Valneva is a vaccine producer that came to the forelight when they disclosed that they were looking at a COVID19 vaccine. Their portfolio focusses on rare deseases that are not yet covered by a vaccine and use the mARN technology.
Current portfolio of studies include: COVID19, Lyme, Zika, Chikungunya, Chlostridiodes.
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### Investment thesis
 
German-french pharmaceuticsl startup based in Nantes, it aims at disrupting the vaccine industry for deseases that have a low incidence and are therefore not extensively researched by big pharma labs.
At time of investment Valneva had achieved 90% efficiency on their 2nd round of trial for their COVID vaccine and were moving towards 3rd (and last) trial phase. Their mutation coverage spans a higher spectrum than competitors which makes this injection a good complement to current mainstream vaccines.
 
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### Risk profile
 
<markclass="orange">High risk</mark>
Start-up with no proven vaccine: no recurring income and solely reliant on the success of their current research. High price volatility linked to expectation of success of trial phases of their fifferent vaccines currently being tested.
