A staff member displays samples of the COVID-19 inactivated vaccine at Sinovac Biotech Ltd., in Beijing, capital of China, March 16, 2020. (Xinhua/Zhang Yuwei)

Sinovac Biotech Ltd, the Chinese vaccine developer that has a lead in the global coronavirus vaccine development pipeline, received $15 million worth of venture capital funds to boost its research work.

The company's vaccine plant in Beijing's Daxing District, now under construction, could produce 100 million  inactivated vaccine doses a year upon completion, domestic news portal bjd.com.cn reported on Saturday. 

The company's inactivated vaccine candidate entered phase II clinical trials in early May. 

The company is also discussing phase III trials to be conducted globally with the World Health Organization (WHO), competent authorities and partners in a number countries and regions so that the vaccine could be used in the global fight against coronavirus at an earlier date, a company executive was quoted as saying.  

According to a report from the WHO released on May 15, there are a total of 118 COVID-19 vaccine candidates in development, with eight entering clinical trials, four of which are from China. 

Zhang Wenhong, a Shanghai-based infectious disease doctor, said the development of COVID-19 vaccines by Chinese companies need international cooperation as China has brought the epidemic under control within its borders.

But Zhang predicted that the time when the world can produce enough vaccines for most of its population won't come earlier than the end of 2021.

Global Times