Novavax Begins Phase 1 Clinical Trial Of Its Coronavirus Vaccine

Novavax Inc. NVAX announced on Monday it had started the first phase of its novel coronavirus (COVID-19) vaccine trials.

What Happened

The pharmaceutical company said it had enrolled the first participants for the testing of the "NVX‑CoV2373" vaccine, and the preliminary immunogenicity and safety results from the trial are expected to be available in July.

The phase two clinical trials, which are expected to be conducted in multiple countries, including the United States, could begin around the same time if the results from phase one are promising, Novavax said.

The second phase trials "would assess immunity, safety, and COVID-19 disease reduction in a broader age range," according to Novavax.

Why It Matters

Earlier this month, Novavax announced that it received a $388 million funding commitment from the Coalition for Epidemic Preparedness Innovations (CEPI) for supporting the development of the vaccine, including the clinical trial.

The Maryland-based company's coronavirus vaccine candidate is the fourth to enter human trials in the U.S. after Moderna Inc. MRNA, Inovio Pharmaceuticals Inc. INO, and Pfizer Inc. PFE.

Other companies, including Johnson & Johnson JNJ, are also working on developing their vaccine candidates.

Novavax Price Action

Novavax shares closed 7.9% lower at $46.11 on Friday.