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As Moderna’s CEO Stephane Bancel said, COVID-19 vaccine mRNA-1273 could be first available to a select group of healthcare workers, under emergency use authorization. MRNA stock is up in the premarket.
Biotech company Moderna Inc (NASDAQ: MRNA) is one of those drug developers working on coronavirus vaccine. On March 16, the biotech company dosed the first patient in a study of its experimental coronavirus vaccine, with Seattle becoming a test site. Following the news, its shares skyrocketed by 24%. Then, Moderna (MRNA) stock enjoyed another surge that was suspended by FDA Stephen Hahn’s statement. This week, Moderna stock rises again.
On Monday, the Moderna stock closing price was $26.57 (-5.78%). Today, in the pre-market trading MRNA is up. Its price is $27.60 (+3.88%) at the time of writing. In the previous trading session, the day price range varied from $26.25 to $29.81, the company’s market cap is $9.28 billion.
Moderna to Make Experimental COVID-19 Vaccine for Healthcare Workers
Moderna stock rises immediately after the giant’s announcement about the experimental coronavirus vaccine that may be available this fall. As Moderna’s CEO Stephane Bancel said, COVID-19 vaccine mRNA-1273 could be first available to a select group of healthcare workers, under emergency use authorization.
Moderna said in its filing:
“Stephane Bancel indicated that while a commercially available vaccine is not likely to be available for at least 12 to 18 months, it is possible that under emergency use, a vaccine could be available to some people, possibly including healthcare professionals, in the fall of 2020.”
The company also added:
“As has previously been disclosed, the ability of the company to make millions of doses per month is contingent on investments in the scale-up and further buildout of the company’s existing manufacturing infrastructure.”
Moderna is working on the coronavirus vaccine in collaboration with the National Institute of Allergy and Infectious Diseases. Named mRNA-1273, the vaccine encodes for a prefusion stabilized form of the Spike (S) protein. The S protein complex is necessary for membrane fusion and host cell infection. It has been the target of vaccines against the coronaviruses responsible for Middle Eastern Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). The testing of the vaccine started last Monday.
But while Moderna’s version of the possible vaccine is in the testing stage, China believes there is no need to reinvent the wheel. As the Chinese state, the coronavirus drug already exists.
As we have recently reported, the Chinese authorities found Favipiravir, also known as Avigan, efficient in treating COVID-19. By the way, Avigan has long served as a Japanese flu drug. It was developed by the healthcare arm of Fujifilm. The testing of Avigan began in February. At that time, the Chinese medical authorities were also considering Remdesivir and Chloroquine Phosphate.