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BioNTech To Receive Up To EUR 100 Mln From EIB To Develop Covid-19 Vaccine

BioNTech (BNTX) will receive up to 100 million euros in debt financing from European Investment Bank for the Covid-19 vaccine development and manufacturing.

The German immunotherapy company said that the deal will allow the company to expand its manufacturing capacity in order to supply the vaccine fast worldwide in response to the pandemic.

The EIB debt investment will be disbursed in two tranches of 50 million euros each, following completion of pre-defined milestones.

BioNTech said it has started a clinical trial in Germany in April and a further clinical trial in the United States at the beginning of May. BioNTech's development programme for BNT162 is one of the broadest development programmes globally, with four vaccine candidates being tested in parallel. BNT162 is the company's COVID-19 vaccine programme.

mRNA vaccines consist of genetic material, called messenger RNA, that provides instructions for a human cell to make a target protein, or immunogen, which activates the body's immune response against the respective virus.

The goal of a vaccine is to stimulate the immune system to generate protective, long-lasting antibody and T cell responses against SARS-CoV-2 and prevent subsequent infection upon exposure to the virus.

In Thursday pre-market trade, BNTX is trading at $49.70 up $2.29 or 4.83 percent.

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