Shares of Inovio Pharmaceuticals Inc INO, which is developing a DNA vaccine for the novel coronavirus dubbed INO-4800, were advancing strongly Tuesday.
Inovio's Vaccine Delivery Device: Plymouth, Pennsylvania-based Inovio said it has received $71 million in funding from the U.S. Department of Defense to scale up manufacturing of its proprietary CELLECTRA 3PSP smart device and the procurement of CELLECTRA 2000 devices, which are used to deliver INO-4800.
The CELLECTRA 3PSP, according to the company, is designed to deliver INO-4800 directly into the skin so the vaccine can prompt body's immune response.
The device was initially developed in 2019, with $8.1 million in funding from the medical arm of the U.S. Defense Threat Reduction Agency's Medical CBRN Defense Consortium.
Subsequently, the company received two separate $5 million grants from the Bill & Melinda Gates Foundation and the CEPI for accelerating testing of the device.
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Inovio Reiterates Coronavirus Vaccine Timeline: Inovio said it expects to release interim results from U.S. Phase 1 clinical studies of INO-4800 later this month.
A Phase 2/3 efficacy trial is planned to begin this summer, in July or August, the company said.
INO Price Action: At last check, Inovio shares were rallying 17.11% to $17.92.
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