RVAC Medicines Pte. Ltd. (“RVAC”), an emerging messenger RNA (mRNA) platform company incubated in Singapore by CBC Group (“CBC”), 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.
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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.