UAE - Mubasher: Dubai-based Opulence Capital Management, a private investment fund, will invest $20 million in the US-based Nano Cures, a clinical stage biotechnology and infectious disease immunity platform company.
This investment is part of the US company's $90 million pre-IPO funding round, according to a press release on Monday.
The funding round will enable the company to expand its Cures Platform for the coronavirus (COVID-19) variants, including vaccines and persistent immunity delivery.
Nano will open up its Cures Platform to other pharmaceutical companies and their vaccines to curb the pandemic and provide billions of doses directly to those in need.
The company also plans to deliver its Cures Platform to emerging regions such as GCC, Southeast Asia, Latin America, and Central/Southern Europe.
The CEO of Nano, Steve Papermaster, said: "As COVID-19 has made abundantly clear, a 21st-century technology-enabled approach is needed that refreshes how we proactively solve public health challenges and threats."
Meanwhile, a Director on the board of Opulence, Salman Khan, commented: "GCC countries, especially the UAE, have already shown that they are more than capable of acting effectively to contain the health and economic impacts of the pandemic within their own borders better than most developed nations."
