(Yicai Global) April 8 -- Abogen Biosciences, a two-year-old developer of China's first messenger ribonucleic acid vaccine against Covid-19 to begin clinical trials, has secured CNY600 million (USD91.6 million) in its Series B financing round.
The funding round was led by PICC Capital Investment Management, SDIC Venture Capital, and Yunfeng Capital, while GL Ventures and Highlight Capital also participated, the Paper reported today, without disclosing the medical company's valuation.
The Suzhou-based firm will mainly use the proceeds to accelerate its Covid-19 vaccine research and development efforts, build a vaccine industry base, and further expand its product pipeline, the report added.
Founded in 2019, Abogen makes medical products in the fields of oncology and infectious diseases.
In May 2020, Abogen teamed with Kunming-based Walvax Biotechnology to develop mRNA vaccines for Covid-19, as well as others for shingles. Abogen is responsible for R&D. Last June, the product became China’s first mRNA vaccine to start clinical trials.
The immunization product's phase II clinical trial is nearing its end, and the overseas multicenter phase III clinical trial is about to start, said founder Ying Bo.
The financing round was successful because of the company's solid technology platform, said founder Ying Bo. The team will continue to focus on developing mRNA technologies, he added.
In November 2020, Abogen bagged CNY150 million in its Series A financing, led by the familiar names of SDIC Venture Capital, GL Ventures, as well as Kanghua Biological Products.
Unlike other kinds of vaccines, mRNA jabs carry the genetic instructions the human body needs to fight viruses and bacteria. Moderna and Pfizer-BioNTech’s coronavirus shots are also examples of this kind of vaccine.
Editor: Emmi Laine, Xiao Yi