Gaithersburg, Maryland-based Novavax Inc., whose experimental COVID-19 vaccine began human trials in May, has received $1.6 billion from the federal government to test, manufacture and commercialize the vaccine.
It is the largest award yet from Operation Warp Speed, the government’s program to accelerate vaccine development.
The money would pay for production of up to 100 million doses of the vaccine, delivered starting in late 2020.
Novavax expects to begin large scale Phase 3 clinical trials with its experimental vaccine as soon as October.
“Adding Novavax’s candidate to Operation Warp Speed’s diverse portfolio of vaccines increases the odds that we will have a safe, effective vaccine as soon as the end of this year,” said U.S. Health and Human Services Secretary Alex Azar.
Novavax’ Phase 1 and 2 clinical trials were funded with a $388 million grant from the nonprofit Coalition for Epidemic Preparedness Innovations.
The company’s stock jumped as much as 35% in Tuesday trading following the announcement.
Novavax acquired a biologics manufacturing facility in the Czech Republic in May in order to ramp up potential production of the vaccine. It has also partnered with Gaithersburg-Based Emergent bioSolutions to manufacture the vaccine.
- Sign up for WTOP alerts
- Teachers collaborate on Virginia social studies curriculum with anti-racist focus
- Montgomery Co. schools seek more funding for mental health counseling amid pandemic
- Latest coronavirus test results in DC, Maryland and Virginia
- Coronavirus FAQ: What you need to know
- Coronavirus resources: Get and give help in DC, Maryland and Virginia
- FDA issues emergency authorization for combination flu and coronavirus test
- Montgomery Co. schools seek more funding for mental health counseling amid pandemic
Looking for more information? D.C., Maryland and Virginia are each releasing more data every day. Visit their official sites here: Virginia | Maryland | D.C.
