VAXDIGM which is based in Korea has raised 2 Million USD i.e. 2.7 billion KRW in series A financing round from New Paradigm Investment and other prominent investors like LITALCO, Infobank, The Invention Lab, FIND US, and Korea Alternative Investment Corporation.
With this round of funding, the total investment raised by VAXDIGM till date has reached to around $7 million which is equivalent to 9.8 billion KRW and this funding will be used to continue the preclinical and clinical trials of Vaccines developed by the company. prior to it, the company has also raised some investment from the Korean government Tech Incubator Program for Startup(TIPS) and from the and the Ministry of Health and Welfare’s R&D national project.
VAXDIGM is currently working on a Vaccine for the highly pathogenic avian influenza H5N1 and this is being sponsored by the government as the high mortality rate(52%) has raised a lot of concerns in the community.
Sungjae Kim is the CEO of VAXDIGM and he has said the the recent surge in the number of infections from influenza H5N1 has raised concerns globally as this can be the next pandemic which may have disastrous impact on the humanity. in the future, the company is planning to raise more funds to make Korea self sufficient in vaccine programs.
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