Sinovac Biotech, a Chinese biopharma product provider, has secured $15 million to accelerate the development of a COVID-19 vaccine.
The funds were invested by Advantech Capital and Vivo Capital, both of whom each loaned $7.5 million, for Sinovac to develop CoronaVac.
Sinovac has made significant process in the development of CoronaVac. Preclinical results regarding CoronaVac were recently published in the peer-reviewed academic journal Science in an article noting that the vaccine candidate is safe and provides protection to rhesus macaques (monkeys) through an animal challenge study.
The company received approval from governmental authorities to conduct both Phase I and Phase II human clinical trials in China.
The Phase I clinical trial, which evaluates the safety, tolerance, and preliminary immunogenicity of CoronaVac, commenced in April. After preliminary observation of the safety profile of CoronaVac in the Phase I study, the Phase II clinical trial commenced in May.
The Phase II clinical trial evaluates the immunogenicity and safety of CoronaVac in a larger population in order to define dosage, regimen and immunization schedule.
Sinovac is constructing a commercial vaccine production plant that is expected to manufacture up to 100 million doses of CoronaVac annually.