Drug maker gets money from Germany for vaccine

German pharmaceutical company CureVac says it is receiving a further 252 million euros (USD 298 million) to develop a coronavirus vaccine. The company says its request for additional funding has been approved by Germany's Ministry for Education and Research, provided certain milestones are reached. Germany's state-owned KfW bank has already taken a 23% stake in CureVac for 300 million euros.

German pharmaceutical company CureVac says it is receiving a further 252 million euros (USD 298 million) to develop a coronavirus vaccine. The company says its request for additional funding has been approved by Germany's Ministry for Education and Research, provided certain milestones are reached.

Germany's state-owned KfW bank has already taken a 23% stake in CureVac for 300 million euros. The company launched an initial public offering of shares, but its main shareholder remains Dietmar Hopp, the co-founder of German software giant SAP.

CureVac is among a small number of companies that aim to develop a COVID-19 vaccine using mRNA technology that experts say could allow rapid inoculation on a larger scale than traditional forms of vaccination..