Here’s Why Inovio Pharmaceuticals is Racing Higher
Coronavirus stock, Inovio Pharmaceuticals is higher on news of a U.S. contract.
In fact, it just received a $71 million contract from the US Department of Defense to scale up the manufacturing of CELLECTRA 3PSP smart device and the procurement of CELLECTRA 2000 devices, which are used to deliver INO-4800 directly into the skin.
Dr. J. Joseph Kim, INOVIO’s President and CEO, said, “INOVIO is very pleased to receive this significant funding from the U.S. Department of Defense to continue our rapid scale-up capacity for our breakthrough DNA medicines delivery device CELLECTRA.”
“We look forward to working closely with DoD, JPEO-CBRND and JPL-CBRND-EB to provide much needed protection to DoD personnel and their families through development of a safe and effective vaccine against COVID-19. This next generation smart device leverages the efficacy delivery and safety track record of an earlier version that has received CE mark certification and has been used in clinical trials to safely dose more than 2,000 patients in over 7,000 administrations of INOVIO’s DNA medicines. The current DoD contract further supports INOVIO’s large-scale production of devices and arrays to deliver potentially hundreds of millions of doses of INO-4800 next year to combat the global COVID-19 pandemic.”