Singapore, May 29 -- SK bioscience is accelerating late-stage development of its innovative pneumococcal vaccine candidate targeting the global market, backed by government-supported financing.

The company has announced that its Board of Directors approved agenda items at a regular board meeting, including a financing plan backed by the Korea Growth Fund. The decision follows the company's selection as a beneficiary of the fund by the Fund Management Deliberation Committee under Korea's Financial Services Commission the previous day. SK bioscience is the first Korean novel drug and vaccine developer to receive support from the Korea Growth Fund.

Under the approved plan, the company will secure KRW 300 billion (approximately $230 million...