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CureVac earns €252M grant from German Ministry for COVID-19 vaccine

September 4, 2020

CureVac (NASDAQ:CVAC) jumps 5% premarket after being notified by the German Federal Ministry of Education and Research that the Company is expected receive up to €252M to support the development of its COVID-19 vaccine candidate.

In July 2020, CureVac had applied to a grant as part of a special program to accelerate the R&D of vaccines against SARS-CoV-2.

The grant is also expected to be used for rapid expansion of the COVID-19 vaccine production along with vaccine development.

Payments are contingent on reaching predefined milestones. CureVac expects funding of up to €103M in 2020 and up to €149M in 2021.

CVAC rallies around 256% since its IPO price of $16 launched in August 2020, currently trading at ~$60.

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