IISc-incubated Mynvax to raise $4.2 mn to bring ‘warm vaccine’ to market
1 min read 19 Jul 2021, 04:26 PM ISTThe company is developing novel recombinant vaccines for covid-19 and human influenza and will use the proceeds in further clinical developments
PremiumNEW DELHI: Mynvax, a vaccine technology startup, incubated by the Society for Innovation and Development (SID) at the Indian Institute of Science, on Monday said it has signed definitive agreements to raise $4.2 million ( ₹31 crores) in its Series A funding round led by Accel.
The company is developing novel recombinant vaccines for covid-19 and human influenza and will use the proceeds in further clinical developments. LetsVenture and a few early-stage angel investors also participated in this round, which received the backing of its previous investors such as 1Crowd, Kotak Investment Advisors, among others.
The company said, with the support of the government's Biotechnology Industry Research Assistance Council (BIRAC), early-stage investors and SID, IISc, it was able to rapidly demonstrate its ability to develop novel vaccine candidates, which have been rigorously tested for performance and unique attributes such as heat tolerance, that enhance access to those in need.
“Mynvax’s platform has the potential to make a huge positive change in the global vaccine landscape for major respiratory illnesses," said Mahendran Balachandran, partner, Accel.
Mynvax Private Limited was founded in 2017 by Dr Raghavan Varadarajan, professor at the Indian Institute of Science, Bangalore and Dr Gautham Nadig, an alumnus of the same Institute, with the aim of advancing the innovative and broadly protective influenza vaccine technologies developed at the Varadarajan laboratory, IISc.
“In addition to expeditiously advancing its existing vaccine candidates, both in India and overseas, the company would also invest in developing new vaccine modalities. He also mentioned that Mynvax would begin to build partnerships with large vaccine manufacturers to hasten the deployment of much-needed vaccines," Dr Gautham Nadig, co-founder and executive director of Mynvax said.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
