Skip to main content

Advertisement

Advertisement

Business

China's Stemirna raises about US$200 million to fund COVID-19 vaccine development

China's Stemirna raises about US$200 million to fund COVID-19 vaccine development

A staff member waits outside a booth where people receive a COVID-19 vaccine in Beijing, China, Apr 15, 2021. (File photo: REUTERS/Thomas Peter)

BEIJING: China's Stemirna Therapeutics said on Thursday (Jun 3) it has raised nearly US$200 million to finance clinical trials and production of its COVID-19 vaccine candidate.

Stemirna's candidate, which uses messenger RNA (mRNA) technology, is due to enter a Phase 2 clinical trial soon and has been designed to be effective against variants spreading in South Africa, Brazil and India, Chief Executive Li Hangwen said in the statement.

A Stemirna spokesman said the firm is building two plants which would make the vaccine candidate, each with an annual capacity of 100 million doses, and construction could be completed by August.

The latest fund raising was led by investors including China Merchants Group's health sector investment arm, private equity fund Sequoia Capital China and pharmaceutical firm WuXi AppTec, Stemirna said.

Source: Reuters/dv

Advertisement

Also worth reading

Advertisement