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VBI Vaccines signs agreement with Canada to develop COVID-19 vaccine by 2022

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(Reuters) - VBI Vaccines Inc <VBIV.O> said on Monday it had entered into an agreement with Canada to develop a potential vaccine for COVID-19 by 2022 through mid-stage trials conducted exclusively in the country.

Canada will contribute around 75% of the U.S.-based company's development costs and C$55.9 million (32.84 million pounds) for the project.

VBI Vaccines said last month that together with the National Research Council Canada it was investigating the vaccine candidate, VBI-2900, in preclinical trials.

As per the agreement, signed last week, the company's Ottawa-based unit is obligated to complete the vaccine development in or before the first quarter of 2022.

There are currently no approved vaccines for COVID-19, but around 38 vaccines are being tested in humans around the world.

(Reporting By Mrinalika Roy in Bengaluru; Editing by Maju Samuel)