mRNA platform company RVAC Medicines raises US$140m in Series B round

RVAC Medicines, an emerging messenger RNA platform company, has raised US$140 million in a Series B round.

Investors include Temasek-linked Pavilion Capital, Economic Development Board of Singapore’s investment arm, EDBI, and GS Holdings, a South Korean Conglomerate. CBC Group, a dedicated healthcare investment firm, incubated RVAC Medicines and also participated in the round.

“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,” said Wei Fu, chief executive officer, CBC Group.

The mRNA platform is looking to address medical needs via novel vaccines and therapeutics utilising mRNA. RVAC Medicines’ Covid-19 vaccines candidates have progressed past the preclinical studies where it claims the vaccine candidates have been shown to be safe and efficacious. The vaccine candidates will be undergoing clinical studies in Q3 2022.

RVAC Medicines also has a strategic partnership with Acuritas Therapeutics, which has the proprietary lipid nanoparticle delivery system utilised for the Pfizer-BioNTech’s Covid-19 vaccine.

“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,” said Sean Fu, chief executive, RVAC Medicines.

The funds raised will be used for preclinical and clinical development of RVAC Medicines’ vaccines and therapeutics programme. A new research and development (R&D) centre will be built in Singapore, and RVAC Medicines will build manufacturing facilities in Singapore and China from the proceeds.

These efforts are expected to create over 100 jobs in Singapore, and bring the company’s mRNA vaccines and products closer to emerging markets. RVAC Medicines currently has 2 other R&D centres in Boston and Shanghai.

“Singapore’s vibrant biomedical research ecosystem, robust regulatory infrastructure and highly skilled talent base provide a strong foundation to catalyse new breakthrough mRNA-based discoveries and regional expansion for healthcare companies like RVAC Medicines,” said Chu Swee Yeok, chief executive officer and president, EDBI.