China-based biotech company Therorna has secured $42m in a Series A financing round to support its growth and fuel product pipeline development.
The funding round was co-led by an industrial investment firm and MSA Capital.
Sherpa Healthcare Partners, 3H Health Investment, and the company’s existing investors Quan Capital and Cenova Capital also joined.
The latest fundraising brings Therorna’s total amount raised to date to more than $60m.
Established in April last year, Therorna focuses on the development of circular RNA (circRNA) technology-based vaccines and therapies. It is currently working on an array of prophylactic and therapeutic drugs.
The proceeds will be used to develop this product pipeline and support the build-out of its technology platform.
Additionally, the funding will help Therorna to enter into international collaborations and advance with clinical trials and regulatory applications.
Therorna CEO Dr Daniel Tang said: “The successful completion of this round will play a key role in helping Therorna accelerate the development of a new broad-spectrum Covid-19 vaccine and the discovery of additional novel therapies for a variety of diseases.
“Our team will continue to spare no effort to advance the circRNA platform technology to develop the next-generation of breakthrough therapies and quickly deliver meaningful social benefits.”
Therorna’s scientific founder Professor Wensheng Wei said: “We really appreciate the support of our investors. As the world continues to suffer from the Covid-19, scientists are obliged to shoulder the responsibility to provide scientific solutions to end this pandemic. We are devoted to accelerating the clinical application of our circRNA-based vaccines against SARS-CoV-2 and its variants.”