(Yicai Global) June 29 -- Chinese authorities have given Walvax Biotechnology the green light to test its Covid-19 vaccine candidate on humans, making it China’s first mRNA shot against the novel coronavirus to go to clinical trials.

Walvax's candidate has already generated T cell responses and antibodies in animal tests involving crab-eating macaques and rats, the Kunming-based vaccines and blood products maker said in a statement yesterday.

The latest development will not have a significant impact on Walvax's immediate performance because the virus is new and so far no such mRNA vaccine has been approved for sale anywhere in the world, it added.

Walvax is not alone in its efforts. Global drug giants Moderna and Pfizer are seeking to use messenger ribonucleic acid technology for their vaccine candidates as global firms join the race to come up with a coronavirus shot.

The company signed an agreement with Suzhou-based Aibo Biological Technology on May 11 to develop the product.Walvaxpaid CNY80 million (USD11.3 million) for Aibo's research and development work and will pay sales commission after the product is complete.

Walvax’s stock price [SHE:300142] fell 1.7 percent to close at CNY53 (USD7.45) today. The benchmark Shenzhen Component Index lost 0.5 percent.

Editor: Emmi Laine