Novavax Inc. (NASDAQ: NVAX) declared Friday that the US Department of Defense has awarded the company a contract to make its NVX-CoV2373 COVID-19 candidate. The DoD has also announced the $60 million funding for the manufacturing of a vaccine in the US.
NVX-CoV2373 is a vaccine candidate of Novavax which is engineered from the genetic sequence of SARS-CoV-2. SARS-CoV-2 is the virus that caused the disease named COVID-19.
Novavax Inc disclosed that the funding from DoD helps the company in the manufacturing of several components of a vaccine in the US. As per the deal, NVAX will make the 10 million doses of NVX-CoV2373 for DoD.
Defense of Department will use this vaccine candidate in the trial of phase 2/3 or used the candidate in an emergency if it will receive approval from the FDA.
Shares of Novavax soared 10.70% at 49.44 after pre-market trading. It has a day low range of 42.88 and a day high range of 46.66. Novavax Inc has a total market capitalization of 2.62 billion.
It has a 52-weeks low range of 3.54 and a 52-week high range of 61.50. NVAX has dropped -27.38% from its 52-weeks high and moved up 1161.58% from its 52-weeks low.
Novavax disclosed that it will collaborate with contract development manufacturing organizations to make the antigen component of NVX-CoV2373.