This Bill Gates-backed coronavirus vaccine developer has skyrocketed 431% in just 2 days after going public
- CureVac, a German biotechnology company, skyrocketed in its initial public offering on Friday, raising $213.3 million and more than tripling from its IPO price.
- Shares of the company have continued to surge since its Friday IPO, gaining as much as 52% to $85 per share on Monday — a 431% jump from the company's $16 IPO price.
- The company is backed by billionaire Microsoft founder Bill Gates and is working on a potential coronavirus vaccine.
- Watch CureVac trade live on Markets Insider.
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CureVac, a German biotechnology company, has skyrocketed as much as 431% since its initial public offering on Friday.
The company is backed by Microsoft founder and billionaire Bill Gates, and is working on a potential vaccine for coronavirus. On Friday, it raised $213.3 million in its IPO, pricing 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 surged as much as 52% to reach an all-time high of $85 per share.
CureVac said in a regulatory filing that it will use the proceeds from its IPO for research and development, expanding its manufacturing capabilities, and to fund the clinical development of its potential coronavirus vaccine through the completion of its Phase 3 trial.
The company in June started its Phase 1 coronavirus vaccine trial with healthy human participants, and expects results in the fourth quarter of the year, according to the SEC filing. In addition to the coronavirus, CureVac is working 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 new avenues for developing therapies by enabling the body to make its own drugs," the company said in the filing.
