Curevac cites vaccine research costs, records first quarter loss

A bump in research costs means German biotechnology company Curevac remained in the red for the first quarter, the firm announced on Wednesday.

The company reported earnings before taxes of 112.2 million euros (136.3 million dollars), according to a spokesperson. Most of the losses are linked to research and development investments as the company works on CVnCov, its coronavirus vaccine.

The company had reported losses of 23.9 million euros for the same time period in 2020.

That said, sales increased year-on-year, from 3.1 million euros to 10 million euros. Most of that increase can be attributed to its partnership with British company GlaxoSmithKline, with which Curevac is cooperating on the vaccine.

The company had reported a loss of 129.8 million euros in the first quarter of 2020 and had also attributed this to research and development costs linked to work on its vaccine. The vaccine is now in a rolling review with the European Medicines Agency. Curevac says it expects the drug will earn approval next month.

The company said plans are afoot for a test in Britain to see if Curevac can be used as a booster. About 3,000 people are expected to participate in the test. All will have previously been vaccinated with another inoculation.

Such a shot would be intended to recharge an existing immunization. Results are expected in September.

The two companies are also working on a next generation vaccine that they hope will prove more effective against mutated versions of the coronavirus.

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