China RNA vaccine developer raises $42m
Therorna, a China-based biotech company specializing in vaccines and drugs based on circular RNA technology, has raised USD 42m in Series A funding.
The round was led by MSA Capital and an undisclosed industrial investment firm, with participation from Sherpa Healthcare Partners and 3H Health Investment. Existing investors Quan Capital and Cenova Capital re-upped. They backed a CNY 100m (USD 14.9m) pre-Series A round last year.
The proceeds will be used to accelerate the development of a new broad-spectrum COVID-19 vaccine and the discovery of novel therapies for a variety of diseases. Therorna will also finance the build-out of its technology platform, clinical trials, regulatory applications, and international collaborations, according to a statement.
Founded in Beijing in April 2021, the company's key asset is its proprietary circular RNA (circRNA) technology platform. It claims to have established a strong pipeline of novel prophylactic and therapeutic drugs aimed at addressing unmet medical needs.
CircRNA is positioned as a tool to combat COVID-19. While mRNA vaccines have been proven highly effective against the virus, there remain some challenges in terms of side effects. Part of the reason is that vaccines must be delivered into the body using a special "vehicle" so as to minimise the degradation of linear RNA.
CircRNA forms a covalently closed continuous loop that is resistant to degradation. It is hoped this results in greater stability than linear RNA and long-lasting effectiveness, potentially creating the foundation for a new RNA therapy platform.
"We are confident in the potential of circRNA technology for drug development in the area of protein expression and regulation. MSA Capital will make use of its resources to support the expansion of Therorna in international markets," said Yu Zeng, founder and managing partner at MSA.
Earlier this year, CDH Investments and Huaxing Healthcare Fund led a USD 120m Series B for InnoRNA, a China-based mRNA drug developer that focuses on lipid nanoparticle (LNP) technology. LNP is a carrier vehicle that protects mRNA from degradation and aids intracellular delivery.
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