Poised for Export
The domestically developed messenger ribonucleic acid (mRNA) COVID-19 vaccine, which has the fastest development speed in South Korea, is poised to be sold abroad, but is delayed due to a lack of funds for Phase 3 clinical trials. The development started with government policy fund support to secure mRNA technology, which is not only vital for global vaccine sovereignty but is also being acclaimed as the next-generation new drug platform. However, the situation arose because subsequent support did not follow.
According to the related industry on Aug. 9, EYEGEN, a KOSDAQ-listed company developing South Korea’s EG-COVID COVID-19 vaccine, is planning joint clinical research agreements or technology transfers (licensing out) as soon as they complete Phase 2a trials in Australia next month to prepare for Phase 3 expenses. EYEGEN has invested approximately 20 billion won of its own funds into the ongoing Phase 2a trials in Australia, aside from a small amount of policy funds. But as Phase 3 requires an investment of over 100 billion won, it has become inevitable to attract external investment since government support is not available.
EYEGENE is exploring domestic and foreign companies to invest the necessary funds for clinical trials, based on the results of Phase 2a, but no domestic companies have been found yet, and negotiations are underway with a few foreign companies that have made proposals. If a contract with a foreign company is concluded, part or a significant portion of the rights to the first domestic mRNA COVID-19 vaccine and mRNA new drug will be transferred abroad.
Currently, the support for mRNA vaccine policy funds has been practically severed. The establishment of the government’s K-Bio Vaccine Fund has also been delayed for several months. In contrast, the U.S. has invested 41 trillion won led by the government, enabling Pfizer and Moderna to quickly complete mRNA vaccine development and begin commercializing vaccines to deal with mutated viruses, as well as mixed vaccine trials. China completed the development of an mRNA vaccine in March this year. Daiichi Sankyo of Japan, who started development more than six months later than EYEGENE, also received approval for its Daichirona COVID-19 mRNA vaccine from the Ministry of Health, Labor and Welfare on Aug. 2