Callaghan Innovation has put $400,000 towards developing it, and $5 million has been raised all up.
Covid-19 Vaccine Corporation chief executive Dr Robert Feldman told Tim Dower the vaccine would be administered using dissolvable beads and would only target the cells infected with the coronavirus, not healthy ones.
Feldman says it would work alongside existing vaccines to broaden or enhance their coverage.
He says the results from laboratory tests should be back in about six months.
"If the data's good, we will start requesting more overseas funding, because developing a vaccine costs hundreds of millions of dollars."
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