EANS-Adhoc: Intercell AG announces Q4 and preliminary full year 2012 financial results and business update

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Financial Figures/Balance Sheet/quarterly report
05.03.2013

» Further increase in product sales and reduction of net loss in 2012
» Pediatric approval of Intercell's Japanese Encephalitis vaccine in
Europe » Merger between Intercell AG and Vivalis SA to create Valneva
SE progressing well

Q4 and preliminary full year 2012 financial results

» Total revenues in 2012 increased by 8.5% to EUR 35.7m » R&D
expenses reduced by 33.9% to EUR 19.8m » SG&A expenses stable at EUR
15.8m despite increase in sales and marketing costs and one-time
expenses due to announced merger » Revenue growth and further cost
savings led to reduction of full year 2012 net loss to EUR 25.3m
compared to EUR 29.3m in 2011 » Cash position of EUR 44.9m at
year-end » Further growth in JEV product sales expected in 2013;
financial strategy of targeted R&D spending and reduction of net loss
to be continued as part of Valneva

Key Financial Figures
(EUR in thousands)

Year ended December 31, 2012 2011

Revenues 35,665 32,884

Net profit/(loss) (25,337) (29,265)

Net operating cash flow (21,726) (42,858)

Cash, short-term deposits,
and marketable securities,
end of the year 44,933 50,859

Thomas Lingelbach, CEO of Intercell, commented: "This is an exciting
time for the Company and its shareholders. The solid sales growth for
the JEV vaccine along with positive news of pediatric approval in
Europe and the launch of the vaccine in India, demonstrates the
potential for this important vaccine. Following Intercell's
shareholder approval of the merger with Vivalis to form Valneva, we
can build a leading European biotechnology company with greater scale
and diversification, strengthened financial profile, complementary
talent and capabilities, and most importantly, to deliver shareholder
value."

Vienna (Austria), March 5, 2013 - Today, Intercell AG (VSE: ICLL)
announced its financial results for preliminary Q4 and the results
for the full financial year 2012 and provided a business update.

Business Highlights

Solid IXIARO®/JESPECT® sales growth performance

Full year product sales of IXIARO®/JESPECT®, a vaccine to protect
against Japanese Encephalitis (JE), increased to EUR 26.8m in 2012
compared to EUR 21.6m in 2011. This corresponds to a growth of 24.2%
for the full year and 41.6% in Q4 2012 (EUR 8.6m) compared to Q4 2011
(EUR 6.1m). The continuous sales growth of IXIARO®/JESPECT® confirms
the strong potential of the product.

In February 2013, the European Medicines Agency (EMA) and the
European Commission (EC) granted Marketing Authorisation for the
pediatric indication for IXIARO®. The EC decision ratifies the
positive opinion from the European Committee for Human Medicinal
Products (CHMP) in December 2012. The approval in the European Union
provides formal Marketing Authorisation for the pediatric indication
of IXIARO® in all 27 member states as well as Norway, Liechtenstein
and Iceland.

Intercell's next-generation vaccine to protect travelers against JE
has been licensed in more than 30 countries world-wide, and is the
Company's first product on the market. Extension of the approved
indications to include the pediatric age segment in the EU allows the
vaccine to be administered to adults and children aged 2 months and
above who travel to, or live in, endemic areas. Intercell and its
marketing and distribution partners are committed to introducing the
IXIARO® product for administration in all approved age groups as soon
as possible. In the U.S. the pediatric label extension is currently
under review by the FDA.

R&D pipeline progression

Pre-clinical proof of concept for vaccine candidate against Lyme
borreliosis The Company's pre-clinical lead vaccine candidate against
Lyme borreliosis is progressing towards pre-clinical proof of concept
studies according to plan. The proprietary vaccine candidate, based
on a novel technology, has passed all pre-clinical research steps and
is moving towards pre-clinical development in preparation for
clinical entry in 2014.

Corporate/Other

In December 2012, the Management Boards of Vivalis and Intercell
announced that they have agreed the terms of a merger to create the
newly-named Valneva, a leading European biotechnology company in
vaccines and antibodies. The merger will create an integrated company
with greater scale and diversification, strengthened financial
profile, and complementary talent and capabilities.

On February 27, 2013 the Extraordinary General Meeting of Intercell
AG approved the proposed merger of equals between Intercell AG and
Vivalis SA to create Valneva SE. The Extraordinary General Meeting of
Vivalis SA will take place on March 7, 2013.

The merger is expected to close in May 2013, after which Valneva SE
intends to launch a EUR 40m capital increase, subject to regulatory
approval.

At the time of the announcement of the proposed merger of equals
between Vivalis SA and Intercell, Michel Greco, a member of both
Intercell's and Vivalis' Supervisory Boards, resigned from the
Supervisory Board of Intercell. Upon closing of the merger, he will
be a Supervisory Board member of the newly created company Valneva
SE.

The report can be downloaded at http://www.intercell.com/main/investo
rs/financial-reports-presentations/quarterly-reports/

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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issuer: 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