CureVac (NASDAQ:CVAC) has announced a restructuring plan aimed at increasing its focus on high-value messenger RNA (mRNA) initiatives, with a particular emphasis on oncology and unmet medical needs.
The company will streamline its operations, with a workforce reduction of 30%, to accelerate technological innovation and development. The announcement comes on the heels of a new licensing agreement with GSK valued at $ 1.56 billion.
In a statement, Dr. Alexander Zehnder, CEO of CureVac, said regarding the new agreement with GSK, “It enables us to prioritize our oncology programs and further leverage our technology in other areas where mRNA is uniquely suited to develop novel treatment approaches.”
The company aims to release data from the Phase I clinical trial of its cancer vaccine candidate, CVGBM, to treat glioblastoma, later this year. CureVac also intends to have two clinical candidates for shared-antigen cancer vaccines in both solid tumor and hematological cancers by the end of 2025.
