May 7, 2020

Moderna shares surge after FDA approves coronavirus vaccine for phase 2 trial

Posted by in category: biotech/medical

The company said it expects to “incur significant expenses this year” related to the development of and manufacturing of its potential vaccine. However, it added that it expects “a close matching of expenses and reimbursements for those expenses” from its award by the Biomedical Advanced Research and Development Authority.

BARDA, which is a part of the Department of Health and Human Services, last month warded Moderna up to $483 million in funding to accelerate development of the Covid-19 vaccine candidate.

The race to develop anything to fight the coronavirus is intensely competitive and investors are watching closely for signs of progress on treatments and vaccines. Moderna, as well as other companies in the race, is ramping up manufacturing ahead of approval so that it can rapidly distribute doses if their candidate proves effective against the virus and safe for humans.

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