COVID-19 Vaccine Corporation Limited (CVC)

By Robert Feldman - CVC

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About

COVID-19 Vaccine Corporation Limited (CVC)

CVC (COVID-19 Vaccine Corporation Ltd.) has provided an update. Please read the update on the 'Updates' page.

 

CVC (COVID-19 Vaccine Corporation Ltd.) is progressing a unique approach to the development of a COVID-19 vaccine utilising New Zealand biobead technology. We believe our approach has the potential to become a dependable all-round vaccine that induces a strong and broad immune response while being cost-efficient to manufacture at scale.

 


 

Letter from the founders

Back in April this year, just as it was becoming all too clear how devastating COVID-19 was, two of the four founders, Robert and Andy discussed whether there was any meaningful impact we could make here in New Zealand. We recognised that an effective COVID-19 vaccine is the only realistic approach to lifting lockdown and mitigation strategies. We also knew there is no vaccine technology that is guaranteed to succeed and with the unknowns about the virus and immune response, all the approaches being developed may or may not succeed. Every vaccine candidate being progressed had theoretical disadvantages as well as positive aspects.

It was obvious that the “front runners” would make it to the market before anything we could develop but we were also of the view those same candidates, while likely to make a difference, would not make ideal vaccines. We saw a longer-term need for a vaccine that would reliably induce a strong, broad and reliable immune response while at the same time being cost-effective.

Andy had had previous involvement with a New Zealand developed technology owned by Palmerston North company, Polybatics. Its biobead technology is eminently suited for the development of a vaccine to prevent viral infections and indeed there was quite a body of work to suggest efficacy. Importantly, it was a different approach from other candidates we knew of being developed; there seemed to be no logic in progressing a vaccine that was substantially a copy of what others were already doing. The biobead technology was a genuine new shot on goal.

We decided we would form a company based on the biobead technology. We asked two other colleagues, Tara and Helen to join us as founders. CVC was born. Between us, we had a huge skill set. Robert with vaccine development, biotechnology CEO and operations experience, Andy with vaccine development and production experience, Tara with her regulatory and quality knowledge and Helen with her clinical trials know-how.

We have encountered huge support from many quarters. We successfully licensed the technology from Polybatics, we were graced with amazing financial support from a group of investors and received an early and hugely helpful Government grant. We incorporated in May 2020 and since then progress has been rapid. We are now at the point where we have successfully designed and produced the key component of our vaccine. The next step is to thoroughly test our vaccine in readiness for a human trial. We have raised funds to start that process and now seek further investment through PledgeMe. We hope New Zealanders will be willing to support and invest in what is a very Kiwi endeavour to make a difference in the fight against COVID-19. We have already achieved some important milestones but there are more, high-risk ones to come. We hope you will join us on our journey.

CVC Founders

Dr Robert Feldman, Dr Andy Herbert, Tara Creaven-Capasso and Helen Teale

 

CVC IM BOX

 

 

Summary

This offer is for investor class shares in COVID-19 Vaccine Corporation Ltd (Preference Shares). Our nominee, CVC Nominee Limited, will hold legal title to these Preference Shares on trust for investors under this offer.

* The Maximum Raise includes a Wholesale Investment offer of $1.5M.

Please read our Information Memorandum and Shareholders’ Agreement carefully to learn more about the Nominee Structure, Share Classes, and Rights attached to the Shares.

CVC IM BOX

 

A note from PledgeMe

We have completed Veda checks on the companies, COVID-19 Vaccine Corporation Limited and the nominee CVC Nominee Limited, and their Directors, as well as Google checks. There were no adverse findings. 

 

Updates 1

CVC Update

19/11/2020 at 2:37 PM

Hello!

 

You have probably read about the recent news regarding the preliminary results of the Pfizer/BioNTech and Moderna COVID-19 vaccines. The news is excellent and indeed rather better than was generally expected. It’s great news for all of us but it has important repercussions for CVC.

 

CVC has two arms to its vaccine development programme. The first, which we call a B-cell antigen, is designed to achieve similar results to Pfizer/BioNTech and Moderna vaccines along with many other pipeline candidates. The second, which we call a T-cell antigen, is designed to produce an immune response that specifically destroys just those cells that are infected with the virus.

