The Human Stem Cells Institute (HSCI), a Russian public biotech company, and the Moscow Seed Fund, the Moscow City venture investment arm, have shaken hands on the Fund’s $467,000 loan to support R&D required for the official registration and market introduction of a new COVID-19 vaccine. The vaccine is being developed by an HSCI subsidiary called Betuvacs, LLC, Firrma.ru reported.
The Betuvacs-CoV-2 vaccine is reportedly nearing completion of preclinical trials and, according to the developer, has revealed good enough safety and efficacy profile; strong SARS-CoV-2 antibody formation was shown during animal model tests. Betuvacs is currently putting together phase one of clinical trials.
The money that comes from the Moscow Seed Fund will be used to finance the rest of preclinical trials and the early stage of clinical ones. HSCI has already invested $585,000 from its own coffers to back the ongoing effort.