San Diego-based Arcturus Therapeutics has received a grant of up to $10 million to develop a vaccine for the deadly strain of coronavirus known as COVID-19.
The company joins Inovio Pharmaceuticals, Moderna and others in working on vaccines, which if successful could take a year to reach the wider public, experts say.
The Singapore Economic Development Board, which awarded the grant, would get a cut of vaccine sales outside of Singapore, according to a regulatory filing.
Arcturus said its vaccine could be effective at lower doses than other RNA-based medicines, reducing the time and cost to vaccinate large populations. The company did not provide a timeline of when its program might begin clinical testing in humans.
COVID-19 cases stand at 97,800 globally, with 3,347 deaths, according to data compiled by Johns Hopkins University.
To fight the virus, Arcturus said its technology self-replicates RNA to produce critical proteins. The company received part of the grant upfront, with the full $10 million dependent on development milestones.
Arcturus is working with the Duke-NUS Medical School, a partnership between Duke University School of Medicine and the National University of Singapore.
