Novavax Gets $1.6 Billion From U.S. to Develop Covid-19 Vaccine
Novavax Receives $ 1.6 Billion From US Government For COVID-19 Vaccine
Vaccine production will begin at the end of the year
Novavax has received $ 1.6 billion from the US government to test and manufacture a potential coronavirus vaccine. Novavax is slated to produce and deliver 100 million doses of the new vaccine by January 2021.
Novavax Receives Largest Grant from the Department of Health and Human Services for the White House Operation Superlight Speed Initiative to Develop Vaccines and Therapies to Fight COVID-19.
The US Department of Health has funded the production of 100 million doses of the vaccine, which will begin shipping in the fourth quarter of this year and could be completed by January-February 2021, Stanley Erk, CEO of Novavax, told Reuters. Thanks to federal funding, the company will also be able to complete the third phase of the vaccine trial – the final phase with human testing..
Erk said the results of the first round of vaccine testing will become known within the next week. Novavax plans to start human testing in August-September, the third phase of trials will begin in October.
In addition to Novavax, Johnson also received grants for the development of vaccines and therapies for COVID-19 & Johnson ($ 456 million), Moderna Inc ($ 486 million) and AstraZeneca ($ 1.2 billion). Emergent Biosolutions Raises $ 628 Million to Expand Potential Coronavirus Vaccine and Therapy.
The addition of Novavax to the FTL portfolio increases the likelihood that the United States will have “at least one safe, effective vaccine in stock by the end of the year,” Health Secretary Alex Azar said..
Another $ 450 million contract was awarded to Regeneron Pharmaceuticals, which is developing immune protein therapies for COVID-19..
According to the head of the company, Novavax will soon transfer its vaccine production technology to the manufacturer, which has two large factories capable of producing the vaccine. The name of the company was not provided. Novavax is expected to produce 50 million doses of vaccine monthly by early 2021.
Novavax did not begin human trials of the vaccine until the end of May. This is because the vaccine is grown in insect cells; this process can take 30 days before scientists can begin purifying and mass producing it.
Although Novavax has not yet produced a licensed vaccine; Sanofi is using the same underlying technology to produce the influenza vaccine, “so the risk that we won’t be successful is pretty low,” said Gregory Glenn, Novavax president of research and development..
The vaccine created by Novavax works in combination with an adjuvant, a substance that enhances the immune response and helps the body create reliable protection against the virus.
Trump: at least 100 million doses of COVID-19 vaccine will be in the US by the end of the year