Thu Aug 5, 2021 – 3:52 pm EDT
This article was originally published in April 2021. The author has recently removed its paywall because he wants the public to see this information. Reprinted with permission.
(The Dossier) – Prior to the COVID-19 pandemic, Moderna and BioNtech had never produced a single product. The biotech outfits were founded in 2008 and 2010 respectively, with the stated goal of pioneering messenger RNA (mRNA) therapies to the world of healthcare. Moderna and BioNtech share a history rife with secrecy, speculative hype, the benefits of networking effects, and most notably, a failure to deliver the goods.
ModeRNA
The Boston-based Moderna, which was founded in 2010, flew out of the gates promising that its drugs in development had the potential of curing cancer and other types of disease. The hype behind this revolutionary technology (which Moderna and BioNtech did not invent, but paid $75 million for a license on the patent) seemed to open doors for Moderna and allowed for the startup to make key early connections that would be integral to its financial success.
By 2012, Moderna was considered a biotech unicorn, having raised money based on a $1 billion
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