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Released April 01, 2020 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The European Union (EU) has offered up to 80 million euro ($88 million) to German vaccine developer CureVac to scale up development and production of a vaccine against the coronavirus in Europe.
The company, which specialises in vaccines that can be kept stable without refrigeration, was in the news recently over claims that U.S. President Donald Trump had attempted to secure exclusive access to a COVID-19 vaccine it is working on. The company has denied the claims.
The support was offered by European Commission President Ursula von der Leyen and would come in form of an EU guarantee of a currently assessed EIB loan of an identical amount, in the framework of the InnovFin Infectious Disease Finance Facility under Horizon 2020.
"In this public health crisis, it is of utmost importance that we support our leading researchers and tech companies," von der Leyen said: "We are determined to provide CureVac with the financing it needs to quickly scale up development and production of a vaccine against the coronavirus. I am proud that we have leading companies like CureVac in the EU. Their home is here. But their vaccines will benefit everyone, in Europe and beyond."
CureVac's vaccine technology is based on messenger RNA (mRNA) molecules that stimulate the immune system. Preliminary studies have shown that the technology holds some promise for rapid response to COVID-19. If proven, millions of vaccine doses could potentially be produced at low costs in existing CureVac production facilities, the European Commission stated. CureVac has already started its COVID-19 vaccine development program and estimates to launch clinical testing in June.
Mariola Fotin-Mleczek, the chief technology officer of CureVac, commented: "Nature has invented mechanisms to activate our immune system against infectious diseases. With our unique messenger RNA technology, we mimic nature and give our body the information how to fight against the virus. The combination of mRNA science, disease understanding, formulation and production expertise make CureVac a unique player to fight against any infectious disease, no matter whether they are seasonal or pandemic."
The award to CureVac is the largest single award to a company tackling the coronavirus. In early March, the Commission awarded funding of 47.5 million euro ($51.6 million) to 17 projects involving 136 research teams, working on developing vaccines, new treatments, diagnostic tests and medical systems aimed at preventing the spread of the coronavirus. It also committed up to 45 million euro ($49 million) for research on vaccines and treatments through a call published on March 3 by the Innovative Medicines Initiative (IMI), which is to be matched by the pharmaceutical industry.
CureVac became the centre of some controversy in March when a German newspaper alleged that Trump had offered to purchase the rights to its coronavirus vaccine following a visit to the White House by CureVac's former Chief Executive Officer Daniel Menichella. The company said it "rejects allegations about offers for acquisition of the company or its technology." Days later, Menichella was replaced as CEO.
Last week, Industrial Info reported that Pfizer (NYSE:PFE) (New York, New York) had become the latest company to sign a deal with Germany's BioNTech SE to co-develop a potential vaccine for the coronavirus. The companies have signed a letter of intent to jointly develop BioNTech's mRNA-based vaccine candidate BNT162 to prevent COVID-19 infection. BioNTech has also struck a deal with China's Fosun Pharmaceutical (Group) Company to fast-track clinical trials of BNT162 in China. For additional information, see February, 2020, article - Pfizer Looks to Europe For Coronavirus Vaccine.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company, which specialises in vaccines that can be kept stable without refrigeration, was in the news recently over claims that U.S. President Donald Trump had attempted to secure exclusive access to a COVID-19 vaccine it is working on. The company has denied the claims.
The support was offered by European Commission President Ursula von der Leyen and would come in form of an EU guarantee of a currently assessed EIB loan of an identical amount, in the framework of the InnovFin Infectious Disease Finance Facility under Horizon 2020.
"In this public health crisis, it is of utmost importance that we support our leading researchers and tech companies," von der Leyen said: "We are determined to provide CureVac with the financing it needs to quickly scale up development and production of a vaccine against the coronavirus. I am proud that we have leading companies like CureVac in the EU. Their home is here. But their vaccines will benefit everyone, in Europe and beyond."
CureVac's vaccine technology is based on messenger RNA (mRNA) molecules that stimulate the immune system. Preliminary studies have shown that the technology holds some promise for rapid response to COVID-19. If proven, millions of vaccine doses could potentially be produced at low costs in existing CureVac production facilities, the European Commission stated. CureVac has already started its COVID-19 vaccine development program and estimates to launch clinical testing in June.
Mariola Fotin-Mleczek, the chief technology officer of CureVac, commented: "Nature has invented mechanisms to activate our immune system against infectious diseases. With our unique messenger RNA technology, we mimic nature and give our body the information how to fight against the virus. The combination of mRNA science, disease understanding, formulation and production expertise make CureVac a unique player to fight against any infectious disease, no matter whether they are seasonal or pandemic."
The award to CureVac is the largest single award to a company tackling the coronavirus. In early March, the Commission awarded funding of 47.5 million euro ($51.6 million) to 17 projects involving 136 research teams, working on developing vaccines, new treatments, diagnostic tests and medical systems aimed at preventing the spread of the coronavirus. It also committed up to 45 million euro ($49 million) for research on vaccines and treatments through a call published on March 3 by the Innovative Medicines Initiative (IMI), which is to be matched by the pharmaceutical industry.
CureVac became the centre of some controversy in March when a German newspaper alleged that Trump had offered to purchase the rights to its coronavirus vaccine following a visit to the White House by CureVac's former Chief Executive Officer Daniel Menichella. The company said it "rejects allegations about offers for acquisition of the company or its technology." Days later, Menichella was replaced as CEO.
Last week, Industrial Info reported that Pfizer (NYSE:PFE) (New York, New York) had become the latest company to sign a deal with Germany's BioNTech SE to co-develop a potential vaccine for the coronavirus. The companies have signed a letter of intent to jointly develop BioNTech's mRNA-based vaccine candidate BNT162 to prevent COVID-19 infection. BioNTech has also struck a deal with China's Fosun Pharmaceutical (Group) Company to fast-track clinical trials of BNT162 in China. For additional information, see February, 2020, article - Pfizer Looks to Europe For Coronavirus Vaccine.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
