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  • Greater China

China mRNA vaccine provider Abogen raises $92m

  • Larissa Ku
  • 09 April 2021
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Suzhou Abogen Biosciences, a Chinese mRNA vaccine provider, has raised RMB600 million ($92 million) led by PICC Capital - an investment unit under People’s Insurance Company of China - and state-backed SDIC Venture Capital.

Other backers include Hillhouse Capital, Yunfeng Capital, Highlight Capital, and TF Capital. The new funding will be used to accelerate the development of a COVID-19 vaccine, construct a production plant, and expand the company's product pipeline.

Founded in 2019, Abogen has developed an mRNA vaccine for COVID-19 with the Academy of Military Medical Sciences (AMMS) and Walvax Biotechnology.

Most vaccines insert a weakened or inactive germ into the body to trigger an immune response, producing antibodies, which in turn prevent infection on encountering a real virus. In contrast, mRNA teaches cells to make proteins that trigger immune responses.

The BioNTech COVID-19 vaccine developed in Germany is an mRNA-based treatment. Abogen’s mRNA vaccine entered phase-one trials last June, becoming the first Chinese-developed mRNA treatment to reach this stage. Bo Ying, the company's founder, said in a statement that phase-two trials are nearing completion and a multi-location phase-three is imminent. 

Developing a COVID-19 vaccine is an ongoing effort in China. Clover Biopharmaceuticals, which raised $230 million in Series C funding in February, expects to initiate global phase-two and phase-three efficacy trials for its COVID-19 vaccine candidate in the first half of 2021. It has also initiated the development of a second COVID-19 vaccine that covers multiple variants.

Meanwhile, CanSino Biologics - which listed on Shanghai’s Star Market last August - has developed a COVID-19 vaccine, Ad5-nCov, with a research unit of the Chinese military. It has obtained commercialization authorization in China, becoming one of four vaccines currently available in China. The treatment has also been approved in Mexico and Pakistan.

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