The company will utilise proceeds from the round for further developing its technology platform to accelerate its lead programmes to clinical stage.
The participants in the financing round consist of TG Sino-Dragon Fund, Yunion Healthcare Ventures, Vision Plus Capital, Elikon Venture, as well as other industry and private individuals.
Innovac CEO and co-founder Michael Zhang said: “We are thrilled with the great support from our investors. This financing is an important milestone for Innovac and accelerated development of novel mRNA vaccines.
“Our mRNA technology platform has strong potential to address the huge unmet medical needs in both oncology and infectious disease.”
After completing its Series Pre-A financing round, Innovac announced the addition of David Bernstein, Shan Lu, and Elaine Mardis to its scientific advisory board (SAB).
Innovac will benefit from the scientific expertise and industry experience of the three new SAB members.
Innovac Therapeutics chief scientific officer Nicholas Valiante said: “Innovac will work closely with our renowned SAB members to leverage their breadth and depth of expertise in different areas to further strengthen the scientific foundation of our technology platform and pipeline expansion.”
Leveraging its mRNA technology platforms and manufacturing capabilities, Innovac is focused on the development of vaccines and therapeutics for patients with unmet medical needs.