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Fresh out of $640 million in line with previous individual financing this summer, Curevac BV entered the public market on Friday with an initial public offering of $213.3 million on the Nasdaq. With a value of $16 consistent with the percentage-consistent premium (NADAQ: CVAC), the company’s inventory increased by more than 249% to close by $55.90 on August 14, driven by enthusiasm for its mNR vaccine program opposite SARS-CoV-2. Dievini Hopp Biotech Holding GmbH – Co. KG, Curevac’s consequential majority shareholder and long-standing partner, has invested one hundred million euros (US$118.3 million) in the company through a simultaneous placement consistent with the individual.
Curevac, which attracted renewed attention to the COVID-19 pandemic along with other mRN vaccine developers, such as Moderna Inc. and Biontech SE, plans to publish the effects of its coronavirus vaccine program, CVnCoV, in the fourth quarter. He would begin a phase IIb/III trial of the vaccine in the same trimester, he said. The T-bingen-based company is in the process of strengthening its production capacity through the construction of a fourth GMP facility that could potentially obtain tissues for billions of doses of its candidate vaccines, it said in a regulatory archive.
Curevac, which planned to sell shares for between $14 and $16 before playing the figure, sold 13.33 million shares at the time of the IPO. Demand for sources increased, with more than 23 million shares traded on Friday. Subscribers, in addition to related book holders BofA Securities, Jefferies and Credit Suisse, have the option to purchase up to 1.99 million additional shares in 30 days.
In July, Curevac announced that it had already transported a total of $640 million, from equity investments in the past announced through the German government through Kreditanstalt fr Wiederaufbau with $343 million and Glaxosmithkline plc with 130 million pounds ($171 million), as well as new shares of Qatar Investment Authority and an organization of new and existing investors of approximately $126 million.
The IPO’s net income, Curevac said, will be used to fund its SARS-CoV-2-opposed mNR vaccine until the end of Phase III, as well as other ongoing clinical and preclinical programs.
On the COVID-19 front, the company first needs to identify the optimal dose of the vaccine candidate, using results of its phase I study. Once those data arrive, it will embark on a global phase IIb study. That trial is expected to be a global randomized, active controlled, observer blind study with enrollment sites in Europe, Latin America, Africa and Asia to evaluate the safety, reactogenicity and immunogenicity of CVnCoV in a broad population, it said. Importantly, the trial will include older adults who are at increased risk for severe illness if they contract the virus.
A Phase III exam to be followed is also expected to be design, recruiting up to 20,000 participants over the age of 18, the company said.
In addition to his COVID-19 vaccine, Curevac said he plans to invest the budget raised in the IPO to advance his core clinical program, the CV-8102 cancer vaccine, and his rabies vaccine, CV-7202, through the final touch of Phase II trials.
CV-8102 is a single-strand non-coding RNA complex that has been optimized to maximize activation of mobile receptors that usually run into viral pathogens entering mobiles, mimicking a viral tumor infection. Lately it is being evaluated in a phase I trial for the remedy of 4 types of counterfeit tumors: skin melanoma, cystic adenoid carcinoma, squamous skin carcinoma and squamous head and neck carcinoma.
CV-7202, a rabies virus glycoprotein that encodes mNR, RABV-G, formulated with LNP, is lately in a Phase I trial for possible rabies vaccination. In January, preliminary knowledge of the, which apparently induces an adaptive immune reaction after the moment dose at the lowest degrees of doses tested, was reported. Curevac plans to report the monitoring knowledge of the test in the fourth quarter and launch a Phase II until mid-2021.
The IPO comes after a tumultuous era in the company’s executive suite, which saw former acting CEO Franz-Werner Haas as permanent CEO. Haas had replaced founding CEO Ingmar Hoerr who, after CEO Daniel Menichella left the company in March, took a medical license from Curevac. At the same time as Haas took over more permanently, Curevac also appointed a new clinical director, Igor Splawski.
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