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Novavax, Inc (NASDAQ:NVAX) said Thursday it was launching a large-scale diverse Phase 3 study of its COVID-19 vaccine in the United Kingdom — causing a more than 7% spike in the company’s shares after the closing bell.
What Happened: The study will enroll up to 100,000 individuals, aged between 18-84 years of age, with and without relevant comorbidities, Novavax said in a statement.
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The drugmaker said that the trial is being conducted in partnership with the U.K. government’s Vaccines Taskforce and will last over the next four to six weeks.
The Maryland-based drugmaker will enroll at least 25% of participants over the age of 65 to prioritize groups it said were most affected by COVID-19, which includes racial and ethnic minorities.
Why It Matters: Novavax said it has secured $2 billion in funding for its worldwide vaccine program, which includes $388 million from the Coalition for Epidemic Preparedness Innovations, co-founded by the Bill & Melinda Gates Foundation.
Earlier this month, another beneficiary of the Gates Foundation, Pfizer Inc (NYSE:PFE) said participants in its late-stage study only showed mild-to-moderate side effects.
Pfizer and Moderna Inc’s (NASDAQ:MRNA) vaccines may be the first to be distributed in late October or November in the United States, according to the New York Times.
Meanwhile, AstraZeneca plc's (NYSE:AZN) vaccine trials have yet to resume in the U.S., after being halted due to an adverse reaction earlier, leading to scientists questioning the suspension of the trial.
Price Action: Novavax shares rose nearly 7.3% to $109.95 in the after-hours session on Thursday after closing the regular session almost 0.9% higher at $102.44.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.