EBS - Novavax Receives $4 Million in Funding to Develop a Vaccine for COVID-19
Novavax (NASDAQ: NVAX), a clinical-stage biotechnology company, is currently perceived as one of the leaders in the race to develop a vaccine for COVID-19. The company recently announced it received a grant of $4 million from the Coalition for Epidemic Preparedness Innovations (CEPI) to support its efforts to develop a vaccine for the potentially deadly disease, news that sent Novavax's shares soaring Tuesday.
Novavax, which previously developed vaccines for other coronaviruses, is in the process of evaluating several "nanoparticle vaccine candidates" in animals before moving on to phase 1 clinical trials, which should start in late spring. The company is still in discussion with CEPI and could receive additional funding from the foundation soon.
Novavax also entered into an agreement with Emergent BioSolutions (NYSE: EBS) -- a Maryland-based biopharmaceutical company -- to advance the development of its potential vaccine for COVID-19. Under the terms of the agreement, Emergent will be tasked with manufacturing and producing Novavax's potential vaccine for COVID-19.