Benzinga | Oct 13, 2020 06:01AM EDT

Medigen's COVID-19 Vaccine Combined With Dynavax's CpG 1018 Adjuvant Receives Taiwan Government Subsidy With First Participant Dosed In Early October; Subsidy Will Be Released At Agreed Upon Milestones In The Total Amount Of Up To $16.4M

TAPEI, Taiwan and EMERYVILLE, Calif., Oct. 13, 2020 /PRNewswire/ -- Medigen Vaccine Biologics Corporation (MVC) (TPEx: 6547.TWO), a biopharmaceutical company focusing on the development and production of vaccines and biologics, and Dynavax Technologies Corporation (NASDAQ:DVAX), a biopharmaceutical company focused on developing and commercializing novel vaccines, today announced that MVC has obtained a Taiwan government subsidy for successfully initiating a Phase 1 clinical trial in Taiwan. The first participant in MVC's Phase 1 clinical trial was dosed with MVC's COVID-19 vaccine combined with Dynavax's CpG 1018 adjuvant at National Taiwan University Hospital in early October. The subsidy will be released at agreed upon milestones in the total amount of up to NT$ 472 million (US$ 16.4 million). The grant received by MVC was earmarked by the Taiwan government for purposes of research and development of a locally produced COVID-19 vaccine.