Novavax, Inc. (NASDAQ: NVAX) – Novavax Receives $ 384 Million for Coronavirus Vaccination Program in CEPI’s “Biggest Investment” to Date


Novavax, Inc. (NASDAQ: NVAX), which is in the midst of developing a vaccine against the new coronavirus, announced new funding for its immunization program on Monday afternoon.

The company said the Coalition for Epidemic Preparedness Innovations, or CEPI, will invest up to $ 384 million, in addition to the $ 4 million it invested in March, to advance the clinical development of NVX-CoV2373, his vaccine against SARS-CoV-2, the virus that causes COVID-19.

Novavax also published better-than-expected EPS and first quarter sales results.

Why it matters

Novavax said most recent CEPI funding will help scale up the NVX-CoV2373 vaccine antigen, as well as its patented adjuvant Matrix-M, which is expected to improve immune responses by boosting high levels neutralizing antibodies.

The company also plans to use the funding to fund a phase 1/2 trial in Australia, with phase 1 starting in May. It also plans to use funding from the part of phase 2 of the study that will be carried out in several countries, subject to the positive results of phase 1, expected in July.

See also: 5 biopharmas where BofA would put its money to work

Novavax has revealed its intention to develop processes to expand manufacturing with the goal of producing up to 100 million doses by the end of 2020. By 2021, the company hopes to develop more at multiple sites to produce more a billion doses.

“Expanding our partnership with Novavax represents CEPI’s biggest investment to date,” said Richard Hatchett, CEO of CEPI.

Novavax also published better-than-expected EPS and first quarter sales results.

In after-hours trading, Novavax shares rose 39.39% to $ 34.15.

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