As Moderna attempts to fast track their development of vaccine for the novel coronavirus, they revealed they are already received $400 million for future orders. On Wednesday’s earnings call, they also revealed they are on their way to completing third phase of their vaccine trial by September’s end.
On top of its funding from the United States, the biotech company also said payments for future orders reached almost $400 million so far. This came as Moderna was said to be talking with several countries who wish to secure supply from them of potential mRNA-1273 vaccine.
The experimental vaccine, which Moderna helms with the help of the National Institutes of Health, would contain an mRNA. mRNA is a genetic material known as “messenger RNA,” and is believed to push the body’s immune defense against the virus. The safety and effectivity of the vaccine is tested on 30,000 people, with results that could optimistically see an October release.
The biotech company is among the firms who are in the lead on the race to craft an effective vaccine against the COVID-19.
“As we pivot to a commercial stage company, we recognize the need for responsible pricing in the face of the pandemic.” – Stéphane Bancel, Moderna’s CEO pic.twitter.com/mOQHF2QNYc
— Moderna (@moderna_tx) August 5, 2020
Moderna also reported a dive of shares by only 4 percent, lower than previously projected. Meanwhile, stock for the company was up of about 300 percent for this year, amid hopes of success in vaccine development. Their latest quarter revenue was five times higher than last year of the same period, with $66.4 million.
In a statement, chief executive officer of Moderna, Stephane Bancel, said: “The second quarter marked a new growth phase for Moderna as we started to build our commercial team, a historic moment for those of us who have worked at the company for many years since it was a breakthrough research enterprise.”
With regards to the future orders, the biotech firm mentioned price range of $32-$37 for every dose of the potential vaccine. Those are from smaller volume of orders. Lower prices would be provided for high volume orders.
“We are working with governents around the world and others to ensure the vaccine is accessible regardless of ability to pay. And we will be responsible on price,” Bancel noted.
Unlike with Pfizer, the US and Moderna didn’t have any deal. Even though Moderna received funding from the government to fast track development. If a safe and effective vaccine is completed, it will be the company’s first ever drug in the market ever since being founded 10 years ago
“As we pivot to a commercial-stage company, we recognize the need for responsible pricing in the face of pandemic,” Bancel said.