Oragenics (NYSEAMERICAN:OGEN) stock is soaring higher on Thursday after just receiving a boost last week.
The increase in OGEN stock comes alongside a letter to shareholders from president and CEO Alan Joslyn. In that letter, Joslyn notes several bits of positive news concerning the company’s vaccine for the novel coronavirus.
First off, investors will note the positive results from Phase 3 clinical trials of Moderna’s (NASDAQ:MRNA) coronavirus vaccine. These results support the idea that stabilized spike proteins can be used to effectively defend against the virus.
This matters as Oragenics holds a “nonexclusive intellectual property license from the National Institutes of Health (NIH) to the prefusion stabilized spike protein vaccine candidate.” To go along with this, the CEO notes that assistance from the U.S. Food and Drug Administration (FDA) is set to speed up development time by three to six months.
While the Oragenics CEO does note that there are coronavirus vaccines further along than its own, he doesn’t see this as a problem. Joslyn says that the scope of the pandemic means there will still be plenty of demand for vaccines in the coming months. He is also confident that OGEN’s vaccine could be effective at treating multiple strains of the virus.
Oragenics got a similar boost to OGEN stock last week after announcing a partnership with Adjuvance Technologies. This saw it agreeing to add adjuvant TQL1055 to its coronavirus vaccine. You can learn more about that here.
OGEn stock was up 29.9% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.