Valneva Says Working On Remediation Plan For Investigational COVID-19 Vaccine

Valneva SE VALN proposed a remediation plan after receiving the European Commission's notice of intent to terminate the advance purchase agreement for its inactivated COVID-19 vaccine candidate.
"Some member states have confirmed their interest in having an inactivated, adjuvanted whole-virus vaccine solution in their portfolio," the company said.
"However, the preliminary, unofficial volume indications received from the European Commission would not be sufficient to ensure the sustainability of Valneva's COVID-19 vaccine program," the company added.
Related: EU Says Final Decision Yet To Be Taken On Terminating Valneva COVID-19 Vaccine Deal.
"We hope that the EC and its member states will continue to evaluate the potential advantages of an inactivated vaccine," said Thomas Lingelbach, Valneva's CEO.
In parallel, the regulatory process with the European Medicines Agency (EMA) continues as planned, Valneva said.
EMA's Committee for Medicinal Products for Human Use is set to take a final vote during the week of June 21 on whether to endorse the vaccine.
Also Read: Valneva Receives More Questions From European Regulator For Its COVID-19 Vaccine, Shares Fall.
Price Action: VALN shares are down 18.60% at $16.28 during the premarket session on the last check Monday.