- Valneva SE (NASDAQ: 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.
Read at Benzinga