Altimmune Rises as Preclinical Tests for Coronavirus Vaccine Begin

Altimmune's AdCovid treatment is 'ideally suited for pandemic use,' the company says.
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Shares of Altimmune  (ALT) - Get Report soared Thursday after the clinical-stage biopharmaceutical company announced the next step in development of its coronavirus vaccine AdCovid.

“In collaboration with the University of Alabama at Birmingham, we have commenced preclinical testing of candidates for our Covid-19 vaccine, AdCovid,” the company said in a statement.

“AdCovid is being developed as a single dose, intranasal vaccine that is designed to activate multiple arms of the immune system including humoral (antibodies), cellular (T-cell) and mucosal immunity,” Altimmune said.

The company said its vaccine technology is “ideally suited for pandemic use and based on Phase 2 clinical data obtained with our influenza vaccine candidate, Nasovax, AdCovid is expected to meet or exceed key attributes of the World Health Organization’s (WHO) preferred Target Product Profile for a Covid-19 vaccine.”

Altimmune believes “the studies at UAB will confirm the broad and robust immune response of the vaccine technology and identify the best vaccine candidate for clinical development.”

The company is finalizing manufacturing plans and expects to conduct a Phase 1 clinical trial of AdCovid in the fourth quarter.

Dozens of companies around the world are working to develop a coronavirus vaccine. The pandemic has killed more than 298,000 people around the world, including more than 84,000 in the U.S., according to Johns Hopkins University.

Altimmune’s announcement came as part of its first-quarter earnings. The company registered a net loss of $3.9 million on revenue of $2.2 million in the quarter.

Its shares recently traded at $4.89, up 18.35%. The stock has soared 181% over the last three months.