Valneva Reports FY 2020 Cash of Over €200 Million
07 Janvier 2021 - 5:45PM
- FY 2020 cash and cash equivalents of €204.4 million, exceeding
guidance of between €180 million and €200 million1
- FY 2020 cash and cash equivalents include $130 million from the
Lyme disease collaboration with Pfizer2 and €96.7 million from the
UK COVID-19 vaccine partnership3
- No further drawdown from the $85 million debt financing
arrangement with leading US funds Deerfield Management Company and
OrbiMed4 in H2 2020 ($60 million drawn in H1 2020)
Saint-Herblain (France), January 7,
2021 – Valneva SE (“Valneva” or “the Company”), a
specialty vaccine company focused on prevention of infectious
diseases with significant unmet medical need, today reported
preliminary and unaudited cash and cash equivalents of €204.4
million at the end of December 2020, exceeding its guidance of
between €180 million and €200 million.
Valneva’s cash and cash equivalents at December
31, 2020 increased to €204.4 million compared to €64.4 million at
December 31, 2019. The change was primarily driven by a
$130.0 million upfront payment related to the Lyme
collaboration agreement with Pfizer, €96.7 million related to
the UK COVID-19 vaccine partnership deal, and €48.8 million of net
proceeds from the financing arrangement with Deerfield and OrbiMed,
offset by €20 million repayments of borrowings to the European
Investment Bank. Such amounts are preliminary and unaudited.
Thomas Lingelbach, Chief Executive Officer of
Valneva commented, “2020 has been a transformational year for
Valneva, marked by the Pfizer and UK government partnerships. With
over €200 million of cash, Valneva is in a strong position despite
the impact of the COVID-19 pandemic on the travel industry and our
commercial travel business. This solid cash position will allow us
to focus on the execution of our key programs in 2021.”
Valneva will release its unaudited full-year
2020 financial results on February 25, 2021.
About Valneva SE
Valneva is a specialty vaccine company focused
on prevention against diseases with major unmet needs. The Company
has several vaccines in development including unique vaccines
against Lyme disease, COVID-19 and chikungunya. 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. Valneva has operations in
Austria, Sweden, the United Kingdom, France, Canada and the U.S.
with over 500 employees.
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.
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.
[1] Valneva Reports Nine Month Results Marked
by Further Major Corporate Achievements
2 Valneva and Pfizer Announce Collaboration to Co-Develop and
Commercialize Lyme Disease Vaccine, VLA15[3]
Valneva Announces Major COVID-19 Vaccine Partnership with U.K.
Government4 Valneva Announces New $85 Million Financing Arrangement
with Leading US Healthcare Funds Deerfield and OrbiMed
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