Inovio Pharmaceuticals (INO) - Get Report shares rose after the company announced that it has received $6.9 million in funding for a Phase 1/2 clinical trial of its coronavirus vaccine in South Korea.
The grant came from the Coalition for Epidemic Preparedness Innovations, a foundation financed by public, private, philanthropic, and civil society organizations to develop vaccines against emerging infectious diseases.
Inovio will work with the non-profit International Vaccine Institute on the vaccine research
The South Korean trial will come at the same time as Inovio’s Phase 1 study that began in the U.S. April 6. It started with 40 healthy adults receiving the vaccine candidate and will eventually expand to older adults.
"Developing a safe and effective Covid-19 vaccine is a global imperative, and we're pleased to partner with IVI and KNIH [Korea National Institute of Health] to test INO-4800 in South Korea,” Inovio CEO Joseph Kim said in a statement.
“Our DNA vaccine platform was one of the first technologies to receive support from CEPI to accelerate a COVID-19 vaccine. IVI conducting safety and efficacy trials in South Korea is a crucial step forward in evaluating this vaccine."
The IVI is enthusiastic too. “The rapid global response to developing vaccine candidates has been a profound demonstration of governments, industry, and the scientific community coming together,” IVI Director General Jerome Kim said in a statement.
“We're looking forward to accelerating one of those candidates through clinical testing. IVI has achieved promising trial results with INOVIO's DNA vaccine platform in the past, and we're pleased to partner again.”
Inovio shares rose 8.4% on Thursday to $7.74.