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VALNEVA Announces $42 Million IXIARO(R) Supply Contract with US Government

LYON, France, March 16, 2016 (GLOBE NEWSWIRE) -- Valneva SE ("Valneva" or "the Company"), a leading pure play vaccine company, announces today the signing of a $42 million contract with the US Government's Department of Defense for the supply of its Japanese encephalitis (JE) vaccine IXIARO®.

Under the terms of the agreement, Valneva will supply IXIARO® doses to the Defense Logistics Agency (DLA), Supply Center of the US Department of Defense for a total value of $42 million over a two-year period (a base year and an option year). First deliveries are expected to commence in the coming weeks.

JE is a very serious and growing public health threat in Asia. The US Department of Defense has been using IXIARO® to protect the near 360,000 U.S. military and civilian personnel, and their families, working and living in endemic countries since 2010.

Thomas Lingelbach, President and CEO, and Franck Grimaud, Deputy CEO of Valneva commented, "With a mortality rate that can reach 30% and neurological sequelae for half of the survivors1, Japanese encephalitis is a clear danger to the thousands of military personnel - and their families - that are stationed in areas where the disease is endemic. We feel honoured that the US Department of Defence continues to acknowledge our vaccine as the best protection against the disease".

IXIARO® is the only JE vaccine approved in the US. Valneva, which successfully established its own global marketing & distribution network in the second half of 2015, now markets and distributes IXIARO® directly to the US military.

About IXIARO® /JESPECT®

Valneva's Japanese encephalitis vaccine is indicated for active immunization for the prevention of Japanese encephalitis for adults who travel to, or live in, endemic areas. It has received marketing approval in the U.S., Europe, Canada, Hong Kong, Singapore, and Israel under the trade name IXIARO® and in Australia and New Zealand where it is marketed as JESPECT®. It is the only vaccine being marketed to the U.S. military for Japanese encephalitis. IXIARO® is approved for use in individuals 2 months of age and older in the US and EU member states, Norway, Liechtenstein, Iceland, Singapore, Hong Kong and Israel. In all other licensed territories, IXIARO®/JESPECT® is indicated for use in persons 18 years of age and above.

About Japanese Encephalitis

Japanese Encephalitis (JE) is a deadly infectious disease found mainly in Asia. About 70,000 cases of JE are estimated to occur in Asia each year, although the actual number of cases is likely much higher due to underreporting in rural areas. JE is fatal in approximately 30 percent of those who show symptoms, and leaves half of survivors with permanent brain damage. The disease is endemic in Southeast Asia, India and China, a region with more than 3 billion inhabitants. In 2005, Japanese encephalitis killed more than 1,200 children in only 1 month during an epidemic outbreak in Uttar Pradesh, India, and Nepal.

About Valneva SE

Valneva is a fully integrated vaccine company that specializes in the development, manufacture and commercialization of innovative vaccines with a mission to protect people from infectious diseases through preventative medicine.

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: one for the prevention of Japanese Encephalitis (IXIARO®/JESPECT®) and the second (DUKORAL®) indicated for the prevention of Cholera and, in some countries, prevention of diarrhea caused by LT-ETEC. The Company has proprietary vaccines in development including candidates against Pseudomonas aeruginosa, 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 is listed on Euronext-Paris and the Vienna stock exchange and has operations in France, Austria, Scotland, Canada and Sweden with approximately 400 employees. More information is available at www.valneva.com.

Contact:

Laetitia Bachelot-Fontaine Teresa Pinzolits

Head of Investor Relations Corporate Communications

& Corporate Communications T +43-1-206 20-1116

T +02-28-07-14-19 M +43-676-84 55 67 357

M +33 (0)6 4516 7099 communications@valneva.com

investors@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.

1 Solomon T et al. J. Neurol. Neurosurg. Psychiatry 2000;68:405-415;

2016_03_16 Valneva US Military PR EN http://hugin.info/143334/R/1994856/734724.pdf

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Source:VALNEVA