Everest Medicines, a Hong Kong-listed Chinese biopharmaceutical company, announced the official opening of its messenger RNA vaccine industrialization base in Jiashan, Zhejiang province, on Tuesday.

With a focus on innovative medicines and the discovery, development, and commercialization of mRNA vaccines, the company said the annual production capacity from the base is expected to reach 700 million doses.

Boasting an investment scale of more than 900 million yuan ($130 million), the base covers an area of nearly 57,000 square meters and is equipped with a complete set of advanced production facilities and quality assurance systems.

Everest said the base launched trial production in December and has proven capable of large-scale production of mRNA vaccines. Data from tests showed the manufacturing process and finished products met expected parameters.

Due to the COVID-19 pandemic and a surge in demand for related vaccines, mRNA technology has received extensive attention and accelerated research. It has shown broad application potential and clinical value in the prevention and treatment of deadly diseases such as cancer and many contagions.

"We'll continue to accelerate clinical trials of related products and strive to realize their commercialization as soon as possible to meet the urgent demand for advanced mRNA vaccines in Greater China, Asia and the world," Everest CEO Luo Yongqing said.

The company has announced its formulation of a candidate COVID-19 vaccine, with clinical trials scheduled to kick off in China this year.

In addition, the company said it is exploring the potential of mRNA technology and will develop new preventive and therapeutic vaccines for infectious diseases and tumors.