TÜBINGEN, GERMANY and BOSTON, MA – CureVac N.V. (NASDAQ:CVAC), a pioneer in the field of messenger RNA (mRNA) therapies, today announced the appointment of Thaminda Ramanayake as its new Chief Business Officer, effective June 1, 2024. Ramanayake, with over 15 years of experience in the biopharmaceutical industry, is expected to bolster CureVac's business development and strategic partnership efforts.
Dr. Alexander Zehnder, CEO of CureVac, expressed confidence in Ramanayake's ability to enhance the company's mRNA vaccine and medicine programs. Ramanayake's career includes senior roles at Affini-T Therapeutics, Sanofi (NASDAQ:SNY), BioMarin Pharmaceuticals, and Amgen (NASDAQ:AMGN), where he was instrumental in forging significant clinical collaborations and in-licensing deals.
Ramanayake's appointment comes at a crucial time for CureVac, with the company anticipating the first clinical results in its oncology program later this year. His background in immunology and business, coupled with his experience on Wall Street, positions him as a valuable addition to the CureVac team.
CureVac, based in Tübingen, Germany, has been a significant player in mRNA technology for over two decades. The company's proprietary technology uses mRNA to instruct the human body to produce its proteins to combat a wide array of diseases. CureVac has a robust clinical pipeline that spans prophylactic vaccines, cancer therapies, antibody therapies, and treatments for rare diseases.
The company has also collaborated with GSK in developing prophylactic vaccines for infectious diseases, including second-generation COVID-19 vaccine candidates. With over 1,100 employees worldwide, CureVac continues to focus on expanding the reach of its mRNA-based medicines.
This news is based on a press release statement from CureVac.
InvestingPro Insights
As CureVac N.V. (NASDAQ:CVAC) gears up for the anticipated clinical results in its oncology program and continues to expand its mRNA technology platform, the company's financial health and market performance provide a backdrop to these developments. According to the latest data from InvestingPro, CureVac holds a market capitalization of $582.2 million. Despite a challenging environment, highlighted by a significant sales decline of -55.77% in the last twelve months as of Q1 2023, the company has managed to maintain a price to book ratio of 0.9, suggesting assets may be undervalued relative to the market price.
InvestingPro Tips indicate that CureVac is facing a cash burn issue, quickly utilizing its cash reserves, which is a critical factor for investors considering the company's long-term sustainability. However, it's noteworthy that the company holds more cash than debt on its balance sheet, providing a cushion for its operations in the short term. Additionally, two analysts have revised their earnings upwards for the upcoming period, suggesting a potential improvement in CureVac's financial outlook.
Investors interested in a deeper dive into CureVac's financials and market performance can explore further InvestingPro Tips, with 10 additional tips available at https://www.investing.com/pro/CVAC. For those looking to access comprehensive analyses and exclusive metrics, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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