Moderna Coronavirus Vaccine Receives $ 483 Million in Federal Funding

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Moderna Inc.
MRNA,
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On Thursday, he announced that he would receive up to $ 483 million from the United States government to accelerate the development of a COVID-19 vaccine. Moderna’s shares rose 2% during the extended session. The Biomedical Advanced Research and Development Authority within the Ministry of Health and Social Services allocated the money to accelerate the company’s development of the mRNA-1273 vaccine candidate and finance it through a license issued by the Food and Drug Administration of the United States. Moderna said it plans to start a phase 2 study in the second quarter of 2020 and begin phase 3 testing in the fall of 2020. The company said it plans to hire 150 new employees this year in United States. “By investing now in scaling up our manufacturing process to enable large-scale production for the pandemic response, we believe we will be able to deliver millions of doses per month in 2020 and with additional investment, tens of millions per month in 2021, if the candidate vaccine succeeds in the clinic, “said Moderna CEO St├ęphane Bancel in a statement. The first patient in the Phase 1 trial received a dose of the candidate vaccine on March 16.

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