Inovio Pharmaceuticals (NASDAQ:INO) news for Wednesday concerning a vaccine for the coronavirus from China has INO stock skyrocketing.
An Inovio Pharmaceuticals news release reveals that the company is accelerating its timeline for a coronavirus vaccine. That will have the company start testing on healthy U.S. patients in April and moving on to clinical trials in China and South Korea shortly after this.
According to the Inovio Pharmaceuticals news release, the company will have 1 million doses of its coronavirus vaccine ready by the end of the year. There are currently about 89,000 cases of the new coronavirus in the world with 3,000 deaths.
Inovio Pharmaceuticals is able to move forward so quickly with its new coronavirus vaccine due to work on a previous Middle East Respiratory Syndrome (MERS) vaccine. This vaccine had reached Phase 2 of its development. That progress has allowed it to alter this vaccine to target the new coronavirus from China.
Dr. J. Joseph Kim, President and CEO of Inovio Pharmaceuticals, said this about the coronavirus vaccine plans boosting INO stock.
“We plan on delivering one million doses by year end with existing resources and capacity. However, we will need additional resources to scale up to make enough doses to help protect Americans from COVID-19 as well as to lead global efforts to curtail this virus.”
INO stock was up 12.35% as of Wednesday afternoon. It’s also up 132.09% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.