TÜBINGEN, GERMANY and BOSTON, MA - CureVac N.V. (NASDAQ:CVAC), a biopharmaceutical company specializing in mRNA technology, today announced the appointment of Axel Sven Malkomes as its new Chief Financial Officer, starting November 11, 2024. Malkomes, an experienced investment banker and CFO, is expected to play a critical role in CureVac's strategic initiatives and financial stability as the company embarks on a new phase of corporate development.
With over 30 years of experience in the biotech and pharmaceutical sectors, Malkomes brings a wealth of knowledge to CureVac. His previous role was CFO at Cardior Pharmaceuticals GmbH, where he was instrumental in preparing the company for capital markets and supporting its acquisition by Novo Nordisk (NYSE:NVO) in 2024. Prior to that, Malkomes held the position of CFO and Chief Business Officer at Medigene AG, where he played a key role in extending the company's cash runway and expanding its portfolio of strategic collaborations.
Malkomes' extensive background also includes senior roles in healthcare investment banking at Barclays and Société Générale, and he co-headed European healthcare investments at 3i (LON:III) Group plc. His early career included positions at Dresdner Bank, Credit Suisse, and Lehman Brothers, focusing on corporate finance and M&A in healthcare and life sciences.
Dr. Alexander Zehnder, CEO of CureVac, expressed confidence in Malkomes' ability to enhance shareholder value and strengthen the company's financial foundation. Malkomes himself is excited to join CureVac during a transformative period, especially following a recent deal with GSK, and is eager to contribute to the company's future success.
CureVac, founded in 2000, has been a pioneer in mRNA technology, contributing to the development of mRNA vaccines against COVID-19 and exploring applications in cancer vaccines, prophylactic vaccines, and protein therapies. The company operates in Germany, the Netherlands, Belgium, Switzerland, and the U.S.
This news is based on a press release statement from CureVac. The company's forward-looking statements involve risks and uncertainties, including economic conditions, funding, regulatory approvals, reliance on third parties, competition, and the impact of COVID-19, among others. These statements do not guarantee future performance and should be viewed with caution. Further details can be accessed through the SEC.
In other recent news, CureVac N.V. has reported positive preliminary results from the first part of its Phase 1 study of the CVGBM cancer vaccine for glioblastoma patients. The vaccine was generally well tolerated and induced specific T-cell responses in a majority of patients. CureVac has also initiated Part B of the study, aiming to further assess safety, tolerability, and immunogenicity at a 100 µg dose.
In collaboration with GlaxoSmithKline (NYSE:GSK), CureVac reported encouraging Phase 2 results for its mRNA-based seasonal influenza vaccine. This positive outcome supports the progression of the vaccine program to Phase 3 trials, which will trigger a significant milestone payment for CureVac.
In the realm of corporate developments, GSK has acquired mRNA vaccine rights from CureVac in a deal valued at €1.05 billion. This agreement allows GSK to develop and manufacture vaccine candidates for influenza and COVID-19 using mRNA technology.
CureVac has also appointed Dr. Mehdi Shahidi, a clinical oncologist, as an independent director to its Supervisory Board. His expertise is expected to contribute significantly to CureVac's advancement of mRNA-based cancer vaccines. Lastly, CureVac has disclosed key dates for its impending patent disputes with Pfizer/BioNTech in various jurisdictions, which could shape the company's operations and strategic direction.
InvestingPro Insights
As CureVac N.V. (NASDAQ:CVAC) welcomes Axel Sven Malkomes as its new CFO, investors might be curious about the company's financial health and market performance. According to InvestingPro data, CureVac's market capitalization stands at $619.11 million, reflecting its position in the biotech sector.
The company's revenue growth is noteworthy, with a 75.11% increase over the last twelve months as of Q2 2024, and an even more impressive 90.47% quarterly growth in Q2 2024. This robust revenue expansion aligns with CureVac's ongoing developments in mRNA technology and strategic initiatives.
However, profitability remains a challenge for CureVac. An InvestingPro Tip highlights that the company is not profitable over the last twelve months, with a negative gross profit margin of -131.0%. This financial situation underscores the importance of Malkomes' appointment, as his experience in extending cash runways and strategic financial management could be crucial for CureVac's future.
On a positive note, another InvestingPro Tip indicates that CureVac holds more cash than debt on its balance sheet, which could provide some financial flexibility as the company pursues its growth strategies and research initiatives.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for CureVac, providing deeper insights into the company's financial health and market position.
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