Tübingen – Tübingen biotech company Curevac is still in the red due to the withdrawal of its first vaccine candidate.
Last year’s operating loss was € 412.3 million (2020: € 109.8 million), according to a company announcement on Thursday. The increase in R&D expenses was mainly due to significantly higher costs than the then relevant approval phase 2b / 3 study with 40,000 subjects.
Pre-tax losses for the year 2021 (ended December 31) amounted to 412.5 million euros. In 2020 it was 129.8 million euros. Sales increased last year to € 103.0 million after € 48.9 million in 2020.
According to CFO Pierre Kemula, most of the commitments related to the withdrawal of the first candidate vaccine (CVnCoV) have now been resolved. “It is important that we have received confirmation from the European Union that the prepayment of 450 million relating to the terminated CVnCoV pre-emption agreement must not be repaid.”
Curevac initiated a clinical trial of its new vaccine candidate (CV2CoV) against Corona in late March. After CVnCoV withdrew from the approval process last year due to relatively weak efficacy, Curevac and its UK partner – pharmaceutical company GlaxoSmithKline (GSK) – have started developing a new vaccine.
The preparation of the Tübingen company is a so-called mRNA vaccine, like the vaccines from Biontech / Pfizer (Germany / USA) and Moderna (USA). According to Curevac, data from the new Phase 1 study is expected in the second half of 2022.