Shares in Moderna Inc.
jumped 7% in extended trading Monday, after the company announced that the Food and Drug Administration had approved its potential vaccine for the Zika virus for a fast track to approval. Zika, a disease spread by mosquitoes, spread in 2016, and many companies are attempting to develop vaccines to the disease. Moderna’s attempt at a vaccine is currently in a Phase 1 study, and is being especially targeted to avoiding transmission of the disease from a mother to an unborn child. “Protecting against Zika virus transmission, particularly in women during pregnancy, continues to be an area of high unmet need. Fast Track designation supports our belief in the clinical potential of mRNA-1893 and the importance of developing an effective vaccine that can be rapidly developed and deployed,” Chief Medical Officer Tal Zaks said in Monday’s announcement. Moderna went public late last year in the biggest initial public offering from a biotechnology company, raising more than $600 million at a valuation of more than $7 billion. Shares have struggled in recent months, closing Monday at $13.40, well short of the $23 price charged in the IPO but still enough for a $4.4 billion market cap.
Go to Source