A medical worker wearing a protective mask and suit treats patients suffering from coronavirus disease (COVID-19) in an intensive care unit at the Oglio Po hospital in Cremona, Italy, March 19, 2020. Photo: Reuters / Flavio Lo Scalzo.

CTech – Jerusalem-based equity crowdfunding company OurCrowd will lead a $12 million investment round for newly formed Covid-19 vaccine company MigVax, the company announced in a statement on Wednesday.

MigVax intends to use the funds to accelerate the development of a coronavirus vaccine and bring it to the market.

“We are humbled by the opportunity to invest in this company, which means so much to so many people. The race for a Covid-19 vaccine is about saving countless lives, and we are grateful to be able to support this important effort,” said OurCrowd CEO Jon Medved.

Labs around the world are racing to find a coronavirus vaccine. According to The Independent, the UK plans to begin human trials on a Covid-19 vaccine, developed by the University of Oxford, on Thursday.

Israel-based MigVax is an affiliate of Migal Galilee Research Institute, which specializes in biotechnology, computer sciences, plant science, agriculture, and environmental sciences. The multi-disciplinary research institute has previously developed a vaccine against bronchitis.