Inovio Pharmaceuticals (INO) – Get Report said Monday it expects to hear from the Food stuff and Drug Administration this thirty day period on no matter whether its COVID-19 vaccine candidate can resume late-stage trials.
Late trials of Inovio’s coronavirus vaccine candidate — INO-4800 — have been below a “partial clinical hold” from the Food and Drug Administration since late September.
The company said in its most recent quarterly earnings launch Monday that it “anticipates a reaction from the Food and drug administration this month as to whether or not the planned Section 2/3 scientific demo of INO-4800 can commence.”
Inovio shares rose 29 cents, or 3.4%, to $8.79 in immediately after-several hours investing. In the frequent session the inventory plunged 19% after Pfizer (PFE) – Get Report and BioNTech (BNTX) – Get Report reported that preliminary details confirmed their coronavirus vaccine prospect is 90% powerful.
Inovio mentioned it manufactured 11 cents for each diluted share in the most recent quarter on $.2 million in revenue vs. a loss of 25 cents a share on income of $.9 million in the calendar year-in the past period of time.
The corporation experienced been predicted to report a loss of $28.5 million, or 19 cents a share, on sales of $3 million, dependent on a FactSet survey of 8 analysts.
Inovio mentioned its final results were being aided by a obtain from the sale of its equity curiosity in GeneOne and from a transform in the truthful worth of a spinoff liability. Without having the result of those the firm stated its net loss for the quarter would have been $43.1 million and basic web reduction for every share would have been 26 cents.
“INOVIO proceeds to concentrate on the enhancement of our COVID-19 vaccine, INO-4800, as perfectly as advancing our other main DNA medication plans,” said Dr. J. Joseph Kim, the firm’s president and CEO, in a assertion. “While the partial scientific keep for INO-4800 has resulted in delays to our initially predicted growth timeline, the enterprise continues to be nicely-capitalized and focused as both equally scientific trials and manufacturing efforts continue on,” he reported.