Reuters
- CureVac, a German-based biotechnology company, jumped $ 213.3 million and more than a third of its IPO price in its initial public offering on Friday.
- Shares of the company have continued to grow since its Friday IPO, gaining as much as 52% to $ 85 per share on Monday – a jump of 431% from the IPO price of $ 16 from the company.
- The company is backed by billionaire Microsoft founder Bill Gates and is working on a potential coronavirus vaccine.
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CureVac, a German biotechnology company, has skyrocketed 431% since its first public offering on Friday.
The company is backed by Microsoft founder and billionaire Bill Gates, and is working on a potential coronavirus vaccine. On Friday, it raised $ 213.3 million in its IPO, priced at $ 16 per share, the high end of its expected range.
In its public trading debut, shares more than tripled, ending the day up 249% at $ 55.90 per share. On Monday, the biotech company’s epic rally continued, as shares rose as much as 52% to reach a total of $ 85 per share.
Read more: Charles Schwab’s stock-picking chef told us why a COVID-19 vaccine would trigger a mass exit of tech stocks – and found 3 companies that would profit instead
CureVac said in a regulatory submission that it will use the proceeds of its IPO for research and development, expand its production capabilities, and fund the clinical development of its potential coronavirus vaccine by completing its Phase 3 trial.
The company began its Phase 1 coronavirus vaccine test with healthy human participants in June, and expects results in the fourth quarter, according to the SEC report. In addition to coronavirus, CureVac works on vaccines for rabies and other infectious diseases, as well as treatments for tumors, cancers, and other diseases.
“Our vision is to revolutionize medicine and open up new possibilities for the development of therapies by enabling the body to make its own medicines,” the company said in the submission.
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