Biotech & Health

Gaithersburg’s Novavax Receives $1.6 Billion For Its COVID-19 Vaccine

MBS Staff

It was early June when the New York Times reported on a Presidential priority list containing five life science companies that were selected by the Trump Administration.

Known as a list for the Operation Warp Speed (OWS), U.S. government program, the life science companies are to receive special attention and funding because of their progress in developing COVID-19 vaccines.

Those companies included Moderna (NASDAQ:MRNA), Pfizer (NYSE:PFE), Merck (NYSE:MRK), Johnson & Johnson (NYSE: JNJ) and AstraZeneca (NYSE:AZN).

While Novavax wasn’t mentioned in the NYT report, but it was rumored that the list was incomplete. Novavax is well ahead of some of the companies mentioned on the list in developing its NVX-CoV2373 COVID-19 vaccine and to reinforce its validation the company won a $60 million contract from the Department of Defense the next day.

Today Novavax reached a historic milestone and announced it received $1.6 billion in funding from the OWS program.

Novavax said it will use the funding towards its phase 3 trial expected to start in the fall.