Shares of Inovio Pharmaceuticals Inc. (INO) gained 14.8% in premarket trading on Tuesday after it announced $71 million in funding from the Department of Defense to manufacture a handheld device that delivers its experimental COVID-19 vaccine. It also said as part of this agreement that the DoD plans to buy an undisclosed number of the devices. The vaccine candidate is currently being tested in a Phase 1 clinical trial ( ); interim results from that study are expected to be released this month. There are no proven vaccines at this time that prevent infections with the coronavirus. Inovio has previously announced funding agreements with the Department of Defense for its COVID-19 vaccine candidate. Inovio's stock has soared 363.6% since the start of the year. The S&P 500 is down 3.5% year-to-date.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 23, 2020 07:54 ET (11:54 GMT)
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