China based Biotechnology Company Sinovac Biotech (SVA) confirmed having received a $15 million funding from a local company to increase the production capacity of its COVID-19 vaccine known as ‘CoronaVac’.
Following some positive results from phase 2 clinical trials Sinovac has been expanding supply deals and trials with more countries getting on board for the trials. The company is looking forward for its efficacy data of its trials to increase significantly this month.
Sino Biopharmaceutical Limited, a subsidiary of Sinovac had earlier hinted that a business entity would invest $15 million in Sinovac Life Sciences, another subsidiary of Sinovac to help in production of the vaccine.
In a regulatory filing made to the Hong Kong Stock Exchange, this investment will grant Sino Pharmaceutical a 5.03% stake in Sinovac Life Sciences.
In a statement, Sinovac said currently its production capacity stands at 300 million vaccine doses per year however it intends to complete construction of an additional production facility before the year ends.
The additional production facility will help the company boost its vaccine production to 600 million vaccine doses annually. Further the company says it might scale up production further depending on financing and market conditions.