Moderna Receives $472M, Rises 11% To Start Phase 3 Trial Of Covid-19 Vaccine
According to Business Insider, shares of Moderna “surged as much as 11% in premarket trading Monday after the company announced a new round of funding and the start of the Phase 3 trial for its coronavirus vaccine candidate.”
On Sunday, Moderna announced “an additional $472 million in funding to ‘support late stage clinical development including the expanded Phase 3 study of the Company’s mRNA vaccine candidate (mRNA-1273) against COVID-19,’ according to a statement,” wrote Business Insider.
That extra funding came from the biotech firm’s contract with the Biomedical Advanced Research and Development Authority (BARDA), “which in April had awarded the company $483 million when the experimental vaccine was in early stage trials. The total value of the award is now about $955 million,” the report stated.
Then, on Monday, “Moderna announced that the Phase 3 trial of its experimental vaccine against the coronavirus has started dosing participants,” Business Insider continued. “Moderna is working closely with BARDA and the National Institutes of Health to conduct the Phase 3 study under Operation Warp Speed.”
“We look forward to this trial demonstrating the potential of our vaccine to prevent COVID-19, so that we can defeat this pandemic,” Moderna CEO Stephane Bancel said in a statement.
The company “remains on track to deliver approximately 500 million doses of its COVID-19 vaccine per year beginning in 2021,” the report added. “Moderna stock has surged more than 285% year-to-date through Friday’s close.”