Inovio Pharmaceuticals INO Stock News

INOVIO Pharmaceuticals Inc (NASDAQ: INO) has been a wild stock to watch as of late. The stock skyrocketed after it announced that it created a DNA-based vaccine within 3 hours of receiving the DNA sequence of COVID-19. However, after Citron called these claims ludacris, the stock took a nosedive.

Nonetheless, I wrote a few articles pointing to the fact that Citron was wrong, and it seems as though the Bill & Melinda Gates foundation agrees. That’s because the stock is climbing this morning after the company announced that it received a grant from the foundation. Here’s what’s going on:

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INO Stock Climbs On $5 Million Grant

In a press release issued early this morning, INOVIO Pharmaceuticals said that it has received a new $5 million grant from the Bill & Melinda Gates Foundation. The grant was provided to assist the company in the accelerating of testing and scale up of the CELLECTRA 3PSP proprietary smart device.

This device was designed for the intradermal delivery of INO-4800, the DNA-based vaccine that INO created to fight against COVID-19. At the moment, the vaccine is in preclinical studies and is expected to advance to Phase 1 clinical trials in April.

Importantly, the Phase 1 trials will be performed with $9 million in funding provided by CEPI. Nonetheless, the grant announced today will assist in the testing and scale up of these delivery devices to support large scale manufacturing by the end of the year.

In the release, INO said that the CELLECTRA 3PSP device was designed specifically for a coronavirus-like pandemic scenario. The device is a small, portable, hand-held machine that runs on AA batterires. Importantly, the device can be stockpiled in high quantities without the need of maintenance.

In a statement, Dr. J. Joseph Kim, President and CEO at INO, had the following to offer:

INOVIO is grateful to the Bill & Melinda Gates Foundation for their continued investment in INOVIO’s DNA medicines platform and for their support for DNA vaccines to potentially protect those at risk globally given the current COVID-19 outbreak. Our team of vaccine experts are working around the clock to advance INO-4800 and we look forward to attracting additional partnerships to expedite its development to meet this urgent global health need.

Why This News Is So Exciting

There are clear reasons that investors are so excited about the news out of INOVIO Pharmaceuticals today. First and foremost, the $5 million grant will provide key funding for the company to accelerate its activities, potentially bringing the product to market faster.

Moreover, the coronavirus, or COVID-19 is becoming a very serious issue. With well over 100,000 infected and more than 1,000 of those being in the United States, the spread of the virus is becoming very scary. As such, should the vaccine prove to be effective, it will be met with high demand.

Moreover, this announcement is a key source of validation for the work that the company is doing. After all, the reputation of INO stock was tarnished very recently when Citron released a short report. With this new grant, investors can ease their minds about claims made by Citron, and I believe that this is helping greatly with the price appreciation here.

All in all, as I’ve mentioned in the past, INO is doing great work and Citron only created a discounted opportunity.

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