INOVIO Pharmaceuticals (INO) Stock Climbs On COVID-19 Funding

Inovio Pharmaceuticals INO Stock News

INOVIO Pharmaceuticals Inc (NASDAQ: INO) is making a run for the top in the market this morning, and for good reason. The company announced funding for its work to develop a vaccine for COVID-19. Here’s what’s going on:

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INO Stock Climbs On Funding

In the press release, INOVIO Pharmaceuticals said that it has been granted funding from the Coalition for Epidemic Preparedness Innovations, or CEPI. In fact, CEPI granted the company $6.9 million.

INO said that the funding was provided to support work with IVI and the Korea National Institute of Health for a Phase 1/2 clinical trial of INO-4800. INO-480 is the company’s DNA-based vaccine candidate for COVID-19.

In the release, the company said that IVI will conduct the trial in parallel to the company’s Phase 1 study that is currently underway in the United States. The trial includes 40 healthy adults receiving the vaccine candidate.

In a statement, Dr. Jerome H. Kim, Director General of IVI, had the following to offer:

Vaccines are the long-term solution to controlling the COVID-19 pandemic. The rapid global response to developing vaccine candidates has been a profound demonstration of governments, industry, and the scientific community coming together to confront a common crisis, and we’re looking forward to accelerating one of those candidates through clinical testing. IVI has achieved promising trial results with INOVIO’s DNA vaccine platform in the past, and we’re pleased to partner again to test the safety and immunogenicity of an urgently needed COVID-19 vaccine.

The above statement was followed up by Dr. J. Joseph Kim, President and CEO at INO. Here’s what he had to say:

Developing a safe and effective COVID-19 vaccine is a global imperative, and we’re pleased to partner with IVI and KNIH to test INO-4800 in South Korea. Our DNA vaccine platform was one of the first technologies to receive support from CEPI to accelerate a COVID-19 vaccine, and IVI conducting safety and efficacy trials in South Korea is a crucial step forward in evaluating this vaccine.

In the press release, INOVIO Pharmaceuticals also reminded investors that the Korean Ministry of Food and Drug Safety said that it will adopt a fast-track approval process for COVID-19 vaccine and treatment trials. In fact, clinical trial screening has been shortened to 7 days, rather than 30.

Why Investors Are So Excited

In the race to develop a viable vaccine for COVID-19, INO has been one of the clear leaders. The company was one of the first to announce that it had developed a vaccine candidate. Moreover, the company was one of the first to send their vaccine candidate into the clinic.

Now, we have yet another source of validation for the importance of the company’s work. CEPI doesn’t just hand funds out to anyone that asks for them. To earn these funds, companies must have something tangible, backed by strong data, and showing serious promise.

So, with the fact that the company was granted CEPI funding tells us that there is real promise behind the company’s science. All in all, there is good reason to be excited about INO here.

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