Singapore-headquartered messenger RNA (mRNA) product developer RVAC Medicines closed a series B round of undisclosed size yesterday featuring conglomerate GS Group that lifted its overall funding to $140m.
Healthcare investment group CBC led the round, which was also backed by Singaporean state-owned investment firm Temasek’s Pavilion Capital vehicle and another Singaporean government entity, EDBI.
Founded in June 2021, RVAC is utilising its proprietary mRNA platform to create vaccines and medicines. It has a partnership in place with Canada-based Acuitas Therapeutics, developer of a lipid nanoparticle delivery system used in pharmaceutical firm Pfizer’s vaccines.
Sean Fu, RVAC’s CEO, said: “We are proud to have a great lineup of investors joining us in this funding round. Their support will enable us to quickly advance novel mRNA vaccines and therapeutics in an efficient manner through end-to-end supply chain management, including raw materials, thus positioning RVAC to better serve patients worldwide.
“In particular, this investment will accelerate the development of a highly effective multivalent covid vaccine that could offer enhanced protection against future variants, as well as further mRNA innovations for other infectious diseases, auto-immune diseases and cancers.”
The company runs research and development facilities in the United States and China, and plans to add a third in its home country while setting up manufacturing hubs in Singapore and China. It has not revealed details of any earlier financing.
GS senior executive vice-president Suhhong Hur said: “We are very glad to be part of RVAC’s journey in striving to fight against various infections and diseases plaguing the humankind and are pleased to see what RVAC has achieved in terms of its speed and scope.
“We will also leverage our resources and network to support RVAC’s vision of meeting the unmet healthcare needs and providing both developed and emerging markets with equal access to healthcare solutions.”
