Inovio Pharmaceuticals Inc. (INO), a biotechnology company that focuses on the discovery, development, and commercialization of precisely designed DNA medicines to treat and protect people from infectious diseases, announced its plan for phase 3 trial of its COVID-19 vaccine candidate, INO-4800. In accordance to the rapid production of various vaccines, the Defense Health Agency (DHA) along with the relevant authorities, will halt providing funds for phase 3 of the INNOVATE trials. INO stock plummeted adjacent to the news.
At last check in premarket trading, shares of Inovio Pharmaceuticals Inc. (INO) declined 26.83% at $6.68.The stock of INO decreased 0.33% to complete the last trading session at $9.13. The price range of the company’s shares fluctuated between $8.92 and $9.37. In the past 12 months, the company’s stock has retreated -22.03%, and in the last week, the stock has moved up 1.33%
About INOVIO Trials.
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INOVIO’s strategic relationships with Advaccine and the International Vaccine Institute is aiming for a global phase 3 trial, established on safety and immunogenicity data generated from the phase 2 studies. INOVIO will continue the evaluation of its vaccine, focusing to protect against mutated variants of covid 19.
INOVIO’s DNA vaccine, better known as, INO-4800 focuses against SARS-CoV-2, which causes covid-19. INOVIO provides a large number of trials and experience in working with coronaviruses and has pioneered to start a Phase 2a trial for INO-4700, which is a vaccine for a coronavirus that causes Middle East Respiratory Syndrome (MERS). The vaccine is administered directly into the cells to cause an immune response and provide resistance.
NO-4800 is the only nucleic-acid based vaccine that can be safely kept at room temperature (37C) for more than 12 months and consists of a shelf life of 5 years. Furthermore, it does not require to be frozen during transport, which is a hefty consideration in regards to public immunization.
INOVIO presently has 15 DNA medicine clinical programs specializing in HPV-associated diseases, cancer, and infectious diseases, focusing especially on MERS and COVID-19 diseases which is being developed under funding from the Coalition for Epidemic Preparedness Innovations (CEPI) and the U.S. Department of Defense.
An accumulated total of 3,000 patients have been administered with INOVIO investigational DNA medicines in more than 7,000 applications across a range of broad clinical trials, which has increased investor expectations from the company. However, discontinuation of grants from DHA and the relevant authorities has slowed the clinical trials, due to which INO stock plummeted immensely.