Police are investigating the stabbing of a 19-year-old man in Melbourne’s CBD overnight which left him with serious injuries.

Events began about 10.30pm yesterday when emergency services were called to reports of a man injured near Queen and Franklin streets.

Police found the 19-year-old with stab wounds, and he was taken to hospital in a serious but non-life-threatening condition.

It was reported to officers that a man wearing a backpack was spotted running from the scene towards Elizabeth Street.

Despite a thorough search of the area, he was not found.

A crime scene was set up and an investigation into the stabbing remains ongoing today.