GC Biopharma announced on the 18th that its U.S. affiliate Curevo Vaccine secured $110 million (approximately 159.4 billion won) in a Series B investment aimed at developing its shingles vaccine 'Amejosbatain' (project name CRV-101).
This funding round was led by the European life sciences venture capital firm Medici, with participation from Obimed, HBM Healthcare Investors, Sanofi Ventures, and others.
Founding investor GC Biopharma noted that the successful fundraising was achieved through active follow-up investments from existing investors, including the company itself, and the participation of several new investors. The company explained that the involvement of top experts in the vaccine field in this investment round was a reflection of Curevo's innovation and growth potential, especially given the prolonged downturn in biopharmaceutical investment sentiment.
Curevo CEO George Simon said, “This investment will be used for research to expand the patient group for phase 2 clinical trials, which have shown successful results,” adding, “We plan to recruit 640 participants, including adults aged 70 and older, starting in mid-year to determine the optimal dosage for phase 3 trials.”
Heo Eun-cheol, CEO of GC Biopharma, said, “We will continue to support Curevo as a co-investor in the Series B.”
Meanwhile, Dr. Moncef Slaoui, who was the chief scientific advisor of 'Operation Warp Speed' that led the U.S. COVID-19 vaccine development, has recently joined Curevo's board. Dr. Slaoui contributed to the development of many vaccines during his nearly 30 years at GSK, including Shingrix (shingles), Cervarix (cervical cancer), Rotarix (rotavirus), and Synflorix (pneumococcus).