what happened
Shares of Modern (NASDAQ: MRNA) climbed 4% on Monday after the biotechnology company announced three new vaccine development programs.
Approximately
Modern intends to use the lessons he has learned with his coronavirus vaccine to advance his drug pipeline. The biotechnology will use its messenger RNA (mRNA) technology to develop vaccine candidates for the seasonal flu, human immunodeficiency virus (HIV) and Nipah virus.
Moderna wants to broaden its vaccine portfolio. Image Source: Getty Images.
“The uniquely challenging year of 2020 for society as a whole has been an extraordinary proof-of-concept period for Moderna,” CEO Stephane Bancel said in a press release. “While we have shown that we can prevent mRNA-based vaccine COVID-19, it has encouraged us to pursue more ambitious development programs.”
Now what
Modern has shown the effectiveness of its mRNA technology when clinical trials have shown that the coronavirus vaccine is 94% effective against COVID-19 and 100% effective in preventing severe forms of the disease. Governments around the world have rushed to purchase large quantities of Moderna’s vaccine. These acquisitions, in turn, have helped grow Moderna’s cash reserves to more than $ 5 billion, which it now plans to finance its new development programs.
With a total of 24 mRNA development projects underway, Moderna – and its shareholders – have many ways to win in the years to come.