Valneva SE (VALN)

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VAL2001: 2022-SEP-26: Update on its COVID-19 2nd GEN Activities

Saint-Herblain (France), September 26, 2022 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced a further update on its COVID-19 vaccine activities.

The Company had previously communicated that it would invest in further
development of a potential second-generation COVID-19 vaccine only if it received
the necessary funding or commitments to such funding during the third quarter of
2022[1]. The Company is in active discussions with a prospective partner for
potentially funding the development of a second-generation COVID-19 vaccine.
These ongoing discussions may continue for several months and may not lead to an
agreement.

In parallel, Valneva is continuing discussions 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. The
Company also 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, commented, “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.”