Novavax Inc. (NASDAQ: NVAX) shares spiked to $2.67 today before slipping nearly 2% on the day to it’s current spot at $2.58.
The company earlier this month was awarded a contract valued at up to $179 million by the Office of Biomedical Advanced Research and Development Authority (BARDA) within the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services (HHS) for the advanced clinical and manufacturing development of recombinant vaccines for the prevention of seasonal and pandemic influenza. During the contract�s three-year base period, valued at $97 million, Novavax will continue to develop and manufacture its novel, clinical-stage, recombinant virus-like particle (VLP) influenza vaccines to address BARDA�s commitment to advancing recombinant-based technology and pandemic preparedness.
The company reported that during the contract�s base period, funded activities would include: three clinical trials utilizing Novavax�s pandemic influenza VLP vaccine candidate with adjuvants (including Novavax�s proprietary adjuvant); phase II dose-ranging trial and phase III registration trial utilizing Novavax�s seasonal influenza VLP vaccine candidate; and development of a manufacturing facility plan that has the capability to produce finished vaccine within 12 weeks and at least 50 million doses within six months of an influenza pandemic declaration.
The contract could be extended for an additional 24-month option period with $82 million in additional funding to build on the work Novavax accomplishes during the base period and to support manufacturing scale-up and licensure by the U.S. Food & Drug Administration (FDA).
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