CureVac has reached a loan agreement with EIB for the development and production of vaccine candidate against SARS-CoV-2
Headquarters of CureVac in Tübingen. (Credit: Dktue/Wikipedia.)
German biopharmaceutical company CureVac has signed a €75m ($85m) loan agreement with the European Investment Bank (EIB) to support the development of vaccines against infectious diseases.
The company is engaged in developing advanced transformative medicines based on optimised mRNA, and its vaccines development programme includes the development of vaccine candidate CVnCoV, to prevent SARS-CoV-2 infection that causes Covid-19.
CureVac chief financial officer Pierre Kemula said: “We are very pleased with the EIB financing. It allows us to further invest in our mRNA technology platform to fight life-threatening diseases.
“We are working intensively to develop a safe and effective low dose mRNA vaccine against SARS-CoV-2 and started a Phase 1 clinical trial of CVnCoV in June. We are looking forward to expediting the completion of our industrial-scale production site to provide critically needed supply of innovative mRNA-based vaccines.”
CureVac will use the funding to complete its production facility in Tübingen, Germany
CureVac said that the loan from EIB will support its plans to expand its existing Good Manufacturing Practice (GMP) certified production capabilities and complete its fourth production site in Tübingen, Germany.
Under the terms of the agreement, EIB will provide the financing in three €25m ($28m) tranches, subject to the completion of pre-defined milestones.
The financing is backed by the Infectious Diseases Finance Facility (IDFF) a financial product dedicated to supporting the fight against infectious diseases and is part of the Horizon 2020 programme, a joint initiative between European Commission and EIB.
IDFF empowers the EIB to provide between €7.5m ($8.5m) and €75m ($85m) funding for companies engaged in developing vaccines, drugs, medical and diagnostic devices and research infrastructure for combatting infectious diseases.
EIB vice-president Ambroise Fayolle said: “It does not need a pandemic to prove that new vaccines can be breakthroughs for public health.
“But in times like ours, it becomes clear just how important they are to keep societies running globally. In fact, the only way to end the dramatic situation the world is facing since the outbreak of the Covid-19 pandemic would be a safe and effective vaccine.
“Thanks to our cooperation with the European Commission, we can finance more and more innovative biotech and medtech companies, such as CureVac, in their research and development of vaccines, therapeutics and diagnostics solutions. This is an added value of Europe, and the EIB does everything it can to maximise this value for the sake of people.”