PARIS (Reuters). French vaccines firm Valneva is aiming for European approval of its COVID-19 vaccine. It announced that it has secured financing from U.S. healthcare investment companies Deerfield Management Company, OrbiMed.

Valneva announced that the company had reached an agreement to double its debt financing agreement of $60 million. This was in addition to an additional $40m with OrbiMed and Deerfield.

The company stated that Valneva would have immediate access to $20,000,000 and an additional $20,000,000 if VLA2001 is approved by the European Medicines Agency.