BEIJING (REUTERS) – China’s Suzhou Abogen Biosciences said on Thursday (Aug 19) it has raised over US$700 million (S$955 million) to support clinical development of its potential Covid-19 vaccine and expand pipeline of other vaccine and treatment candidates.

Abogen’s potential shot against the new coronavirus, which it is jointly developing with a research institute affiliated with Chinese military and Walvax Biotechnology, adopts the messenger RNA (mRNA) technology.

The candidate ARCoV is being tested in a phase three clinical trial.

The fund-raising was led by seven investors, including Singapore’s state investment firm Temasek Holdings and Hillhouse-backed GL ventures, Abogen said in a statement.