Stemirna Therapeutics Co., Ltd, a one-time leading mRNA developer in China, has officially commenced bankruptcy proceedings, with the case accepted by the Pudong New Area People’s Court of Shanghai. Established in 2016, Stemirna secured a war chest exceeding RMB 1.5 million through a series of financing rounds from 2020 to 2021, following an initial angel financing round in April 2017.
At the onset of 2020, Stemirna initiated a project for the development of a COVID-19 mRNA vaccine, completing pharmacodynamics research on all candidate vaccines. In January 2021, the company’s COVID-19 mRNA vaccine received approval for clinical trials in China, marking it as the second indigenous COVID-19 mRNA vaccine to reach the clinical stage in the country. However, the vaccine only managed to obtain Emergency Use Authorization (EUA) in Laos before the pandemic’s end. Stemirna’s last financing round took place in September 2022, with the company’s valuation plummeting from a peak in the billions of renminbi to less than RMB 100 million today.
In 2023, it was revealed that Stemirna faced a cash crunch, unable to repay short-term bank loans. The company is currently entangled in 47 debt-related litigation cases, with total liabilities amounting to RMB 63.8268 million, as reported by sources.- Flcube.com