 

Given these vaccines’ excellent preliminary results we have just heard about, CVC has decided to stop development with its B-cell antigen and concentrate on the development of the T-cell antigen. The CVC T-cell antigen has the potential to enhance the efficacy of other vaccine candidates.

 

The B-cell antigen was a significant component of the value proposition described in the investment memorandum made available on the PledgeMe website. As our value proposition is now altered, it is no longer appropriate to proceed with the equity crowdfunding and we shall therefore stop the campaign. Our existing funds will allow us to progress with our T-cell antigen strategy. I would like to take this opportunity to sincerely thank you for your interest and support, it has been humbling.

 

With best regards,

 

Robert

CEO

    Details

    Offer Details

    Current Valuation 10,540,000
    Raise Minimum 1,000,000
    Raise Maximum 2,000,000
    Share Price 0.80
    Maximum Shares Offered 2,500,000
    Explanation of valuation:

    The company has been recently valued in September 2020 as that is when it concluded its $4.3 million series A funding from private investors. The price per share for that round was $0.5993 per share valuing the company at $7.9 million (undiluted). Since September the company has achieved one of its key valuation milestones of successful construction of its biobead candidates, . To reflect achievement of this valuation milestone, the share price is now $0.8 per share which values the company before crowdfunding at $10.5 million.

    [A net present value using the figures presented in the investment memorandum indicates the price is reasonable. Based on the two tables in the financial forecast and a discount rate of 40%, the net present value of the company is $33 million.]

    Financial Summary

    Prev Year Current Year Est. FY 2022 Est. FY 2023
    Revenue NZ $0 NZ $0 NZ $20,000,000 NZ $0
    Operating Expenses NZ $0 NZ $150,000 NZ $300,000 NZ $50,000
    EBITDA NZ $0 NZ $0 NZ $0 NZ $0
    Net Profit NZ $0 -NZ $150,000 NZ $19,700,000 -NZ $50,000

    Company Details

    Company Name: Covid-19 Vaccine Corporation Limited

    Company Number: 7955056

    Company details are currently being synced with the Companies Office, please wait.

    Company Documents

    CVC_-_PledgeMe_IM.pdf

    (application/pdf, 8.03 MB, uploaded 07 November 2020)

    CVC_Constitution.pdf

    (application/pdf, 320 KB, uploaded 07 November 2020)

    CVC_Shareholders_Agreement.pdf

    (application/pdf, 365 KB, uploaded 07 November 2020)

    Declaration_of_Trust-_CVC_Nominee.pdf

    (application/pdf, 241 KB, uploaded 07 November 2020)

    CVC_Certificate_of_Incorporation.pdf

    (application/pdf, 587 KB, uploaded 07 November 2020)

    CVC_Company_Extract.pdf

    (application/pdf, 1.07 MB, uploaded 07 November 2020)

    Director Details

    Name Role Profile URL Invested?
    Robert Feldman CEO and Director https://www.linkedin.com/in/robert-feldman-9408344/
    Jeffrey Douglas Chair https://app.companiesoffice.govt.nz/companies/app/service/services/documents/41AF5416E1B4C15E02FB36DF56950DC1
    Andrew Herbert CSO and Director https://www.linkedin.com/in/andy-herbert-8b723013/
    Kipley Marks Director https://app.companiesoffice.govt.nz/companies/app/service/services/documents/5D0CE76CA55949F42C45A11B72F15A7E
    Stephen Strother Director https://app.companiesoffice.govt.nz/companies/app/service/services/documents/0E8467565B5C3A2B64512BF90558A433

    Questions 5

    Ask a Question (You must login to ask a question)


    Does the announcement by Pfizer meet the risk test (last page IM, "risks and mitigation" of shutting down yr project?

    Posted on 11-11-2020 by Elizabeth B

    The preliminary news from Pfizer & BioNTech is excellent to hear. It shows that in principle, a vaccine can be pretty effective. Remember the results are preliminary and the final results may not look quite as good. The big issue with the Pfizer vaccine is that it needs to be distributed and stored at exceptionally cold temperatures. The supply chain for such cold storage does not exist and will be very expensive to set up and maintain. When another vaccine comes along that is also effective but not requiring such cold storage, expect it to take the place of vaccine that require extreme temperature storage. Furthermore, CVC’s vaccine is designed to generate a broader immune response than the likes of the Pfizer vaccine. Our initial premise of producing a reliable, dependable, cost-effective remains valid.

