Novavax shares its 38% jump in preview following the announcement of funding of $ 1.6 billion for the candidate vaccine COVID-19

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Novavax Inc. NVAX,
-2,69%
announced Tuesday it has received $ 1.6 billion in funding from the federal government’s Operation Warp Speed ​​Accelerated COVID-19 Vaccine Development Program. Gathersburg, Maryland-based biotechnology said the funds will be used to complete advanced clinical development of its candidate vaccine called NVX-CoV2373, including a phase 3 trial, and to expand manufacturing. The company aims to deliver 100 million doses of the vaccine by the end of 2020. The trial will include up to 30,000 subjects and begin in the fall. A phase 1/2 trial of 130 healthy participants was launched in Australia in May and the first immunogenicity and safety results should be available in late July. A phase 2 trial should start after that. The phase 1/2 trial is supported by funding of up to $ 388 million from the international entity Coalition for Epidemic Preparedness Innovations, or CEPI, a group based in Oslo. Novavax shares climbed 38% prior to release. The stock has soared 1,895% over the year to date, while the S&P 500 SPX,
+ 1,58%
fell 1.6%.

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