EANS-News: Intercell AG / Intercell and Vivalis provide update on the progress towards intended merger

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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Company Information

Wien (euro adhoc) - Nantes (France) and Vienna (Austria), January 28,
2013 - On 16 December 2012, Vivalis SA ("Vivalis") and Intercell AG
("Intercell") announced their intention to merge and form Valneva SE
("Valneva"). The merger is progressing well, in line with the
timeline communicated at time of announcement:

* The French merger document (Document E) has been registered by the
Autorité des marchés financiers (AMF) on 23 January 2013

* The full set of applicable merger documents have been made
available on Intercell and Vivalis websites

* Intercell and Vivalis General Meetings have been convened and will
take place on 27 February 2013 and 4 March 2013 respectively

* Merger is expected to close in May 2013, after which Valneva
intends to launch a EUR 40 million capital increase, subject to
regulatory approval

Additionally, Vivalis and Intercell have finalized the proposed
governance of Valneva, agreeing on the following initial Supervisory
Board (Conseil de Surveillance) composition:

* Frédéric Grimaud (Chairman), Alain Munoz and Michel Gréco proposed
by Vivalis

* Prof. Alexander von Gabain, James Sulat, and Prof. Hans Wigzell
proposed by Intercell

* Anne-Marie Graffin proposed by the Fonds Stratégique
d'Investissement ("FSI"), to be nominated upon closing of the planned
capital increase

In addition to the listing of Valneva Ordinary Shares on NYSE
Euronext Paris and on the Vienna Stock Exchange, Vivalis and
Intercell have decided to also apply for the listing of the Preferred
Shares on Euronext Paris, upon completion of the merger.

Thomas Lingelbach, future President and Chief Executive Officer of
Valneva, and Franck Grimaud, future President and Chief Business
Officer commented: "We are extremely pleased with the progress made
on the merger and are moving according to our planned timeline. We
expect the merger to close in May and are ready and very enthusiastic
about the next phase."

Further inquiry note:
Intercell AG
Nina Waibel
Corporate Communications
Tel. +43 1 20620-1222
communications@intercell.com

end of announcement euro adhoc
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company: Intercell AG
Campus Vienna Biocenter 3
A-1030 Wien
phone: +43 1 20620-0
FAX: +43 1 20620-800
mail: investors@intercell.com
WWW: www.intercell.com
sector: Biotechnology
ISIN: AT0000612601
indexes: ATX Prime
stockmarkets: official market: Wien
language: English