RTTNews | May 26, 2021 07:45AM EDT

07:45 Wednesday, May 26, 2021 (RTTNews.com) - Biopharmaceutical company CureVac N.V. (CVAC) reported Wednesday a pre-tax loss of 112.2 million euros for the first quarter of 2021, sharply wider than a pre-tax loss of 23.9 million euros in the prior-year quarter.

Financial result for the first quarter was a gain of 3.6 million euros, compared to a loss of 0.7 million euros for year-ago quarter. This net gain was driven mainly by foreign exchange gains, which were partly offset by negative interest on cash, which is being held in liquid funds to be available for use in the CVnCoV R&D and manufacturing activities.

Operating loss for the quarter also sharply widened to 115.8 million euros from 23.2 million euros last year, driven by higher research and development costs from our ongoing Phase 2/3 clinical trials of CVnCoV.

Revenues for the quarter more than tripled to 10.0 million euros from 3.1 million euros in the same quarter last year.

This increase was primarily driven by 9.1 million euros in revenue recognized under the collaboration agreement with GlaxoSmithKline plc (GSK), entered into in July 2020, for the research, development, manufacturing and commercialization of mRNA-based vaccines and monoclonal antibodies targeting infectious disease pathogens.

CureVac currently expects the first clinical trials for CV2CoV to start in the third quarter of 2021. CV2CoV is CureVac's second-generation vaccine candidate in its COVID-19 vaccine program, developed in collaboration with GSK.

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