After spending $5 million from wealthy investors and receiving close to $1m in government grants, Auckland-based firm Covid-19 Vaccine Corporation (CVC) has shut up shop after failing to secure a further $12m for its first human trial, BusinessDesk reports.
The vaccine was being developed to cover every variant of the virus and for delivery by any method. The patent for the vaccine is due to lapse in a few weeks.
A group of wealthy New Zealand investors, including richlister Guy Haddleton, pledged the initial finance for the venture developed by Dr Robert Feldman and his co-founder, Nelson-based Andy Herbert. The Herald reported that CVC requested $20m in funding from the Government, but was snubbed.
CVC used “bio-bead” technology developed by PolyBatics, a company spun off from Massey University in 2009.
