[Featured Stock] Wellbiotech Surges on Investment News in Russian COVID-19 Vaccine 'Covivac' Business

[Asia Economy Reporter Yoo Hyun-seok] Wellbiotech is showing strong performance. It appears to be influenced by its investment in the COVID-19 vaccine 'KoviCac,' developed by the Russian Chumakov Federal Scientific Research Center.

As of 1:25 PM on the 19th, Wellbiotech was trading at 4,415 KRW, up 7.29% (300 KRW) compared to the previous trading day.

On the 15th, Wellbiotech decided to invest 7 billion KRW in MP Corporation (MPC), which holds exclusive rights for domestic contract manufacturing and ASEAN regional distribution of the 'KoviCac' vaccine. MPC is a special purpose company (SPC) established in Korea to specialize in the production of Russian vaccines, including KoviCac.

The 'KoviCac' vaccine is an inactivated COVID-19 vaccine candidate that induces antibody formation by administering the inactivated virus to the human body. The Russian Chumakov Federal Scientific Research Center is currently conducting Phase 3 clinical trials. The KoviCac vaccine reportedly demonstrated about 92% effectiveness in preventing COVID-19, along with safety and efficacy validation in earlier Phase 2 clinical trials.

Unlike existing vaccines based on the BSL-2 (Biological Safety Level) standard, Wellbiotech plans to leverage the fact that the 'KoviCac' vaccine is based on the BSL-3 standard. Around the completion of Phase 3 clinical trials, the company intends to create diverse business opportunities including ▲ upgrading contract manufacturing facilities to BSL-3 ▲ establishing a cold chain-based distribution system ▲ constructing clean rooms.

This content was produced with the assistance of AI translation services.