China-based vaccine developer Stemirna Therapeutics has raised $200m in a funding round co-led by pharmaceutical group WuXi AppTec.
Financial services firm China Merchants Group’s Medical and Health Industry Equity Fund also co-led the round, with asset manager Greenwoods Asset Management and venture capital firm Sequoia Capital China.
Advantech Capital, China Reform Fund, Citic Securities, CMB International Capital, Forebright Capital, Kelly Yi Fang Capital, Orbimed and Tsing Song Capital were also among the participants.
Founded in 2016, Stemirna is working on novel messenger RNA (mRNA) vaccines, which introduce mRNA molecules in the body for the cells to generate antigens for an immune response.
The company’s lead product candidate targets Sars-Cov-2 – the virus that causes covid-19 – and is set to enter a phase 2 clinical trial. Stemirna CEO Li Hangwen claims it is designed to work against variants identified in Brazil, India and South Africa.
The funding will go to clinical studies for the covid-19 vaccine candidate, research and development efforts and construction of production facilities utilising good manufacturing practice. Biopharmaceutical group Junshi Biosciences had provided $1.4m in series A-plus funding for the company in February 2020.
Stemirna raised nearly $14.2m six months in an August 2019 series A round featuring Yitai-Jiuyou Fund, a joint vehicle for coal mining group Inner Mongolia Yitai Group and investment firm Jiuyou Capital, as well as Fanghua Investment, Jiuyou Zhihui, Longmen Capital, Zhangjiang Torch Venture Capital and Lapam Capital, which had already supplied an undisclosed amount at an unspecified date.
