After announcing positive results of a study of its potential COVID-19 vaccine (Moderna Inc. (MRNA) announced after trading closed that it will sell more than $1 billion in fresh shares. Moderna said it plans to sell $1.25 billion worth of stock to fund manufacturing and distribution of its vaccine candidate, referred to as mRNA-1273, if it can receive regulatory approvals. Moderna announced Monday morning that a phase 1 study of its vaccine was able to produce COVID-19 antibodies, and the company has laid out plans for phase 2 and phase 3 trials in the coming months. Shares closed at a record high of $80 Monday, up more than 300% from the beginning of the year, though the stock sank 2.8% in after-hours trading Monday after Moderna announced the impending arrival of new shares. Morgan Stanley is leading the offering, and Moderna expects to offer an additional $187.5 million in shares for overallotment.) and seeing shares jump 20% to record highs Monday,
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 18, 2020 16:32 ET (20:32 GMT)
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