    Answered on 11-11-2020 by Robert Feldman - CVC


    Hi there, I've just seen the Newshub article on the $1.5m raised. Director Robert Feldman is quoted as saying "We raised over $1.5 million... within an hour. It's fantastic, isn't it?".

    I have looked at the wholesale offer page and see that there is one pledge that makes up the $1.5m. From the 'Pledgers' section, the one pledger is 'Jeffrey D'.

    Does 'Jeffrey D' happen to be the 'Jeffrey Douglas' that is a director of this company? If so, is this disclosed in the offer documents?

    Thanks,

    Rob

    Posted on 12-11-2020 by Robert Banks

    Thanks for the question, Robert! The investment is from the Douglas Family trust and indeed Jeffrey Douglas is a trustee. This is not disclosed in our offer document because the trust only made the decision to invest immediately prior to our launch. It was put publicly through the platform as part of our campaign. We have a great crowd of support around this project, with the investment from the trust being hugely validating.

    Answered on 12-11-2020 by Robert Feldman - CVC


    Hi, is the bead technology a generally available technology or does cvc own the IP?

    Do you have a vaccine yet, if no then when do you expect to have your vaccine and what is the next stage? What hoops do you have to go through to release a product in the kiwi market place as unfortunately we are also more innovative than the rest of the world in building over bearing bureaucracy!

    Posted on 14-11-2020 by Julian

    Hi Julian and thanks for your interest. I urge you to open up and read the investment memorandum (IM) as all your questions are addressed in that document. The link to the document is on the PledgeMe site. In summary, we have licenced the IP for the biobeads, we do not have a vaccine yet but have constructed the basic building block. The next stage is rigorous testing and we hope to start our first trial in humans at the end of next year.

    Answered on 14-11-2020 by Robert Feldman - CVC


    1. In answer to Julian you say "we have licenced the IP for the biobeads". Can you please provide more details on what the license agreement entails? How long is the license for? Is there a step up clause for the licensing payment if the vaccine is successful? Does the license incorporate clauses which allow CVC to capture the value of the knowledge gained in the development of the Covid-19 vaccine?

    2. You comment on Pfizer & BionTech's vaccine that the cold storage is an issue. However, there is likely to be no issue with other protein based vaccines, for example Novavax, which already has stage 3 trials underway. How will CVC compete with Novavax if their phase 3 clinical trial proves to be successful?

    3. Do any of the board members have accounting/financial/audit qualifications or experience?

    Posted on 16-11-2020 by Rachel Ainsworth

    Hi Rachel,

    Thanks very much for your questions and your interest. Here are the answers:

    1. The license is indefinite. There were no upfront fees nor are there any milestone payments. Should CVC successfully sell a COVID-19 vaccine incorporating the biobead technology, Polybatics will receive a low single figure percentage of revenues from the vaccine received by CVC. This approach avoids potential royalty stacking issues should CVC choose to sublicense the technology. CVC retains any IP it generates. Exact details can be supplied under confidentiality.

    2. You are correct in noting subunit vaccines such as the Novavax product would be likely stored at 2 to 8 °C. CVC’s product, if successful, has a number of advantages over the standard subunit approach. Firstly, it incorporates a broad range of cytotoxic T cell epitopes from non-spike protein components of SARS-CoV-2 which one would expect to give broader protection than spike protein alone. Secondly, CVC’s candidate is designed to be produced in a prokaryotic expression system, which has production advantages compared to standard subunit approached (including Novavax).

    3. I sat and passed the Investment Management Certificate in the UK. Kipley Marks and Jeff Douglas both have undeniable experience of running successful companies. Furthermore, though not on the Board, we have good oversight by accountant Craig Brown of Surestart Consulting Limited.

    Please do let me know if you have any further questions.

    Kind regards,

    Robert

    Answered on 16-11-2020 by Robert Feldman - CVC


    Hi Robert,

    Thanks for your earlier answers. I have a few more questions for you:

    4. Have your Covid-19 biobead epitopes been assessed to determine whether the lack of post-transcriptional modifications will impact their effectiveness?

    5. Is the license for the biobeads exclusive? Does the license allow you to develop animal vaccines using the same technology?

