uncertainties
involved in the development and manufacture of vaccines, unexpected
clinical trial results, unexpected regulatory actions or delays,
competition in general, currency fluctuations, the impact of the
global and European credit crisis, and the ability to obtain or
maintain patent or other proprietary intellectual property
protection. In light of these risks and uncertainties, there can be
no assurance that the forward-looking statements made in this press
release will in fact be realized. Valneva is providing the
information in these materials as of the date of this press
release, and disclaims any intention or obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
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