Covid-19 Vaccine Corporation (CVC) has secured $3.3 million in private funding to continue its work on a Covid-19 vaccine.
CVC was set up in May this year, and uses New Zealand technology based on tiny, biodegradable biobeads which are coated in small fragments of the COVID-19 virus. CVC has set up multiple collaborations around New Zealand including University of Auckland, Callaghan Innovation at Gracefield and Scion.
“The backing we have from our investors is just extraordinary and so very much appreciated. We could not achieve anything without the cash that is required to progress our Covid-19 vaccine work. I feel the investors are very much part of our team,” says CVC’s Chief Exeutive Officer, Dr Robert Feldman.
The company aims to complete its first human trial of the new vaccine by the end of 2021, which will cost around $8 million.
Our mission is to produce a superior vaccine that unlike those first off the block, is not created in a rush…
“We are not aiming to be the first vaccine on the market. Our mission is to produce a superior vaccine that unlike those first off the block, is not created in a rush to reach the market,” says Dr Feldman.
“We are taking painstaking measures that are designed to make our vaccine generate an improved response rate while being cost-efficient to produce.”
The investor group is led by software entrepreneurs Guy and Susie Haddleton, and includes Dr Stephen Strother, the Markon Trust, the CJ and JS Reeve Family Trust and Takapuna Investments.