    6. Does the company have plans to develop other vaccines should the Covid-19 vaccine trials be unable to be completed in time?

    Thanks,
    Rachel

    Posted on 17-11-2020 by Rachel Ainsworth

    Hi Rachel,

    Thanks for your additonal questions and continued interest. Here are the responses:

    4. We base our use of a prokayotic expression system where there are no post-translational modifications on work that showed expression of spike RBD from SARS-CoV-1 will generate neutralising antibodies (Recombinant receptor-binding domain of SARS-CoV spike protein expressed in mammalian, insect and E. coli cells elicits potent neutralizing antibody and protective immunity. Du, L, et al. 1, 2009, Virology, Vol. 393, pp. 144-150.).

    5. The license is exclusive and is restricted to COVID-19 applications (so no animal vaccine use).

    6. As described in the IM, this is an option we have thought about but for now, we are concentrating on COVID-19.

    Answered on 17-11-2020 by Robert Feldman - CVC

    Pledgers 107

    Adrian McMillan
    2020-11-24 19:20:11 +1300
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    2020-11-20 19:52:56 +1300
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    2020-11-18 07:49:54 +1300

    "Good Luck Team"

    Patriot Investment Group
    2020-11-17 14:22:20 +1300
    Claire McGowanPledgeMe Staff
    2020-11-16 17:17:02 +1300
    Tony Boyce
    2020-11-16 15:37:29 +1300

    "Best wishes for your success."

    Brett Mudge
    2020-11-16 13:45:16 +1300

    "Brett and Lynley Mudge "

    David Gravatt
    2020-11-16 12:10:01 +1300
    Clive & Frances Cook
    2020-11-16 11:53:54 +1300
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    2020-11-16 10:23:06 +1300

    "What an opportunity for kiwis to shine on the global stage. Kia kaha."

    Christine Van Tilburg
    2020-11-15 16:56:10 +1300
    Alan McIntyre
    2020-11-15 14:18:31 +1300
    Carmel Callan
    2020-11-15 11:10:27 +1300

    "Let's do this :-)"

    Fiona Carrick
    2020-11-14 21:19:03 +1300
    Simon Mark-Brown
    2020-11-14 14:43:52 +1300

    "Best of luck!"

    Sharon Kletchko
    2020-11-14 13:04:08 +1300
    David
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    Blesilda Lee
    2020-11-14 12:32:12 +1300

    "Our prayers go with your efforts! Kia kaha!"

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    2020-11-14 12:28:59 +1300
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    Barry King
    2020-11-14 10:59:40 +1300
    Bentley Investments Ltd
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    2020-11-13 17:52:06 +1300
    LLOYD BROWNwallaby901
    2020-11-13 17:32:56 +1300
    Bruce Milne
    2020-11-13 14:25:56 +1300

    COVID-19 Vaccine Corporation Limited (CVC)

    CVC (COVID-19 Vaccine Corporation Ltd.) has provided an update. Please read the update on the 'Updates' page.

     

    CVC (COVID-19 Vaccine Corporation Ltd.) is progressing a unique approach to the development of a COVID-19 vaccine utilising New Zealand biobead technology. We believe our approach has the potential to become a dependable all-round vaccine that induces a strong and broad immune response while being cost-efficient to manufacture at scale.

     


     

    Letter from the founders

    Back in April this year, just as it was becoming all too clear how devastating COVID-19 was, two of the four founders, Robert and Andy discussed whether there was any meaningful impact we could make here in New Zealand. We recognised that an effective COVID-19 vaccine is the only realistic approach to lifting lockdown and mitigation strategies. We also knew there is no vaccine technology that is guaranteed to succeed and with the unknowns about the virus and immune response, all the approaches being developed may or may not succeed. Every vaccine candidate being progressed had theoretical disadvantages as well as positive aspects.

    It was obvious that the “front runners” would make it to the market before anything we could develop but we were also of the view those same candidates, while likely to make a difference, would not make ideal vaccines. We saw a longer-term need for a vaccine that would reliably induce a strong, broad and reliable immune response while at the same time being cost-effective.

