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Moderna Raised Funding Of $400 Million For A Covid-19 Vaccine That Hasn’t Hit The Market

covid-19 vaccine

Moderna, one of the companies that have spread its tentacles across the vaccine and general treatment for COVID-19, said on Wednesday that all hands are on deck regarding the complete enrollment for a phase 3 study of its vaccine by the end of September. 

There are reports that the biotech company has also received funding from the United States’ Operation Warp Speed program. The company also said that it had access to about $400 million of customer’s deposits for a potential supply of its mRNA-1273 vaccine, which is expected to hit the market soon. 

According to the earnings release on Wednesday morning, Moderna also announced that the company posted a loss that was below expectations. However, they further disclosed that their revenue outlived their predictions. 

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What Are Investors Saying About Moderna’s Shares

It will amaze you to know that Moderna’s shares dipped by 4% on the news, however, their stock has had a tremendous rise and taken a 300% increase with fingers crossed regarding the development of a successful Covid-19 vaccine. 

Investors and stakeholders are checking the company’s grey areas as insiders sell their stock during this surge.

The pharmaceutical industry and biotech companies affiliated with the Covid-19 vaccine are under close monitoring as the world pays attention to their business model in terms of pricing and charges for the treatment.

This is due to revelation by biotech Gilead Sciences in June that its remdesivir drug would cost $520 a vial, or $3,120 for a five-day course of six vials, for people covered by private health insurance plans.

However, Stéphane Bancel, CEO Moderna during a conference call with analysts vowed and made it clear that its vaccine would be very much affordable.

“We are working with governments around the world and others to ensure the vaccine is accessible regardless of ability to pay. And we will be responsible for the price during the pandemic,” Bancel said, adding that deals for smaller amounts of the vaccine have so far cost between $32 and $37 per dose and that Moderna would charge lower prices for higher volumes of mRNA-1273. 

Other Biotech Companies Working On The Vaccine

Shares of most biotech and pharmaceutical companies that are affiliated with the Covid-19 vaccine are taking a bullish run. Furthermore, as more biotech companies push harder to come up with a vaccine, the shares of other biotech companies like Novavax, soared by 15% on Wednesday. This was after its announcement of clinical trial results. More so, from the beginning of this year to date Novavax shares have had exponential growth of about 4,000%. 

Also, Novavax received Operation Warp Speed funding, with other pharmaceutical giants, the likes of Johnson & Johnson, AstraZeneca, GlaxoSmithKline, BioNTech, and Pfizer. 

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