Wednesday, April 27, 2022
RVAC Medicines Pte. Ltd. ("RVAC"), an emerging messenger RNA (mRNA) platform company incubated in Singapore by CBC Group ("CBC"), today announced the completion of its series B financing, bringing the company's total funds raised since its inception in June 2021 to US$140 million. RVAC aims to address unmet medical needs, particularly in emerging markets, through novel vaccines and therapeutics including a potential best-in-class COVID vaccine. Proceeds from this financing round will be used for preclinical and clinical development of the company's vaccine and therapeutics programs and building world class R&D centers and manufacturing capabilities, including a new R&D center in Singapore and manufacturing facilities in both Singapore and China.
In addition to CBC, participants in the Series B financing include international investors Pavilion Capital, EDBI, a Singapore-based global investor, as well as GS Holdings, a leading business group in South Korea.
"Healthcare has no boundaries, and CBC is proud to continue bringing first class global resources and technologies to support RVAC," Wei Fu, Chief Executive Officer of CBC Group said. "As a Singaporean firm, we look forward to further contributing to the country's vibrant biotech ecosystem. We are excited to further draw on Singapore's deep base of skilled talent and strong research capabilities as RVAC further accelerates its mRNA vaccine and therapeutics pipeline to better meet global healthcare needs and connect with the growing Asian market."
"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," said Sean Fu, Chief Executive Officer of RVAC. "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."
RVAC's COVID vaccine candidates were shown to be safe and efficacious in preclinical studies and will be introduced into clinical studies in Q3 2022. The company has a strategic partnership with Vancouver-based Acuitas Therapeutics, whose proprietary lipid nanoparticle delivery system plays a critical role in Pfizer-BioNTech's BNT162b2 vaccine. RVAC has engaged world class scientific advisors including prominent leaders in mRNA biology, immunology, and drug delivery.
"RVAC has made tremendous progress in a short time," said Sean Cao, Executive Director of RVAC and Managing Director of CBC Group. "The RVAC team has rich industry and technical expertise in research, development, manufacturing and commercialization of vaccines and therapeutics, including extensive experience with mRNA technology. We are very confident that this veteran team with demonstrated track records of success will deliver exciting innovative mRNA products to address the unmet medical needs of patients around the world."
Chu Swee Yeok, Chief Executive Officer and President of EDBI said, "mRNA technologies have revolutionized healthcare in the recent years. Singapore's vibrant biomedical research ecosystem, robust regulatory infrastructure and highly skilled talent base provide a strong foundation to catalyze new breakthrough mRNA-based discoveries and regional expansion for healthcare companies like RVAC Medicines. As a value-adding global investor, we are excited to strengthen our partnership and embark on this new chapter of growth with RVAC's team."
Suhhong Hur, Senior Executive Vice President of GS, 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."
RVAC plans to launch a new R&D center in Singapore and manufacturing facilities in Singapore and China, complementing its existing global R&D research centers in Boston and Shanghai. The initiatives are expected to create over 100 jobs in Singapore and will help bring the firm's anticipated COVID vaccine and other mRNA-based products closer to emerging markets, especially those in Southeast Asia.
