What is Novavax?

Maryland-based Novavax is one of several U.S. companies on the cutting edge of finding a coronavirus vaccine.

Dosing for Novavax's Phase 1 clinical trial of its coronavirus vaccine candidate began in late May.

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"We look forward to sharing the clinical results in July and, if promising, quickly initiating the Phase 2 portion of the trial," Novavax President and CEO Stanley C. Erck has said.

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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.

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

In addition, Novavax will receive up to $60 billion from the Department of Defense for manufacturing its vaccine candidate if it's proven successful, the company announced in early June. Novavax agreed to deliver 10 million doses to the Department of Defense in 2020.

"I'm very optimistic with our data that we can come out with a vaccine that's deployable, that could work," Novavax R&D chief Gregory Glenn told FOX Business' Stuart Varney in May. "We normally wait. ... Confirm it's working, and then you scale it up. We're not waiting. We've begun to scale up to make a vaccine that can be deployed."

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If its vaccine candidate works, Novavax could scale up to 1.5 billion doses "at least" in 2021, Glenn said.

Novavax is also known for its work on a flu vaccine and was celebrating good results for its in-development NanoFlu vaccine in March.

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