Shares of biopharmaceutical company Dynavax Technologies (DVAX) - Get Dynavax Technologies Corporation Report jumped Wednesday after the company reported positive results for the COVID-19 vaccine candidate it's developing in conjunction with China's Clover Biopharmaceuticals.
The company's trial enrolled over 30,000 adult and elderly participants across four continents with the study showing 100% efficacy against severe COVID-19 and hospitalizations and 84% efficacy against moderate-to-severe COVID-19 infections.
"In addition to the positive efficacy results, the remarkable tolerability profile of the Clover vaccine adjuvanted with CpG 1018 could be a useful tool in overcoming vaccine hesitancy for more reactogenic platforms and for booster doses in the future," CEO Ryan Spencer said.
The Phase 2/3 Spectra trial showed 79% overall efficacy against COVID-19 of any severity caused by the Delta variant that has become the dominant strain of the upper respiratory virus.
Dynavax developed CpG 1018, the adjuvant used in the vaccine to increase its immune response.
"We believe these trial results demonstrate the value of our CpG 1018 adjuvant as part of the response to this pandemic and as a platform for the development of new and improved vaccines," Spencer said.
"We look forward to continuing to support Clover and the development of their COVID-19 vaccine, making it available to those in need around the world."
Shares of Dynavax jumped 32% to $19.68 at last check on Wednesday.