Inovio Pharmaceuticals (INO) Stock Climbs On DoD Funding News

Inovio Pharmaceuticals INO Stock News

Inovio Pharmaceuticals Inc (NASDAQ: INO) is making a run for the top in the market this morning. The stock is trading on gains of more than 14% after the company announced that its partner has received Department of Defense funding. Here’s what’s going on:

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INO Stock Rips On DoD Funding Announcement

In the press release, Inovio Pharmaceuticals said that its partner Ology Bioservices, received DoD funding. In fact, Ology Bioservices has been awarded a contract valued at $11.9 million.

The contract surrounds work between Ology and INO in an effort to rapidly manufacture DNA vaccines. In the release, the company said that the work is supported by the Office of the Assistant Secretary of Defense for Health Affairs, with funding from the Defense Health Agency.

Under the program, the two companies will work to manufacture INO-4800 for the prevention of COVID-19 infection. The goal is to quickly deliver INO-4800 to the Department of Defense for upcomming clinical trials.

In a statement, Peter H. Hkoury, Ph.D. President and CEO at Ology Bioservices, had the following to offer:

We are excited to be working with the Department of Defense and Inovio to rapidly respond to this crisis. The Advanced Development and Manufacturing Facility operated by Ology Bioservices was designed to respond to just such emergencies as we are now experiencing, and we are proud to be part of this effort to protect the U.S. warfighter and the nation.

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

Along with advancing INO-4800 through clinical studies as rapidly as possible, Inovio’s goal is to scale up the manufacturing of this vaccine for future studies and for potential emergency use, if appropriate. Powered by the U.S. Department of Defense support, Inovio is pleased to partner with Ology to enable rapid response manufacture of INO-4800 especially for the nation’s warfighters and other military personnel. This DOD-funded partnership is a testament to the importance and strength of public-private partnerships in meeting the challenges the world faces with the COVID-19 outbreak. This partnership increases Inovio’s manufacturing capabilities for our COVID vaccine and establishes an additional DNA vaccine manufacturing facility to protect the U.S. military against current and future disease outbreaks.

Why This News Is So Important

Investors are buzzing and Inovio Pharmaceuticals’ stock is headed for the top. So, why is there so much excitement? Well, there are plenty of players on the COVID-19 vaccine playing field. However, since its announcement that it was going to play a role, INO has been seen as one of the leaders.

This thought of leadership in the space was validated today with the Department of Defense providing millions in funding for the rapid manufacture of INO-4800.

Importantly, the ability to rapidly manufacture the vaccine provides yet another strategic advantage in the race to bring a vaccine to the masses. All in all, there are plenty of reasons for investors to be excited about INO.

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