(RTTNews) – Shares of Novavax Inc. (NVAX) are gaining nearly 15% on Tuesday morning after the biotech company announced it has initiated a trial on its coronavirus vaccine candidate.
NVAX is currently trading at $52.71, up $6.60 or 14.31%, on the Nasdaq. The stock has soared a whopping 1300% for the year-to-date period.
Novovax Tuesday announced it has initiated a phase I/II clinical study on its coronavirus vaccine candidate, NVX-CoV2373.
NVX-CoV2373 has been made using the company’s proprietary nanoparticle technology. Preliminary immunogenicity and safety data from the study is expected in July. NVX-CoV2373 is a vaccine candidate engineered from the genetic sequence of SARS-CoV-2, the virus that causes COVID-19 disease.
The study is being conducted in two parts. The phase I portion will evaluate the candidate in about 130 healthy participants aged from 18 to 59 years at two sites in Australia.
Earlier this month, the Coalition for Epidemic Preparedness (CEPI) provided an additional funding of up to $388 million to Novavax for the clinical development of NVX-CoV2373. In March, the CEPI granted an initial funding of $4 million for developing the vaccine candidate.
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