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CanSino Biologics Inc(OTC: CASBF)’s partnership with the Canadian National Research Council on a COVID-19 vaccine ended on Wednesday, Reuters reported.
What happened: NRC cited CanSino’s lack of authority to send the vaccine to Canada as an explanation for the failure of the collaboration, according to Reuters.
The Chinese company reportedly agreed to bring its candidate vaccine to Canada in May NRC for analysis.
Citing the delay, the Canadian organization said it had since moved its target and services “to partners,” according to Reuters.
According to The Globe and Mail, CanSino’s CEO, Xuefeng Yu, blamed China’s bureaucratic indecision for the realization of the association.
Yu said some divisions of the Chinese government may simply not know whether the candidate vaccine deserves to be “globally tested or how to handle it.”
Why it’s important: the Chinese company’s vaccine is based on a bloodless virus known as type five adenovirus, first developed through Canadian researcher Frank Graham, Reuters noted.
Canada would have signed agreements to acquire doses of Modern Inc’s COVID-19 vaccine (NASDAQ: MRNA) and Pfizer Inc (NYSE: PFE).
Last week, CanSino was the first company in China to obtain a patent for its Ad5-nCOV vaccine.
Saudi Arabia announced phase 3 trials of the vaccine last month, while the Chinese drug manufacturer is negotiating with Brazil, Chile and Russia to publish such trials as well.
Candidate vaccines from several corporations such as Pfizer, Johnson and Johnson (NYSE: JNJ) and Modern are in Phase 3 of human trials or trials.
Russia said this month that its “Sputnik V” vaccine is in a position to be used, but experts expressed doubts about the lack of extensive evidence.
Share prices: CanSino OTC shares closed with a drop of 3.1% to $23.10.
Photo courtesy: Pan American Health Organization Flickr
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