A New Zealand company has secured $3.3 million in private funding to develop a COVID-19 vaccine, The New Zealand Herald reported on Sunday.
The COVID-19 Vaccine Corporation (CVC), set up in May, has formed collaborations with the University of Auckland, Callaghan Innovation, and research institute Scion, in an effort to independently develop a coronavirus agent.
CVC plans to complete its clinical trial of the new vaccine by the end of next year, which will cost around $8 million.
CEO Robert Feldman said that "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."
"We are taking painstaking measures that are designed to make our vaccine generate an improved response rate while being cost-efficient to produce," he added.
The vaccine differs from other candidates for its unique biobead technology that it licensed from New Zealand company Polybatics.
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