Shares of CureVac (NSDQ:CVAC) continue to rise after the company reportedly raised $213.3 million in its initial public offering on Friday.
According to a report from MarketWatch, the Germany-based biotech outfit priced its IPO at $16 per share and sold more than 13.3 million shares to raise the $213.3 million. Currently, shares of CVAC are trading up 30.2% at $72.77.
The company announced the IPO last Monday, setting the sale range between $14 and $16 per share. In the announcement, CureVac said it intends to use the net proceeds collected from its IPO and a concurrent private placement (the company closed its latest private financing round at $640 million) to fund its mRNA vaccine program against SARS-CoV-2 through the completion of Phase 3.
Additionally, the company intends to fund the expansion of its short-term manufacturing capabilities and to advance a number of its programs through their Phase 2 clinical trials, including programs in oncology and rabies.
CureVac, which is developing a COVID-19 vaccine with backing from the Bill and Melinda Gates Foundation, reportedly gained 249% on its first day of trading last week, and continues to rise after CEO Franz-Werner Haas said in an interview with Boerse Online recently that he was hopeful the company’s vaccine candidate will receive regulatory clearance early next year.
