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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 million 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.
Valneva 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.
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