ExpreS2ion Biotech Holding AB announced that Bavarian Nordic, the exclusive licensee of the ABNCoV2 COVID-19 vaccine, will receive up to DKK 800 million in funding from the Danish Ministry of Health for a Phase III trial to confirm safety and demonstrate efficacy as a booster vaccine, the experimental development of the necessary production processes, and the works related to the required regulatory authorisations. This important milestone means that Bavarian Nordic now has a strong financial position when it comes to completing the ongoing clinical program for ABNCoV2, which is currently being evaluated in a Phase II trial, and the following market registration process. Under the agreement, Bavarian Nordic is entitled to an upfront payment of DKK 80 million, in addition to payments of up to DKK 720 million, which are contingent upon reaching a number of predefined milestones including among others completion of the ongoing Phase II trial, Phase III development milestones and milestones related to upscaling of manufacturing for commercial production of the vaccine. The agreement is subject to final approval by the Finance Committee of the Danish Parliament.