(Reuters) – Pre-filled syringe maker ApiJect Systems Corp said on Thursday it has been approved by the U.S. government for a $590-million loan to make single-dose injectors that are capable of delivering nearly all leading COVID-19 vaccine candidates.
The loan is part of the Trump administration’s initiatives to bolster the country’s ability to produce drugs and pharmaceutical raw materials.
The privately held company said it would build a facility capable of producing up to 3 billion single-dose prefilled injectors annually.
The facility will support vaccine candidates that require standard cold storage or ultra-cold storage down to minus 70 degrees Celsius, it said.
The loan from the U.S. International Development Finance Corporation will finance 75% of the project’s capital costs, with the remaining coming from a capital raise led by U.S. investment bank Jefferies Financial Group.
Earlier this month, drug companies Pfizer Inc, BioNTech and Moderna Inc reported data from late-stage COVID-19 vaccine trials that showed more than 90% efficacy. Pfizer and partner BioNTech could secure emergency U.S. authorization for their COVID-19 vaccine next month.
(Reporting by Dania Nadeem in Bengaluru; Editing by Aditya Soni)
