The Chan Zuckerberg Initiative is donating $25 million to the Bill & Melinda Gates Foundation-backed accelerator developing treatments to fight the novel coronavirus.
The total number of deaths in the United States due to the COVID-19 pandemic has exceeded 2,000, with 122,653 infections reported in its 55 states and territories. Due to the lack of a vaccine or a dedicated treatment, there is increasing interest in repurposing existing drugs to fight and treat the disease.
The COVID-19 Therapeutics Accelerator was launched with a $125 million seed funding and is a joint effort of Microsoft Inc. MSFT co-founder Bill Gates and his wife Melinda Gates’ foundation, along with Mastercard Inc. MA and the Wellcome Trust, a London research-based charity.
In a statement released by the Chan Zuckerberg Initiative, the co-founders Priscilla Chan and Mark Zuckerberg, CEO of Facebook Inc. FB, said, "The Therapeutics Accelerator will enable researchers to quickly determine whether or not existing drugs have a potential benefit against COVID-19. We hope these coordinated efforts will help stop the spread of COVID-19 as well as provide shared, reusable strategies to respond to future pandemics."
Why It Matters
Pharmaceutical companies are in a race to repurpose drugs to treat the disease caused by the novel coronavirus. HIV protease inhibitors and drugs for Ebola are being considered for treatment.
Inovio Pharmaceuticals Inc. INO, NanoViricides Inc. NNVC, and Moderna, Inc. MRNA are some of the companies working on this approach.
Photo Credit:: Anthony Quintano via Wikimedia.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.