(Yicai Global) Jan. 5 -- Rhodiola Pharmaceutical Holding, a maker of modern and traditional Chinese medicines, has been given the green light to start testing its Covid-19 vaccination, which is based on an emerging immunization technology.
China's National Medical Products Administration granted Rhodiola a license to kick off clinical trials of the vaccine, the Lhasa-based firm said in a statement today, without disclosing a schedule.
The product will be based on Stemirna Therapeutics's mRNA technology. Rhodiola has paid the Shanghai startup CNY35 million (USD5.42 million) for exclusive global production and commercial rights. It will need to pay CNY350 million (USD54.2 million) in total based on development milestones.
Founded in 2016, Stemirna is one of the firms that is developing an mRNA shot that carries instructions to cells to protect the body against viruses. Those kinds of vaccines can be made faster than some traditional ones that use weakened viruses.
Drugmakers around the world have scrambled to come up with jabs to protect people against Covid-19. Several inoculations, including that of China's Sinopharm, have already been given the green light for emergency use.
Rhodiola's stock price [SHA: 600211] closed 1 percent higher today at CNY68.98 (USD10.70). The shares have declined in value after increasing five times over two last summer. The firm announced in June that it was investing in the development of a Covid-19 vaccine.
Editor: Emmi Laine