Valneva SE

Regulatory Filings • Feb 9, 2009

VIVALIS ACHIEVES SIGNIFICANT MILESTONES IN THE DEVELOPMENT OF HUMAN FLU VACCINES BASED ON THE EB66® CELL LINE

Nantes (France) – 9th February 2009 − Vivalis (NYSE Euronext: VLS) today announced the achievement of two significant milestones in its collaboration with GlaxoSmithKline Biologicals (LSE: GSK) to develop new influenza vaccines based on Vivalis' innovative proprietary EB66® cell line technology. This has resulted in the corresponding milestones billing made in 2008 of an undisclosed amount.

These milestones included the designing of a manufacturing process capable of obtaining a high level of virus productivity compatible with industrial development and an important step in the characterization of the sanitary status of the EB66® cell line.

The worldwide collaboration and license agreement is devoted to developing a new way of producing both seasonal and pandemic human influenza vaccines. The new EB66® cellular technology developed by Vivalis has the potential to provide greater control and efficiency as compared with the traditional method which uses embryonated chicken eggs. This new technology may also contribute to the ability to respond more efficiently to increased demand in the event of an avian flu pandemic outbreak. The EB66® cell line is one of the rare cell lines to have been selected by the pharmaceutical industry throughout the world for the manufacture of flu vaccines.

According to the WHO, every year worldwide more than 10% of the population contract the flu virus that is responsible for 250,000 to 500,000 deaths (WHO estimation, www.who.int). Every year more than 400 millions doses of influenza vaccine are produced worldwide by the pharmaceutical industry. The flu vaccine market that today represents revenue of more than \$3 billion is expected to increase to \$4 billion in 2012 with the aging of the population (source Datamonitor). GSK is a world leader in influenza product development with an established portfolio of influenza products and committed to developing new alternatives in the prevention and treatment of influenza that may provide greater benefits and improve outcomes.

"We are extremely satisfied with the quality and the pace of progress of our collaboration with GSK Biologicals in the area of flu vaccine development. The achievement of these major milestones in the validation of our technology, within the initial timetable, confirms the innovative nature and high added value of the EB66® technology for the manufacture of vaccines." said Franck Grimaud, CEO.

"Along with the new recombinant anticancer and anti-infection vaccines, the influenza sector constitutes a third major area of development for Vivalis that will contribute to establishing the EB66® platform as the benchmark technology to replace egg-based production for the manufacture of viral vaccines"

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Next financial press release: March 31, 2009, after NYSE Euronext market closing: 2008 annual results

About Vivalis (www.vivalis.com)

VIVALIS (NYSE- Euronext: VLS) is a biopharmaceutical company that provides innovative cell-based solutions to the pharmaceutical industry for the manufacture of vaccines and proteins, and develops drugs for the prevention and treatment of viral diseases. VIVALIS' expertise and intellectual property are exploited in three main areas:

1. The development and manufacturing of vaccines. VIVALIS offers research and commercial licenses for its EB66® cell line, derived from duck embryonic stem cells, to pharmaceutical and biotechnology companies for the production of viral vaccines. Vivalis receives up front, milestones, and royalties on its licensees net sales.

2. The development of production systems for recombinant proteins and monoclonal antibodies. VIVALIS licenses its EB66® cell line for the production of recombinant proteins to biotechnology and pharmaceutical companies. Vivalis receives up front, milestones, and royalties on its licensees net sales.

3. The construction of a portfolio of proprietary products in the area of vaccines and anti-viral molecules (hepatitis C).

Based in Nantes (France), VIVALIS was founded in 1999 by the Grimaud group (1,450 employees), the second largest group worldwide in animal genetic selection. VIVALIS has established more than 25 partnerships or licensees with world leaders in this sector. VIVALIS is a member of the French ATLANTIC BIOTHERAPIES bio-cluster.

VIVALIS Listed on Euronext Paris – Compartment C of NYSE Euronext Reuters: VLS.PA – Bloomberg: VLS FP Included in NYSE Euronext's Next Biotech index

For further information please contact:

VIVALIS Newcap Franck Grimaud, CEO investors@vivalis.com vivalis@newcap.fr

Financial Communication Agency Steve Grobet / Emmanuel Huynh Phone: +33 (0) 228 07 37 10 Phone: +33 (0) 1 44 71 94 91