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.
