IISc-incubated vaccine technology startup Mynvax raises $4.2 million

The company said in a statement it is developing novel recombinant vaccines for COVID-19 and human influenza, and will use the proceeds to further their clinical development.

PTI
July 19, 2021 / 02:35 PM IST

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Mynvax, a vaccine technology startup incubated by the Society for Innovation and Development (SID) at the Indian Institute of Science, on Monday announced that it has signed definitive agreements to raise $4.2 million (Rs 31 crore) in its Series A round of financing led by Accel.

The company said in a statement it is developing novel recombinant vaccines for COVID-19 and human influenza, and will use the proceeds to further their clinical development.

Lets Venture and a few early stage angel investors also participated in this round, which received the backing of its pre-Series A investors such as 1Crowd, and Kotak Investment Advisors, it was stated.

Partner, Accel, Mahendran Balachandran, said, "Accel is excited to lead the investment in Mynvax. We strongly believe that their platform has the potential to make a huge positive change in the Global vaccine landscape for major respiratory illnesses."

Co-founder and Executive Director of Mynvax, Gautham Nadig said that in addition to expeditiously advancing its existing vaccine candidates, both in India and overseas, the company would also invest in developing new vaccine modalities.

COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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He also mentioned that Mynvax would begin to build partnerships with large vaccine manufacturers to hasten the deployment of much needed vaccines.
PTI
Tags: #coronavirus #Health #IISc Bengaluru #Mynvax #Society for Innovation and Development
first published: Jul 19, 2021 02:35 pm