All eyes are on the drug manufacturers that are racing to develop the first safe and efficacious coronavirus vaccine. Global COVID-19 cases have crossed the 15 million mark, with at least 634,000 deaths worldwide. In the United States alone, 4.1 million cases have been reported with at least 144,000 deaths, as of July 24. With cases rising every day, the country is limited in its ability to fully stop the spread of the virus until there's a vaccine on the market.
Currently, 198 coronavirus vaccines are in development with 19 in clinical testing. Among them, Moderna (NASDAQ: MRNA) has commanded much of the attention. Vaccine development typically takes many years, but due to the urgency and the rising cases, the process has been expedited. In April, the Biomedical Advanced Research and Development Authority awarded Moderna with $483 million in funding to accelerate the development of its vaccine. Moderna stepped into the spotlight on July 14 when it announced positive news with its interim results from its phase 1 trial for its COVID-19 vaccine candidate.
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