    Andy had had previous involvement with a New Zealand developed technology owned by Palmerston North company, Polybatics. Its biobead technology is eminently suited for the development of a vaccine to prevent viral infections and indeed there was quite a body of work to suggest efficacy. Importantly, it was a different approach from other candidates we knew of being developed; there seemed to be no logic in progressing a vaccine that was substantially a copy of what others were already doing. The biobead technology was a genuine new shot on goal.

    We decided we would form a company based on the biobead technology. We asked two other colleagues, Tara and Helen to join us as founders. CVC was born. Between us, we had a huge skill set. Robert with vaccine development, biotechnology CEO and operations experience, Andy with vaccine development and production experience, Tara with her regulatory and quality knowledge and Helen with her clinical trials know-how.

    We have encountered huge support from many quarters. We successfully licensed the technology from Polybatics, we were graced with amazing financial support from a group of investors and received an early and hugely helpful Government grant. We incorporated in May 2020 and since then progress has been rapid. We are now at the point where we have successfully designed and produced the key component of our vaccine. The next step is to thoroughly test our vaccine in readiness for a human trial. We have raised funds to start that process and now seek further investment through PledgeMe. We hope New Zealanders will be willing to support and invest in what is a very Kiwi endeavour to make a difference in the fight against COVID-19. We have already achieved some important milestones but there are more, high-risk ones to come. We hope you will join us on our journey.

    CVC Founders

    Dr Robert Feldman, Dr Andy Herbert, Tara Creaven-Capasso and Helen Teale

     

    CVC IM BOX

     

     

    Summary

    This offer is for investor class shares in COVID-19 Vaccine Corporation Ltd (Preference Shares). Our nominee, CVC Nominee Limited, will hold legal title to these Preference Shares on trust for investors under this offer.

    * The Maximum Raise includes a Wholesale Investment offer of $1.5M.

    Please read our Information Memorandum and Shareholders’ Agreement carefully to learn more about the Nominee Structure, Share Classes, and Rights attached to the Shares.

    CVC IM BOX

     

    A note from PledgeMe

    We have completed Veda checks on the companies, COVID-19 Vaccine Corporation Limited and the nominee CVC Nominee Limited, and their Directors, as well as Google checks. There were no adverse findings. 

     

    CVC Update

    19/11/2020 at 2:37 PM

    Hello!

     

    You have probably read about the recent news regarding the preliminary results of the Pfizer/BioNTech and Moderna COVID-19 vaccines. The news is excellent and indeed rather better than was generally expected. It’s great news for all of us but it has important repercussions for CVC.

     

    CVC has two arms to its vaccine development programme. The first, which we call a B-cell antigen, is designed to achieve similar results to Pfizer/BioNTech and Moderna vaccines along with many other pipeline candidates. The second, which we call a T-cell antigen, is designed to produce an immune response that specifically destroys just those cells that are infected with the virus.

     

    Given these vaccines’ excellent preliminary results we have just heard about, CVC has decided to stop development with its B-cell antigen and concentrate on the development of the T-cell antigen. The CVC T-cell antigen has the potential to enhance the efficacy of other vaccine candidates.

     

    The B-cell antigen was a significant component of the value proposition described in the investment memorandum made available on the PledgeMe website. As our value proposition is now altered, it is no longer appropriate to proceed with the equity crowdfunding and we shall therefore stop the campaign. Our existing funds will allow us to progress with our T-cell antigen strategy. I would like to take this opportunity to sincerely thank you for your interest and support, it has been humbling.

     

    With best regards,

     

    Robert

    CEO

      Offer Details

      Current Valuation 10,540,000
      Raise Minimum 1,000,000
      Raise Maximum 2,000,000
      Share Price 0.80
      Maximum Shares Offered 2,500,000
      Explanation of valuation:

      The company has been recently valued in September 2020 as that is when it concluded its $4.3 million series A funding from private investors. The price per share for that round was $0.5993 per share valuing the company at $7.9 million (undiluted). Since September the company has achieved one of its key valuation milestones of successful construction of its biobead candidates, . To reflect achievement of this valuation milestone, the share price is now $0.8 per share which values the company before crowdfunding at $10.5 million.

      [A net present value using the figures presented in the investment memorandum indicates the price is reasonable. Based on the two tables in the financial forecast and a discount rate of 40%, the net present value of the company is $33 million.]

