BERLIN, July 6 (Xinhua) -- The German biotechnology company CureVac would receive a 75-million-euro (85 million U.S. dollars) loan by the European Investment Bank (EIB) for developing vaccines and expanding the company's production, according to a joint statement by EIB and CureVac on Monday.
CureVac, headquartered in Tubingen, is currently carrying out a first clinical trial of its COVID-19 vaccine in Germany. In June, the company became the second biotechnology firm after BioNTech to receive permission for clinical trials of a coronavirus vaccine in Germany.
"The only way to end the dramatic situation the world is facing since the outbreak of the COVID-19 pandemic would be a safe and effective vaccine," said Ambroise Fayolle, EIB vice-president in charge of innovation and health.
The EIB financing would be provided in three 25-million-euro tranches upon "completion of pre-defined milestones," according to the statement. The transaction was financed under a European Union (EU) research and innovation program.
"The coronavirus will be with us, as long as we do not have a vaccine against it. This is why our work on this front, together with international actors, is so crucial," Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, said in a joint press release by the European Commission and the EIB on Monday.
"With our support to CureVac, we accelerate our efforts to find safe and effective solutions for everyone in Europe and globally," added Gabriel.
In mid-June, Germany's Ministry for Economic Affairs and Energy had announced that the government would invest 300 million euros in CureVac to support its development and projects.
"CureVac's technology has the potential to develop disruptive new vaccines and therapeutic modalities that are accessible for many people and available via the market," said German Minister for Economic Affairs and Energy Peter Altmaier when announcing the investment.