The funding will be used for the clinical development of novel recombinant vaccines to fight against Covid-19 and human influenza.
“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, Kotak Investment Advisors and other angel investors,” according to a statement released Monday.
The company also acknowledged the support from BIRAC, a non-profit public sector enterprise, other early stage investors and SID which helped the team to develop novel vaccine candidates which are heat resistant in nature.
In May, ET had reported that a team of researchers led by Raghavan Varadarajan, professor at IISc’s Molecular Biophysics Unit and co-founder of Mynvax, are working on a homegrown Covid-19 vaccine, and that the project was facing funding issues to start clinical trials.
Unlike Covishield, Covaxin and Russia’s Sputnik V, IISc’s vaccine molecule is thermostable and can be stored at room temperature. The “warm vaccine” is important in the Indian context because it removes the need for cold-chain logistics infrastructure.
Accel partner Mahendran Balachandran said the venture capital firm 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,” he said.
According to Mynvax co-founder Gautham Nadig, besides advancing its existing vaccine candidates in India and overseas, the company is also investing in new vaccine modalities. “Mynvax will partner with large vaccine manufacturers to deploy the formulae for human use,” he said.
Mynvax was founded in 2017 by Varadarajan and Nadig to develop flu vaccines.