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Suzhou Abogen Raises $300 Million to Support mRNA COVID Vaccine

publication date: Nov 30, 2021
author/source: Richard Daverman, PhD

Suzhou Abogen Biosciences, an mRNA company, raised $300 million to support development of its COVID-19 vaccine and other drug candidates. In August, Abogen completed a very large $720 million C funding. The company is focused on nucleic acid-based (RNA and DNA) therapeutics for cancer and infectious diseases. Its COVID mRNA vaccine was originally discovered by China's Academy of Military Medical Sciences (AMMS) and partnered with Abogen. The new $300 million raise, considered a C+ round, was led by SoftBank Group Corp's Vision Fund and 5Y Capital.  

Also participating in the latest funding were Chimera Abu Dhabi, Fortune Ocean and Mirae Asset Financial Group. The C round was led by Temasek Holdings and GL Ventures, a Hillhouse fund.

Abogen said it would use the proceeds to improve its mRNA platform with technologies such as artificial intelligence.

To develop its vaccine, Abogen partnered with Walvax Biotechnology to manufacture the product. Yesterday, Abogen announced further that GenScript ProBio is in charge of making plasmids for the vaccine.

Currently, Abogen is conducting a Phase III trial of ABO-028M in Mexico, Indonesia and Nepal. So far, the candidate has successfully completed Phase I and Phase II trials.    

In September 2021, Walvax Bio's modular manufacturing facilities for the COVID-19 mRNA vaccine began operations as the company anticipates the vaccine's approval.

Endpoints News suggested that Abogen intends to use blockbuster revenues from its mRNA vaccine to catapult the company into a first-rank biopharma, much as Moderna and BioNTech have done with their mRNA vaccines. Abogen is one of only a few China vaccine companies that is developing an mRNA vaccine.

Abogen has not been particularly visible, even after its $730 million C round. It has said, however, that its mRNA vaccine offers an important differentiating feature of much improved stability at warm temperatures.

See our other articles on Abogen.

Disclosure: none.





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