Novavax COVID-19 vaccine shows over 90% efficacy in the U.S. late-stage trial

Novavax Inc (NASDAQ: NVAX) said on Monday its candidate COVID-19 vaccine showed 93% efficacy in its U.S. late-stage trial. The results of the clinical trial also confirmed the vaccine to be effective against a range of predominant Coronavirus variants. Novavax’s head of R&D, Dr Gregory Glenn, said:

“Practically speaking, it’s very important that the vaccine can protect against a virus that is wildly swinging around in terms of new variants.”

Novavax shares jumped 8% in premarket trading on Monday but lost the entire intraday gain on market open. Including the price action, the stock is now exchanging hands at $208 per share (£147.32 per share). In comparison, Novavax had started the year 2021 at a per-share price of a sharply lower $113.

Novavax vaccine is 100% effective for moderate and severe COVID-19 cases

The trial saw participation from roughly 30,000 volunteers from Mexico and the United States. According to the company, it will file for emergency use authorisation for its vaccine in Q3 of 2021.

The American biotechnology company further expressed confidence that its protein-based vaccine was 100% effective for moderate and severe cases of the novel flu-like virus. Volunteers with a high risk of severe infection showed the vaccine to be 91% effective. Against variants that the company failed to identify, efficacy came in at about 70%. The news comes months after Novavax said it swung to a broader than expected loss in the fourth quarter.

As per Novavax, side effects of its COVID-19 vaccine include mild muscle pain, fatigue, and headache. Only a handful of participants experienced severe side effects. The Gaithersburg-headquartered company is committed to hitting the monthly milestone of 100 million doses by the end of Q3. In the fourth quarter, it is confident that it will produce 150 million doses per month.

Novavax is partnering with Serum Institute of India

Regulatory filing in India, CEO Stanley Erck added on Monday, has already started in collaboration with SII (Serum Institute of India), which as per the chief executive, is no longer restricted by the shortage of raw materials used in the production of the vaccines.

In separate news, GlaxoSmithKline said on Monday it will partner with iTeos Therapeutics Inc to develop and commercialise a possible cancer treatment. As part of the deal, the pharmaceutical giant will pay roughly $2 billion to iTeos.

Novavax performed massively upbeat in the stock market last year with an annual gain of more than 2,500%. At the time of writing, the Nasdaq-listed company has a market cap of $15.94 billion.