China-based Stemirna Therapeutics Co., Ltd has decided to halt the construction of a factory intended for the manufacturing of its mRNA-based COVID-19 vaccine. This decision comes in response to an anticipated lack of sufficient market demand. According to a Reuters report, Stemirna had initiated testing production at the site but will now redirect its focus towards research and development, given the recent decline in demand for COVID-19 vaccines.
Stemirna’s Background and Financing
Founded in 2019 by a group of doctors trained at the MD Anderson Cancer Center in the US, Stemirna was established in Shanghai. The company successfully secured USD 200 million in a financing round in June 2021, with significant investments from Sequoia Capital China (now known as HongShan) and WuXi AppTec (HKG: 2359, SHA: 603259), among others. This financial backing has been instrumental in Stemirna’s development of an mRNA-based COVID-19 vaccine, which received emergency use approval in Laos in December 2022.
Pipeline Development and Current Clinical Stages
Stemirna has been building an extensive pipeline of mRNA-based vaccines, targeting a range of diseases including infectious diseases, cancer immunotherapies, and metabolic diseases. Currently, the company has one other candidate in the clinical stages, a personalized cancer vaccine that is undergoing a Phase I study. Despite the halt in factory construction, Stemirna continues to be committed to advancing its pipeline and contributing to the field of mRNA-based therapeutics.-Fineline Info & Tech