Moderna CEO Is Too 'Promotional,' Jim Cramer Says

Jim Cramer weighs in on Moderna after the company scored an additional $472 million from the U.S. government to support its coronavirus vaccine development.
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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.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. 

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