China mRNA Vaccine-Maker Stemirna Struggles With Debt Crisis

A Shanghai court has imposed spending limits on Chinese mRNA vaccine maker Stemirna Therapeutics Co. Ltd. for failing to make good on its debts, exacerbating the woes of the one-time investor darling as it struggles to raise fresh financing in the face of falling demand for Covid treatments.

Stemirna Founder and CEO Li Hangwen told Caixin in an interview that his company was in a “difficult” position and is strapped for cash. Moreover, Stemirna’s mRNA vaccine has yet to receive marketing approval from domestic regulators.