Operation Warp Speed: US injects $1.6 billion in Novavax for coronavirus vaccine
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Novavax shares surged 38 per cent in pre-market trading as the US government announced cash inflow into the company for a coronavirus vaccine.
The Trump administration has injected $1.6 billion in Biotechnology company Novavax to ensure manufacturing of potential coronavirus vaccine in the United States.
The US government has given the company a target of 100 million doses by January next year as part of “Operation Warp Speed” meant to accelerate vaccine programmes.
The cost includes the crucial Phase III trial involving humans which is set to begin in October.
The US government has already spent millions of dollars to support vaccine initiatives by Moderna, AstraZeneca, Johnson & Johnson and Emergent Biosolutions in a bid to find a solution to the coronavirus pandemic.
Novavax shares surged 38 per cent in pre-market trading as the US government announced cash inflow into the company.
AstraZeneca has already started human trials in Brazil administering it to high-risk individuals who are likely to come into contact with COVID-19 patients namely doctors and nurses.
AstraZeneca had earlier claimed that a trial on pigs had resulted in the production of antibody with two doses producing greater antibodies than a single dose.
Meanwhile, pharmaceutical firm Regeneron said that it had entered the final stages of human trials to find out whether a drug can treat and prevent COVID-19.