Novavax, Inc. [NASDAQ: NVAX] increased 37% after-market trading following the statement that it will obtain $384 million from Coalition from Epidemic Preparedness Innovations (CEPI). CEPI is engaged in the financing of multiple coronavirus projects. This is the largest-ever grant CEPI granted to Novavax after the $4 million grant in March.
$384 million capital helps Novavax in the manufacturing of NVX-CoV2373. It is the antigen vaccine candidate for SARS-CoV-2. NVAX declared its phase 1/2 trial of the vaccine in Australia this month. The firm has forecasted that phase 1 result in July and then phase 2 testing will start in various countries.
Novavax earlier has said that it has discovered the novel SARS-CoV-2 vaccine candidate named NVX-CoV2373 on April 08, 2020. NVX-CoV2373 is a stable protein created by consuming propriety nanoparticle technology of Novavax.
On March 03, 2020, Novavax has proclaimed that it has cooperated with the Serum Institute of India (SII) for the use of the malaria vaccine of SII.
NVAX stocks soared 36.73% at $33.50 after-hour trading session. The biotech firm’s previous close was $18.73 and starting trading at $19.81. NVAX has a day low range of $19.62 and a day high range of $24.60. NVAX has a trading volume of 24.642 million as contrasted to the 3-months average volume of 7.923 million. The firm has a total market capitalization of 1.42 billion.
Novavax aimed to increase the production of doses up to 100 million by the end of 2020. NVAX will use some portion of the grant to improve the creation process of the vaccine. The firm also proposed to produce 1 billion prescriptions in 2021.
NVAX candidate NVX-CoV2373 helps to produce antibodies that stop the ‘spike protein’ of coronavirus. The novel virus uses this protein onto the human cells and then add them to genetic material. At that point, it makes several copies of itself and spread them to the body.
Novavax, Inc., with its subsidiary, Novavax AB, a late-stage biotechnology firm, emphasizes on the detection, development of vaccines to prevent severe contagious illnesses. NVAX was formed in 1987. It is located in Gaithersburg, Maryland.