Asian Tech Press (Oct 25) -- Chinese drugmaker CanSinoBIO (688185.SH) announced late Tuesday that it has received over $2 million from the Gates Foundation to develop a polio vaccine.

CanSino Biologics Inc. said in a statement that the company recently signed a project funding agreement with the Bill & Melinda Gates Foundation for recombinant polio vaccine (VLP-IPV).

Under the agreement, the Gates Foundation will provide CanSinoBIO with project grants totaling more than $2 million to support the development of the company's virus-like particle (VLP)-based polio vaccine, VLP-IPV.

CanSinoBIO said that the Gates Foundation will disburse the grants in phases based on the achievement of the project's research and development objectives/milestones and in accordance with an agreed-upon payment schedule.