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Strategic restructuring features a workforce discount of roughly 30%, re-focusing on analysis, growth, and innovation to create leaner and extra agile group
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Prioritization of high-value alternatives in oncology and different chosen illnesses, leveraging proprietary mRNA know-how to develop novel therapy approaches
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Firm expects to ship two or extra scientific candidates by the tip of 2025 and plans to provoke a minimum of two new Part 1 research by the tip of 2026
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Money runway prolonged into 2028 by mixture of recent licensing settlement with GSK, decreased working bills and enhanced monetary self-discipline
TÃœBINGEN, GERMANY and BOSTON, MA / ACCESSWIRE / July 3, 2024 / CureVac N.V. (Nasdaq:CVAC) (“CureVac”), a world biopharmaceutical firm growing a brand new class of transformative medicines primarily based on messenger ribonucleic acid (“mRNA”), at this time introduced a big strategic restructuring to focus its sources on high-value mRNA initiatives in oncology and different choose areas of considerable unmet medical want. The restructuring features a workforce discount of roughly 30% to create a leaner, extra agile group re-focused on know-how innovation, analysis and growth.
The restructuring initiative follows the current new licensing settlement with GSK, valued at as much as €1.45 billion plus royalties. Underneath the brand new settlement, GSK assumes management of the event, manufacturing and world commercialization of COVID-19 and influenza packages, together with mixtures, enabling CureVac to focus on its core strengths.
“We have achieved remarkable progress in advancing our mRNA platform, evidenced by promising Phase 2 data for influenza and COVID-19 and the recent licensing agreement with GSK,” mentioned Dr. Alexander Zehnder, Chief Govt Officer of CureVac. “Now, we can embark on a new chapter for CureVac. The new GSK agreement not only provides substantial financing but also allows us to streamline our operations and focus on technology innovation, research, and development. It enables us to prioritize our oncology programs and further leverage our technology in other areas where mRNA is uniquely suited to develop novel treatment approaches. While the approximately 30% workforce reduction is a difficult decision on a personal level, I am convinced that this is a necessary step to ensure the long-term success of CureVac. As we implement this change, we are grateful to all our employees for their dedication, passion and commitment in advancing mRNA-based therapies to patients.”
The corporate expects to report information from the Part 1 examine of its most cancers vaccine candidate CVGBM in glioblastoma within the second half of 2024. By the tip of 2025, CureVac expects to have two scientific candidates for shared-antigen most cancers vaccines in strong tumor and hematological cancers, together with one in collaboration with researchers at M.D. Anderson, with the plan to provoke two further Part 1 research by the tip of 2026.
Because of the restructuring, CureVac expects operational bills to lower by greater than 30% from 2025 onward, together with a lower of personnel prices of roughly €25 million. The corporate estimates that it’s going to incur one-time restructuring expenses of roughly €15 million, together with worker severance, advantages, and associated prices, which it expects to incur within the fourth quarter of 2024. The fees that CureVac expects to incur are topic to quite a few assumptions, together with native regulation necessities, and precise bills might differ materially from the estimates.
The price financial savings, mixed with an upfront fee of €400 million and as much as €1.05 billion in milestones plus tiered royalties from the GSK settlement, will prolong CureVac’s money runway into 2028. Further monetary and strategic updates can be supplied through the Q3 earnings name in November 2024.
About CureVac
CureVac (Nasdaq: CVAC) is a pioneering multinational biotech firm based in 2000 to advance the sphere of messenger RNA (mRNA) know-how for utility in human medication. In additional than twenty years of growing, optimizing, and manufacturing this versatile organic molecule for medical functions, CureVac has launched and refined key underlying applied sciences that have been important to the manufacturing of mRNA vaccines in opposition to COVID-19, and is at present laying the groundwork for utility of mRNA in new therapeutic areas of main unmet want. CureVac is leveraging mRNA know-how, mixed with superior omics and computational instruments, to design and develop off-the-shelf and personalised most cancers vaccine product candidates. It additionally develops packages in prophylactic vaccines and in remedies that allow the human physique to provide its personal therapeutic proteins. Headquartered in Tübingen, Germany, CureVac additionally operates websites within the Netherlands, Belgium, Switzerland, and the U.S. Additional data might be discovered at www.curevac.com .
CureVac Media Contact
Patrick Perez, Junior Supervisor Public Relations
CureVac, Tübingen, Germany
T: +49 7071 9883-1831
patrick.perez@curevac.com
CureVac Investor Relations Contact
Dr. Sarah Fakih, Vice President Company Communications and Investor Relations
CureVac, Tübingen, Germany
T: +49 7071 9883-1298
M: +49 160 90 496949
sarah.fakih@curevac.com
Ahead-Trying Statements CureVac
This press launch accommodates statements that represent “forward looking statements” as that time period is outlined in the USA Non-public Securities Litigation Reform Act of 1995, together with statements that specific the opinions, expectations, beliefs, plans, goals, assumptions or projections of CureVac N.V. and/or its wholly owned subsidiaries CureVac SE, CureVac Manufacturing GmbH, CureVac Inc., CureVac Swiss AG, CureVac Company Companies GmbH, CureVac RNA Printer GmbH, CureVac Belgium SA and CureVac Netherlands B.V. (the “company”) relating to future occasions or future outcomes, in distinction with statements that mirror historic details. Examples embody dialogue of the potential efficacy of the corporate’s vaccine and therapy candidates and the corporate’s methods, financing plans, development alternatives and market development. In some instances, you possibly can determine such forward-looking statements by terminology akin to “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” or “expect,” “may,” “will,” “would,” “could,” “potential,” “intend,” or “should,” the damaging of those phrases or related expressions. Ahead-looking statements are primarily based on administration’s present beliefs and assumptions and on data at present accessible to the corporate. Nonetheless, these forward-looking statements aren’t a assure of the corporate’s efficiency, and you shouldn’t place undue reliance on such statements. Ahead-looking statements are topic to many dangers, uncertainties and different variable circumstances, together with damaging worldwide financial circumstances and ongoing instability and volatility within the worldwide monetary markets, capability to acquire funding, capability to conduct present and future preclinical research and scientific trials, the timing, expense and uncertainty of regulatory approval, reliance on third events and collaboration companions, capability to commercialize merchandise, capability to fabricate any merchandise, attainable modifications in present and proposed laws, rules and governmental insurance policies, pressures from growing competitors and consolidation within the firm’s trade, the results of the COVID-19 pandemic on the corporate’s enterprise and outcomes of operations, capability to handle development, reliance on key personnel, reliance on mental property safety, capability to offer for affected person security, fluctuations of working outcomes as a result of impact of alternate charges, delays in litigation proceedings, totally different judicial outcomes or different components. Such dangers and uncertainties might trigger the statements to be inaccurate and readers are cautioned to not place undue reliance on such statements. Many of those dangers are outdoors of the corporate’s management and will trigger its precise outcomes to vary materially from these it thought would happen. The forward-looking statements included on this press launch are made solely as of the date hereof. The corporate doesn’t undertake, and particularly declines, any obligation to replace any such statements or to publicly announce the outcomes of any revisions to any such statements to mirror future occasions or developments, besides as required by regulation.
For additional data, please reference the corporate’s reviews and paperwork filed with the U.S. Securities and Trade Fee (SEC). You might get these paperwork by visiting EDGAR on the SEC web site at www.sec.gov .
SOURCE: CureVac
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