Date: 10/19/2006 6:30:00 AM

    SAN DIEGO, Oct. 19 /PRNewswire-FirstCall/ -- Vical Incorporated
(Nasdaq: VICL) today announced that it has received a commitment from an
investment fund of Temasek Holdings (Private) Ltd, an Asia investment firm
headquartered in Singapore, to purchase $25.0 million of its common stock in a
registered direct offering, under which Vical will sell approximately 5.0
million shares pursuant to an effective shelf registration statement at a
price of $5.02 per share, with no commissions.  The transaction is expected to
be completed on October 19, 2006.  Proceeds from the transaction will be used
for further development of Vical's pandemic influenza DNA vaccine candidate,
including funding of Phase 1 human clinical testing, as well as for other
general corporate purposes.

    Vijay B. Samant, Vical's President and Chief Executive Officer, said, "We
are pleased that Temasek Holdings has selected Vical as an addition to its
investment portfolio.  We look forward to the benefits of Temasek's
substantial resources and international perspective as we progress in our
program to develop a DNA vaccine against pandemic influenza."

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.  The shares of common stock
may only be offered by means of a prospectus.  Copies of the final prospectus
supplement and accompanying base prospectus can be obtained from the Corporate
Secretary, Vical Incorporated, 10390 Pacific Center Court, San Diego, CA
92121-4340.

    About Vical

    Vical researches and develops biopharmaceutical products based on its
patented DNA delivery technologies for the prevention and treatment of serious
or life-threatening diseases.  Potential applications of the company's DNA
delivery technology include DNA vaccines for infectious diseases or cancer, in
which the expressed protein is an immunogen; cancer immunotherapeutics, in
which the expressed protein is an immune system stimulant; and cardiovascular
therapies, in which the expressed protein is an angiogenic growth factor.  The
company is developing certain infectious disease vaccines and cancer
therapeutics internally.  In addition, the company collaborates with major
pharmaceutical companies and biotechnology companies that give it access to
complementary technologies or greater resources.  These strategic partnerships
provide the company with mutually beneficial opportunities to expand its
product pipeline and address significant unmet medical needs.  Additional
information on Vical is available at www.vical.com.

    This press release contains forward-looking statements subject to risks
and uncertainties that could cause actual results to differ materially from
those projected, including:  whether the offering will be completed on October
19, 2006, if at all; whether Vical or others will continue development of the
pandemic influenza DNA vaccine candidate; whether the company will conduct
Phase 1 human clinical testing of the influenza vaccine; whether the company's
DNA vaccine candidate will be effective in protecting humans against
influenza; whether Temasek's resources will assist in the development of
Vical's pandemic influenza vaccine candidate; whether any product candidates
will be shown to be safe and efficacious in clinical trials; the timing of
clinical trials; whether Vical or its collaborative partners will seek or gain
approval to market any product candidates; the dependence of the company on
its collaborative partners; and additional risks set forth in the company's
filings with the Securities and Exchange Commission.  These forward-looking
statements represent the company's judgment as of the date of this release.
The company disclaims, however, any intent or obligation to update these
forward-looking statements.

    About Temasek Holdings (Private) Limited

    Incorporated in 1974, Temasek Holdings (Private) Limited (Temasek) is an
Asia investment firm headquartered in Singapore.  Temasek is an active
shareholder and investor that aims to create and maximise sustainable
shareholder value.  It manages a diversified S$129 billion (US$80 billion)
portfolio, concentrated principally in Singapore, Asia and the OECD economies.
Temasek's total shareholder return since 1974 has been 18% compounded
annually.  Temasek has a corporate credit rating of AAA/Aaa by Standard &
Poor's and Moody's respectively.

    Its portfolio spans various industries including telecommunications &
media, financial services, real estate, transportation & logistics, energy &
resources, infrastructure, engineering & technology as well as bioscience &
healthcare.  Companies in its portfolio include Singapore Airlines, Singapore
Telecommunications and DBS Group Holdings, ICICI Bank, Mahindra & Mahindra and
the Apollo Hospital Group; Bank of China and China Construction Bank; Bank
Danamon and Bank Internasional Indonesia; as well as Hana Financial Group.

    Temasek's investments in bioscience & healthcare services consist of
Quintiles (USA), Asia Pacific Pharmaceutical Holdings (Singapore), Matrix Labs
(India), Bumrungrad Hospital (Thailand) and Intercell (Austria).


    For more information on Temasek, please visit www.temasekholdings.com.sg.

    Contacts:  Investors:                  Media:
               Alan R. Engbring            Kim Richards
               Vical Incorporated          Porter Novelli Life Sciences
               (858) 646-1127              (619) 849-5377
               Website:  www.vical.com


SOURCE  Vical Incorporated
    -0-                             10/19/2006
    /CONTACT:  Investors, Alan R. Engbring of Vical Incorporated,
+1-858-646-1127; or Media, Kim Richards of Porter Novelli Life Sciences,
+1-619-849-5377, for Vical Incorporated/
    /Web site:  http://www.temasekholdings.com.sg /
    /Web site:  http://www.vical.com/
    (VICL)

CO:  Vical Incorporated; Temasek Holdings Ltd
ST:  California, Singapore
IN:  FIN HEA MTC BIO
SU:

BK-IL
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