Valneva Announces Drawdown of Further €10 million from its Existing European Investment Bank Loan
16 Juillet 2019 - 5:45PM
Valneva Announces Drawdown of
Further €10 million from its Existing European Investment Bank
Loan
Saint Herblain (France), July 16,
2019 – Valneva SE (“Valneva” or “the Company”), a biotech
company developing and commercializing vaccines for infectious
diseases with major unmet needs, announces today that it has drawn
down a further €10 million from its existing European
Investment Bank (EIB) loan facility. The €25 million loan was
granted to the Company by the EIB in July 2016.
Including this new tranche, Valneva has now
drawn down €20 million1 of the €25 million facility. The company
does not intend to draw down the remaining €5 million of the
facility.
Valneva plans to use the funds to advance its
R&D programs, including its unique Lyme disease and chikungunya
vaccine candidates.
David Lawrence, Valneva’s Chief
Financial Officer, commented, “With this further €10
million drawdown, we are continuing to ensure that we are well
funded to advance our valuable clinical development stage assets.
We would like, once again, to thank the EIB for its support.”
Under the terms of the agreement signed with the
EIB, each credit tranche is repayable at the end of a five-year
period commencing from the drawdown date.
About Valneva SEValneva is a
biotech company developing and commercializing vaccines for
infectious diseases with major unmet needs. 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 various
vaccines in development including a unique vaccine against Lyme
disease. Valneva has operations in Austria, Sweden, the United
Kingdom, France, Canada and the US with approximately 480
employees. More information is available at www.valneva.com.
Valneva
Investor and Media ContactsLaetitia
Bachelot-FontaineGlobal Head of Investor Relations & Corporate
CommunicationsM +33 (0)6 4516 7099investors@valneva.com |
Teresa
PinzolitsCorporate Communications SpecialistT +43 (0)1 20620
1116communications@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 their in 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 during this
presentation will in fact be realized. Valneva is providing the
information in these materials as of this press release, and
disclaim any intention or obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
1One tranche of €10 million in July 2019 and two tranches of €5
million each, in April and December 2017, respectively.
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