ISR Immune System Regulation Holding AB (publ), which develops inhalation vaccine against Covid-19, today announced that it has signed an investment agreement with Singapore Resources Development PTE. Ltd. Singapore Resources Development PTE. Ltd. invests in various stages and after the fulfillment of certain conditions, a total of 6,850,000 euros against a total ownership of just over 29 percent in a subsidiary to be set up by ISR for the purpose.
ISR is now moving towards a clinical trial phase of its vaccine program where the need for financing for, among other things, the production of Spike protein will be extensive. To prepare further collaborations in vaccine development, ISR therefore forms a specific vaccine company. With this investment from Singapore Resources Development PTE. Ltd. A number of important contacts will also be opened for ISR in markets that are well suited for ISR’s vaccine.
ISR shall, after Singapore Resources Development PTE. Ltd. paid an initial fee of 100,000 euros, establish a subsidiary whose activities will be the development, distribution and licensing of a covid-19 vaccine and vaccine for other types of respiratory viral infections, based on intellectual property rights that will be transferred from ISR to the new subsidiary .
The investment in the subsidiary is then divided into two rounds. The subsidiary intends to initially seek approval from the Bangladesh Medical Research Council to conduct a study of the covid-19 vaccine in humans, but does not rule out exploring other alternative studies in the future. After the subsidiary has received approval from the Bangladesh Medical Research Council, Singapore Resources Development will PTE. Ltd. in the first round invest 1,000,000 euros. The company is now preparing documentation to shortly apply for a clinical trial in Bangladesh.
Singapore Resources Development PTE. Ltd. shall invest EUR 5,850,000 when the subsidiary admits its first patient in a clinical phase-1 trial, as its second round of investment. For this investment, the initial fee of EUR 100,000 will be added to the subsidiary in favor of Singapore Resources Development PTE. Ltd. The company assesses that there are good conditions for conducting a phase-1 clinical trial.
Following the completion of both issues, Singapore Resources Development will receive the PTE. Ltd., in various stages, a total of just over 29 percent of all shares in the newly started subsidiary for its investment of 6,850,000 euros.
Discussions are currently underway regarding the financing of a clinical phase-3 trial. ”It is extremely gratifying to receive strong financial support to invest further and take the vaccine to a clinical phase. This investment also opens up an excellent network to parts of the world that are well suited for our vaccine. A big step for ISR. ”, Comments Ola Winqvist, CEO of ISR.
About ISR Immune System Regulation Holding AB (publ)
ISR is an innovation-driven drug development company in immunotherapy. The company’s business concept is to transform preclinical immunological research into clinical trials with the help of a stimulated immune system to fight chronic diseases such as HIV, Hepatitis B and cancer by developing the company’s pipeline of immunostimulatory Immunolides and Immunorhelins and take advantage of the immune system by developing designed vaccines. ISR is listed on the Nasdaq First North Growth Market and is headquartered in Solna.