      Financial Summary

      Prev Year Current Year Est. FY 2022 Est. FY 2023
      Revenue NZ $0 NZ $0 NZ $20,000,000 NZ $0
      Operating Expenses NZ $0 NZ $150,000 NZ $300,000 NZ $50,000
      EBITDA NZ $0 NZ $0 NZ $0 NZ $0
      Net Profit NZ $0 -NZ $150,000 NZ $19,700,000 -NZ $50,000

      Company Details

      Company Name: Covid-19 Vaccine Corporation Limited

      Company Number: 7955056

      Company details are currently being synced with the Companies Office, please wait.

      Company Documents

      CVC_-_PledgeMe_IM.pdf

      (application/pdf, 8.03 MB, uploaded 07 November 2020)

      CVC_Constitution.pdf

      (application/pdf, 320 KB, uploaded 07 November 2020)

      CVC_Shareholders_Agreement.pdf

      (application/pdf, 365 KB, uploaded 07 November 2020)

      Declaration_of_Trust-_CVC_Nominee.pdf

      (application/pdf, 241 KB, uploaded 07 November 2020)

      CVC_Certificate_of_Incorporation.pdf

      (application/pdf, 587 KB, uploaded 07 November 2020)

      CVC_Company_Extract.pdf

      (application/pdf, 1.07 MB, uploaded 07 November 2020)

      Director Details

      Name Role Profile URL Invested?
      Robert Feldman CEO and Director https://www.linkedin.com/in/robert-feldman-9408344/
      Jeffrey Douglas Chair https://app.companiesoffice.govt.nz/companies/app/service/services/documents/41AF5416E1B4C15E02FB36DF56950DC1
      Andrew Herbert CSO and Director https://www.linkedin.com/in/andy-herbert-8b723013/
      Kipley Marks Director https://app.companiesoffice.govt.nz/companies/app/service/services/documents/5D0CE76CA55949F42C45A11B72F15A7E
      Stephen Strother Director https://app.companiesoffice.govt.nz/companies/app/service/services/documents/0E8467565B5C3A2B64512BF90558A433

      Ask a Question (You must login to ask a question)


      Does the announcement by Pfizer meet the risk test (last page IM, "risks and mitigation" of shutting down yr project?

      Posted on 11-11-2020 by Elizabeth B

      The preliminary news from Pfizer & BioNTech is excellent to hear. It shows that in principle, a vaccine can be pretty effective. Remember the results are preliminary and the final results may not look quite as good. The big issue with the Pfizer vaccine is that it needs to be distributed and stored at exceptionally cold temperatures. The supply chain for such cold storage does not exist and will be very expensive to set up and maintain. When another vaccine comes along that is also effective but not requiring such cold storage, expect it to take the place of vaccine that require extreme temperature storage. Furthermore, CVC’s vaccine is designed to generate a broader immune response than the likes of the Pfizer vaccine. Our initial premise of producing a reliable, dependable, cost-effective remains valid.

      Answered on 11-11-2020 by Robert Feldman - CVC


      Hi there, I've just seen the Newshub article on the $1.5m raised. Director Robert Feldman is quoted as saying "We raised over $1.5 million... within an hour. It's fantastic, isn't it?".

      I have looked at the wholesale offer page and see that there is one pledge that makes up the $1.5m. From the 'Pledgers' section, the one pledger is 'Jeffrey D'.

      Does 'Jeffrey D' happen to be the 'Jeffrey Douglas' that is a director of this company? If so, is this disclosed in the offer documents?

      Thanks,

      Rob

      Posted on 12-11-2020 by Robert Banks

      Thanks for the question, Robert! The investment is from the Douglas Family trust and indeed Jeffrey Douglas is a trustee. This is not disclosed in our offer document because the trust only made the decision to invest immediately prior to our launch. It was put publicly through the platform as part of our campaign. We have a great crowd of support around this project, with the investment from the trust being hugely validating.

      Answered on 12-11-2020 by Robert Feldman - CVC


      Hi, is the bead technology a generally available technology or does cvc own the IP?

      Do you have a vaccine yet, if no then when do you expect to have your vaccine and what is the next stage? What hoops do you have to go through to release a product in the kiwi market place as unfortunately we are also more innovative than the rest of the world in building over bearing bureaucracy!

