The newly formed company is an affiliate of the Migal Galilee Research Institute.
Newly formed Israeli Covid-19 vaccine developer MigVax Corp. has raised $12 million led by OurCrowd. MigVax is an affiliate of The Migal Galilee Research Institute in Kiryat Shmona, which is pioneering the effort to develop Israel's human vaccine against the virus.
The Migal Galilee Research Institute has previously developed a vaccine against infectious bronchitis virus, a coronavirus strain which causes bronchial disease affecting poultry. The safety and effectiveness of the poultry vaccine has been proven in animal trials carried out at Israel's Veterinary institute. MigVax is using the methods learned from the existing vaccine to develop a new oral subunit human vaccine against Covid-19. Migal's interdisciplinary vaccine development team has been collaborating for several years on other vaccine development projects and is highly qualified to carry out this project.
OurCrowd CEO Jon Medved said, "We are humbled by the opportunity to invest in this company, which means so much to so many people. The race for a COVID-19 vaccine is about saving countless lives, and we are grateful to be able to support this important effort."
Migal Galilee Research Institute CEO David Zigdon said, "The experiments we have carried out so far show that because the vaccine does not include the virus itself, it will be safe to use in immune-suppressed recipients, and has fewer chances of side effects. It uses a protein vector that can form and secrete a chimeric soluble protein which carries the viral antigen into tissue and causes the production of antibodies against the virus by the immune system. We are now working to adjust our generic vaccine system to Covid-19. Using a fermentation process, MigVax aims to have the material ready for clinical trials within a few months."
OurCrowd Venture Partner Morris Laster, who is leading the investment, said, "We feel that the vaccine has already shown high safety and efficiency in animal models and we believe the approach we are taking is safer with a higher likelihood of achieving a meaningful immune response."