Moderna skyrockets 11% after receiving additional $472 million of funding, starting Phase 3 trial of COVID-19 vaccine

Ted S. Warren/AP

  • Moderna on Sunday announced it received a commitment of up to $US472 million in additional funding from its contract with the Biomedical Advanced Research and Development Authority.
  • The company on Monday announced that the Phase 3 trial for its COVID-19 vaccine had started dosing participants.
  • Shares of Moderna surged as much as 11% in premarket trading Monday
  • Watch Moderna trade live on Markets Insider.
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Shares of Moderna surged as much as 11% in premarket trading Monday after the company announced a new round of funding and the start of the Phase 3 trial for its coronavirus vaccine candidate.

On Sunday, Moderna announced an additional round of $US472 million in funding to “support late stage clinical development including the expanded Phase 3 study of the Company’s mRNA vaccine candidate (mRNA-1273) against COVID-19,” according to a statement.

The extra funding came from the biotech firm’s contract with the Biomedical Advanced Research and Development Authority, which in April had awarded the company $US483 million when the experimental vaccine was in early stage trials. The total value of the award is now about $US955 million.


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Then, on Monday, Moderna announced that the Phase 3 trial of its experimental vaccine against the coronavirus has started dosing participants. Moderna is working closely with BARDA and the National Institutes of Health to conduct the Phase 3 study under Operation Warp Speed.

“We look forward to this trial demonstrating the potential of our vaccine to prevent COVID-19, so that we can defeat this pandemic,” Moderna CEO Stephane Bancel said in a statement.

The company remains on track to deliver approximately 500 million doses of its COVID-19 vaccine per year beginning in 2021.

Moderna stock has surged more than 285% year-to-date through Friday’s close.

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