Johnson & Johnson (NYSE:JNJ) news for Monday includes efforts to create a vaccine to treat the coronavirus from China boosting JNJ stock up.
A Johnson & Johnson news release reveals that the company plans to move forward with testing of a possible coronavirus vaccine. It expects this testing to begin as early as September. If so, that could allow it to have the vaccine ready for public distribution early next year.
According to the Johnson & Johnson news release, this is a fast pace for vaccine development. Its commitment to manufacturing the vaccine could have it developing more than 1 billion doses to be used around the world.
Johnson & Johnson notes that it is working on the coronavirus vaccine with the help of the Biomedical Advanced Research and Development Authority. It’s also supplying over $1 billion in funding alongside the U.S. Department of Health and Human Services for the development of the vaccine.
Paul Stoffels, M.D., Vice Chairman of the Executive Committee and Chief Scientific Officer at Johnson & Johnson, said this about the JNJ stock news.
“We are very pleased to have identified a lead vaccine candidate from the constructs we have been working on since January. We are moving on an accelerated timeline toward Phase 1 human clinical trials at the latest by September 2020 and, supported by the global production capability that we are scaling up in parallel to this testing, we expect a vaccine could be ready for emergency use in early 2021.”
JNJ stock was up 7.83% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.