The U.S. is starting its first phase three clinical trial of a potential COVID-19 vaccine.
Moderna's trial starts on Monday.
The vaccine has been developed by Moderna and the National Institute of Allergy and Infectious Diseases.
Moderna secured an additional $472 million from the U.S. government to support its efforts to develop a coronavirus vaccine.
An existing BARDA contract essentially had been modified after an earlier award from the authority for up to $483 million, bringing the total funding from the federal agency to about $955 million.
With the revised contract, Moderna said it could now conduct a trial with 30,000 people in the U.S.
The funds, which would come from the Biomedical Advanced Research and Development Authority, would help bankroll the biotech company's late-stage clinical development, including its phase 3 clinical trial, of the potential vaccine.
Moderna would use the funds for its potential vaccine known as mRNA-1273, which is planned to undergo a "significantly larger" phase 3 clinical trial. Expanding that trial left a gap in needed funding, Moderna said.
And, on top of this news, Moderna CEO, Stephane Bancel, told CNBC "it's a really optimistic scenario. It could be November..." when we get the results from the phase three trial.
Jim Cramer notes that the comments from Bancel were a little too self-promotional for his liking.
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