USA-based mRNA therapeutics company Innovac Therapeutics raised USD 18 million in pre-Series A financing. The round took place on September 1, 2023. Elikon Venture, Vision Plus Capital, Yunion Healthcare Ventures and TG Sino-Dragon Fund joined in the funding. Meanwhile, several industry and private individuals also participated in the pre-Series A round.
Purpose of financing for Innovac Therapeutics
With the latest proceeds, Innovac Therapeutics seeks to further develop its technology platform. It also seeks to advance its manufacturing capability to enhance its lead programs to the clinical stage.
What the company’s official has to add
Michael Zhang, MD, Co-Founder and CEO of Innovac, said, “We are thrilled with the great support from our investors. This financing is an important milestone for Innovac and the accelerated development of novel mRNA vaccines. Our mRNA technology platform has strong potential to address the huge unmet medical needs in both oncology and infectious diseases. With this funding, we will take a significant step forward in bringing our lead programs into the clinical stage.”
In addition, Nicholas Valiante, PhD, Co-Founder and Chief Scientific Officer (CSO), stated, “An exciting revolution is underway in the vaccine industry, fueled by the dramatic success of mRNA vaccines in response to the SARS-CoV2 pandemic and breakthrough status for a mRNA-based personalized cancer vaccine. Innovac was founded to be a primary driver of this ongoing revolution and will exploit the power of mRNA vaccines to treat and prevent a wide variety of infectious diseases and cancer.”
Valiante further added, “We are honoured to have David Bernstein, MD, Shan Lu, MD, PhD, and Elaine Mardis, PhD, to join as SAB of Innovac Therapeutics. Innovac will work closely with our renowned SAB members to leverage their breadth and depth of expertise in different areas to further strengthen the scientific foundation of our technology platform and pipeline expansion.”
Besides, Hang Yuan, PhD, Co-Founder and Chief Technical Officer (CTO), said, “From the beginning, our mission has been to harness the power of mRNA technology to develop therapies for patients with unmet needs. With this new infusion of capital, we are well-equipped to expand our team, enhance our technology platforms, and build our manufacturing capability to bring our transformative ideas closer to reality.”
About the company
Innovac Therapeutic is a biotechnology company launched in 2022. The company focuses on developing innovative, high-quality vaccines and therapeutics for patients with unmet medical needs using its proprietary mRNA technology platforms and manufacturing capabilities.
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