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Canada signs deal with VBI Vaccines to develop coronavirus candidate by 2022

Click to play video 'Coronavirus: Canada’s top doctor outlines COVID-19 vaccine preparation plan' Coronavirus: Canada’s top doctor outlines COVID-19 vaccine preparation plan
WATCH: Canada’s top doctor outlines COVID-19 vaccine preparation plan

VBI Vaccines Inc said on Monday it had entered into an agreement with Canada to develop a potential vaccine for COVID-19 by 2022 through mid-stage trials conducted exclusively in the country.

Canada will contribute around 75% of the U.S.-based company’s development costs and C$55.9 million ($42.2 million) for the project.

Read more: Task force worries Trump’s rush to approve COVID-19 vaccine will cause concern in Canada

VBI Vaccines said last month that together with the National Research Council Canada it was investigating the vaccine candidate, VBI-2900, in preclinical trials.

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As per the agreement, signed last week, the company’s Ottawa-based unit is obligated to complete the vaccine development in or before the first quarter of 2022.

Click to play video 'Ottawa signs 2 new COVID-19 vaccine deals for Canada' Ottawa signs 2 new COVID-19 vaccine deals for Canada
Ottawa signs 2 new COVID-19 vaccine deals for Canada

There are currently no approved vaccines for COVID-19, but around 38 vaccines are being tested in humans around the world.

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