Providence Therapeutics announces $2.118 million in funding to support the development and process validation of the PTX-COVID19-B program, which targets a high-quality mRNA vaccine against COVID-19 in low- to middle-income countries in affordable prices

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CALGARY, Alta., December 7, 2021 /CNW/ – Providence Therapeutics announced today that its COVID-19 vaccine program, PTX-COVID19-B, has received US$2.118 million with funding from the Bill & Melinda Gates Foundation. Providence is using the grant to fund ongoing PTX-COVID19-B program process development and validation activities that will ultimately improve access to the vaccine in low- and middle-income countries (LMICs) by qualifying additional providers to essential raw materials needed for mRNA vaccines and lowering the cost of these key components. Additional work supported by this grant is for validation to facilitate shipment of bulk materials to support regional partnerships in LMICs that participate in the manufacturing process.

“Through this support from the Bill & Melinda Gates Foundation, we seek to bring our COVID-19 mRNA vaccine to emerging markets at affordable prices. The COVID-19 pandemic will only end when safe and effective vaccines are available. available globally, including in LMICs, which until now had limited access to mRNA vaccine technology. These funds will also enable regional partners to participate in the manufacturing process of the mRNA vaccine,” says Jared DavisPresident of Providence Therapeutics.

In support of the Foundation’s mission, Providence has agreed to provide global access to these validated raw materials to manufacturers and partners producing of Providence COVID-19 vaccine for LMICs.

About Providence Therapeutics
Providence is a leading Canadian clinical-stage biotechnology company pioneering mRNA-based therapeutics and vaccines with operations in Calgary, AB and Toronto, Ontario. In response to a global need for a COVID-19 vaccine, Providence expanded its focus beyond oncology therapies and dedicated its energy and resources to the development of a world-class mRNA vaccine against COVID-19. Providence focuses on meeting the needs of Canada, and other countries that may be underserved by large pharmaceutical programs. For more information, please visit www.providencetherapeutics.com.

Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including with respect to of Providence development of a potential vaccine against COVID-19. The forward-looking statements contained in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors, many of which are beyond of Providence control, and which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, among others: the fact that the safety and effectiveness of PTX-COVID19-B have not yet been established; potential adverse impacts due to the global COVID-19 pandemic, such as delays in regulatory review, manufacturing and supply chain disruptions, adverse effects on healthcare systems, and disruption of the ‘Mondial economy ; the fact that there are a limited number of commercial products utilizing mRNA technology approved for use; and the fact that the mRNA technology used by Providence is still being developed and implemented. Unless required by law, Providence disclaims any intention or responsibility to update or revise any forward-looking statements contained in this press release as a result of new information, future developments or otherwise. These forward-looking statements are based on of Providence current expectations and speak only as of the date hereof.

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SOURCE Providence Therapeutics

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