The coronavirus outbreak in China is in the middle phases at best. For now, the spread is unlikely to reach beyond the borders, thanks to China locking down its borders and testing all of its citizens.
Last week Moderna (NASDAQ:MRNA) priced 26.31 million shares at $19.00, netting proceeds of around $500 million. Diluting investors by 7% is a near-term setback. Yet to accelerate the development of a COVID-19 vaccine, the company needs the funds.
It is also enrolling subjects in its Phase 2 trial for treating cytomegalovirus. mRNA-1273 is the coronavirus vaccine study. It is a collaboration with the National Institutes of Health. It said that “The first clinical batch, including fill and finishing of vials, was completed on February 7. This mRNA vaccine was designed and manufactured in 25 days and is undergoing analytical testing prior to release to the NIH for use in their planned Phase 1 clinical trial in the U.S.”
Inovio (NASDAQ:INO) first announced work on COVID-19 on Jan. 31, 2020. So, given the rapid spread of the virus in the last few weeks, accelerating its development is required.
The Coalition for Epidemic Preparedness Innovations (CEPI) is supporting its efforts. Given that the Sars outbreak in 2003 never yielded a vaccine or treatment afterward, the time to develop one is now.
