Andrew Caballero-Reynolds/AFP Novavax stock surged as much as 38% in early Tuesday trading after the US government awarded $1.6 billion to fund…
Andrew Caballero-Reynolds/AFP
Novavax stock surged as much as 38% in early Tuesday trading after the US government awarded $1.6 billion to fund the company’s coronavirus vaccine trials and manufacturing.
The grant is the largest yet to be paid out through “Operation Warp Speed,” the Trump administration’s plan to rapidly develop and deliver a coronavirus vaccine. Novavax aims to use some of the funding for a Phase 3 trial beginning in the fall. The award will also aid the firm in delivering 100 million doses by the end of the year, Novavax said in a press release.
“We are grateful to the U. S. government for its confidence in our technology platform, and are working tirelessly to develop and produce a vaccine for this global health crisis,” president and CEO Stanley Erck said.
