Novavax starts Phase 1 coronavirus vaccine trial after $388M from Bill Gates-backed group

Novavax's efforts to fight coronavirus are supported by $388 million from CEPI

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

Maryland-based Novavax said dosing for the Phase 1 clinical trial of its coronavirus vaccine candidate would begin Monday.

"Administering our vaccine in the first participants of this clinical trial is a significant achievement, bringing us one step closer toward addressing the fundamental need for a vaccine in the fight against the global COVID‑19 pandemic," Novavax President and CEO Stanley C. Erck said in a statement. "We look forward to sharing the clinical results in July and, if promising, quickly initiating the Phase 2 portion of the trial."

WHY IS BILL GATES IN THE FIGHT AGAINST CORONAVIRUS?

Phase 1 includes approximately 130 participants ages 18 to 59 in Australia. The first patient will be dosed Monday evening, although it will be Tuesday morning local time.

Novavax scientist conducting vaccine development research under a laboratory hood. (Courtesy Novavax)

If Phase 1 is successful, Novavax will follow up with Phase 2 in multiple countries including the U.S. using participants in a broader age range.

Novavax's efforts to fight coronavirus are supported by $388 million from the Coalition for Epidemic Preparedness and Innovation, which is billionaire Bill Gates' brainchild. Novavax said it's CEPI's largest investment ever.

TickerSecurityLastChangeChange %
NVAXNOVAVAX INC.125.48+2.01+1.63%

CLICK HERE TO READ MORE ON FOX BUSINESS

Another U.S. biotech company, Massachusetts-based Moderna, has already started a Phase 1 trial for its vaccine candidate and is reporting optimistic results, making shares jump last week.

GET FOX BUSINESS ON THE GO BY CLICKING HERE