Novavax revealed on Wednesday that a phase one trial of its NVX-CoV2373 vaccine produced neutralizing antibodies, which researchers believe are necessary to build immunity to the novel coronavirus virus.
“The Phase 1 data demonstrate that NVX-CoV2373 with our Matrix-M adjuvant is a well‑tolerated COVID-19 vaccine with a robust immunogenicity profile,” Gregory Glenn, president of research and development at Novavax, said in a statement Tuesday released after the market close.
The study included 131 participants between the ages 18 and 59 at two sites in Australia. Novavax said 106 participants received one of four dose levels of its vaccine along with an adjuvant designed to boost the immune system’s response. The remaining 25 patients received a placebo.
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The company has also been awarded $1.6 billion as part of the federal government’s Operation Warp Speed initiative to complete late-stage clinical development of its vaccine candidate as well as kick-off large-scale manufacturing and delivery of the drug by 2021.
In May, the company announced $388 million in funding from the Coalition for Epidemic Preparedness Innovations to help scale up the development of its vaccine candidate and “dramatically increase its large-scale manufacturing capacity.”
Jim Cramer discussed Novavax and his thoughts about the phase 1 results.