Novavax said it would be receiving up to $388 million in funding from the Coalition for Epidemic Preparedness Innovations for development of its coronavirus vaccine candidate.
The biotechnology company mentioned that the additional funding will support a rapid scale-up of the NVX-CoV2373 vaccine antigen and therefore allow the company to boost its large-scale manufacturing capacity.
According to Novavax, a Phase 1/2 clinical of the vaccine candidate will begin this month in Australia. The company said the funding would allow it to potentially produce up to 100 million vaccine doses by end of 2020. Also, the company hopes to make more than 1 billion doses by 2021.