RTTNews | Dec 7, 2020 12:02AM EST

00:01 Monday, December 7, 2020 (RTTNews.com) - Sinovac Biotech Ltd. (SVA), a China-based biopharmaceutical company, announced that its unit Sinovac Life Sciences Co., Ltd. or Sinovac LS has secured around $500 million in funding for COVID-19 Vaccine development.

Sino Biopharmaceutical Limited, a research and development driven pharmaceutical conglomerate in China, through affiliates, has invested the money in exchange for approximately 15% of the total equity interest of Sinovac LS.

The funding will be used for further development, capacity expansion and manufacturing of the CoronaVac, its COVID-19 vaccine candidate, as well as conduct other development and operational activities.

The phase III clinical trials for CoronaVac have been approved in Brazil, Indonesia, Turkey and Chile. In China, the phase I/II trials were conducted with results showing the vaccine candidate can induce neutralizing antibodies among over 90% of volunteers who received two doses of vaccination in both adults and the elderly.

Sinovac said it expects to be able to manufacture 300 million doses annually and aims to complete the construction of a second production facility by the end of 2020 to increase the annual production capacity of CoronaVac to 600 million doses.

Depending on market conditions and the availability of financing, the Company may in the future seek to further expand its production capacity.

Read the original article on RTTNews ( https://www.rttnews.com/3151205/sinovac-secures-500-mln-in-funding-to-develop-covid-19-vaccine-candidate-coronavac.aspx)

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