      Posted on 14-11-2020 by Julian

      Hi Julian and thanks for your interest. I urge you to open up and read the investment memorandum (IM) as all your questions are addressed in that document. The link to the document is on the PledgeMe site. In summary, we have licenced the IP for the biobeads, we do not have a vaccine yet but have constructed the basic building block. The next stage is rigorous testing and we hope to start our first trial in humans at the end of next year.

      Answered on 14-11-2020 by Robert Feldman - CVC


      1. In answer to Julian you say "we have licenced the IP for the biobeads". Can you please provide more details on what the license agreement entails? How long is the license for? Is there a step up clause for the licensing payment if the vaccine is successful? Does the license incorporate clauses which allow CVC to capture the value of the knowledge gained in the development of the Covid-19 vaccine?

      2. You comment on Pfizer & BionTech's vaccine that the cold storage is an issue. However, there is likely to be no issue with other protein based vaccines, for example Novavax, which already has stage 3 trials underway. How will CVC compete with Novavax if their phase 3 clinical trial proves to be successful?

      3. Do any of the board members have accounting/financial/audit qualifications or experience?

      Posted on 16-11-2020 by Rachel Ainsworth

      Hi Rachel,

      Thanks very much for your questions and your interest. Here are the answers:

      1. The license is indefinite. There were no upfront fees nor are there any milestone payments. Should CVC successfully sell a COVID-19 vaccine incorporating the biobead technology, Polybatics will receive a low single figure percentage of revenues from the vaccine received by CVC. This approach avoids potential royalty stacking issues should CVC choose to sublicense the technology. CVC retains any IP it generates. Exact details can be supplied under confidentiality.

      2. You are correct in noting subunit vaccines such as the Novavax product would be likely stored at 2 to 8 °C. CVC’s product, if successful, has a number of advantages over the standard subunit approach. Firstly, it incorporates a broad range of cytotoxic T cell epitopes from non-spike protein components of SARS-CoV-2 which one would expect to give broader protection than spike protein alone. Secondly, CVC’s candidate is designed to be produced in a prokaryotic expression system, which has production advantages compared to standard subunit approached (including Novavax).

      3. I sat and passed the Investment Management Certificate in the UK. Kipley Marks and Jeff Douglas both have undeniable experience of running successful companies. Furthermore, though not on the Board, we have good oversight by accountant Craig Brown of Surestart Consulting Limited.

      Please do let me know if you have any further questions.

      Kind regards,

      Robert

      Answered on 16-11-2020 by Robert Feldman - CVC


      Hi Robert,

      Thanks for your earlier answers. I have a few more questions for you:

      4. Have your Covid-19 biobead epitopes been assessed to determine whether the lack of post-transcriptional modifications will impact their effectiveness?

      5. Is the license for the biobeads exclusive? Does the license allow you to develop animal vaccines using the same technology?

      6. Does the company have plans to develop other vaccines should the Covid-19 vaccine trials be unable to be completed in time?

      Thanks,
      Rachel

      Posted on 17-11-2020 by Rachel Ainsworth

      Hi Rachel,

      Thanks for your additonal questions and continued interest. Here are the responses:

      4. We base our use of a prokayotic expression system where there are no post-translational modifications on work that showed expression of spike RBD from SARS-CoV-1 will generate neutralising antibodies (Recombinant receptor-binding domain of SARS-CoV spike protein expressed in mammalian, insect and E. coli cells elicits potent neutralizing antibody and protective immunity. Du, L, et al. 1, 2009, Virology, Vol. 393, pp. 144-150.).

      5. The license is exclusive and is restricted to COVID-19 applications (so no animal vaccine use).

      6. As described in the IM, this is an option we have thought about but for now, we are concentrating on COVID-19.

      Answered on 17-11-2020 by Robert Feldman - CVC

      Adrian McMillan
      2020-11-24 19:20:11 +1300
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      2020-11-18 07:49:54 +1300

      "Good Luck Team"

      Patriot Investment Group
      2020-11-17 14:22:20 +1300
      Claire McGowanPledgeMe Staff
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      "Best wishes for your success."

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      "Brett and Lynley Mudge "

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      "What an opportunity for kiwis to shine on the global stage. Kia kaha."

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      "Let's do this :-)"

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      "Best of luck!"

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      "Our prayers go with your efforts! Kia kaha!"

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