This comes after the company published a press release on Thursday stating that it received up to $ 483 million in federal funding “to accelerate the development of the company’s mRNA vaccine candidate (mRNA-1273) against the new coronavirus.” The money comes from the Biomedical Advanced Research and Development Authority (BARDA), which will fund the development of the possible vaccine to go towards getting a license from the Food and Drug Administration (FDA).
In fact, the National Institutes of Health (NIH) began conducting a Phase 1 study with participants on Thursday.
“Vaccines are an important tool for saving lives and stopping the spread of the SARS-CoV-2 virus,” said BARDA CEO Rick Bright. “Delivering a safe and effective vaccine against a rapidly spreading virus requires faster action. BARDA’s goal is to have vaccines available as soon as possible and now prepare for advanced clinical trials and production scaling while phase 1 is in progress can be months from the development of COVID-19 vaccines. ”
In addition, Moderna plans to hire up to 150 new team members in the United States this year to support this accelerated process. “This includes a significant increase in its skilled manufacturing staff to expand manufacturing capacity from two shifts per day, 5 days per week to three shifts per day, 7 days a week, process scaling engineers and clinical and regulatory staff to support clinical development , ”According to the edition.
Stéphane Bancel, CEO of Moderna, had this to say about the agreement with BARDA:
“We are grateful for BARDA’s support to fund the accelerated development of mRNA-1273, our vaccine candidate against SARS-CoV-2. The time is crucial to provide a vaccine against this pandemic virus. By now investing in our upgrade of the manufacturing process to enable large-scale production for pandemic response, we believe we could deliver millions of doses per month in 2020 and with additional investment, tens of millions per month in 2021, if the vaccine candidate succeeds at the clinic. ”
The MRNA share increased by 15.4% during the news on Friday.
Nick Clarkson is the web editor at InvestorPlace. At the time of writing, he had no position in any of the above-mentioned securities.