INOVIO (NASDAQ: INO) GETS 71 MILLION FOR COVID-19 VACCINE DEVICE - RICH TV LIVE - JUNE 23, 2020 - Inovio Pharmaceuticals (INO) - Get Report said Tuesday it received $71 million from the U.S. Department of Defense to ramp production of the biotech company's smart devices that administer its experimental coronavirus vaccine, INO-4800, into the skin.
Shares of the Plymouth Meeting, Pa., company at last check were up nearly 13% to $17.27.
Inovio's smart device, the Cellectra 3PSP, is a handheld device that runs on AA batteries. It's designed to deliver INO-4800 directly into the skin, where the vaccine prompts the body's immune system to respond, the company said.
Last month, the company said INO-4800 showed promise by producing antibodies in mice and guinea pigs. The U.S. Food and Drug Administration cleared the vaccine for testing in April.
INO-4800 targets the major surface antigen protein that causes covid-19. And the Phase I trial showed that vaccination generated robust binding and neutralizing antibody as well as T-cell responses in animals.
Phase I clinical studies of the vaccine will be available next month and a Phase II/III efficacy trial is planned for July or August, the company said.
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