Shares of Inovio Pharmaceuticals gained more than 16% after the company said it is accelerating the timeline for developing its INO-4800 vaccine to treat CO VID-19 and expects to start clinical trials in the US next month, reported MarketWatch.
CEO J. Joseph Kim told the US Coronavirus Task Force meeting at the White House earlier this week that the company designed INO-4800 on January 10 in three hours after the publication of the virus' genetic sequence.
"We immediately began preclinical testing and small-scale manufacture and have already shared robust preclinical data with our public and private partners," Kim said.
He added "we plan to begin human clinical trials in the U.S. in April and soon thereafter in China and South Korea, where the outbreak is impacting the most people."
Inovio is expecting to deliver 1 million doses of vaccine by year-end, using its existing resources, but will need additional resources to scale up to provide further amounts.
The company has finalized the designs for clinical trials and has developed large-scale manufacturing plans. Specifically, it is planning to launch trials in the US in 30 healthy volunteers and expects to publish the first results by fall.
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