The European Commission is providing the Tübingen company Curevac with 75 million euros for the development of vaccines, especially against the coronavirus. The biopharmaceutical company said it had agreed a loan with the European Investment Bank (EIB). Curevac has been researching a vaccine against the novel coronavirus-related disease Covid-19 since January and started its first human clinical trial in June.
According to the information, the funding is also intended for the completion of a fourth production facility of the company in Tübingen. The money will be made available in three tranches of EUR 25 million each after reaching predetermined milestones.
Expansion of production capacities
Back in March, Commission President Ursula von der Leyen had promised financial support for the company, but at that time announced that it would still fund 80 million euros. The biotech company plans to use part of the funding to have a fourth production facility for so-called messenger RNA (mRNA) built and completed. The production capacities could thus be expanded.
The federal government had recently joined the Tübingen pharmaceutical company and had contributed 300 million euros to Curevac. According to its own statements, Curevac plans to have its Covid 19 vaccine candidate ready for the market by mid-next year.
The EIB recently provided the German company BioNTech with a loan of more than 100 million euros for its work on a vaccine. The EIB has so far supported 13 companies with a total of 316 million euros through an EU fund against infectious diseases in the development of medicines, vaccines and diagnostics.