Russell 2000 Component
|Stanley Erck (CEO)|
|Revenue||$475.2 Million (2020)|
Number of employees
Novavax, Inc., is an American biotechnology company based in Gaithersburg, Maryland that develops vaccines to counter serious infectious diseases. Prior to 2020, company scientists developed experimental vaccines for Ebola, influenza, respiratory syncytial virus (RSV), and other emerging infectious diseases. During 2020, the company redirected its efforts to focus on development and approval of its vaccine for COVID-19. Novavax has indicated it recognizes a continued need for innovative vaccines in other therapeutic areas and reports it has taken steps to ensure continued advancement of its influenza vaccine.
Novavax was founded in 1987 to focus on experimental vaccine development, but as of early 2021 has not yet completed commercialization of any vaccine product.
In March 2015 the company completed a Phase I trial for its Ebola vaccine candidate, as well as a phase II study in adults for its RSV vaccine, which would become ResVax. The ResVax trial was encouraging as it showed significant efficacy against RSV infection, using a nanoparticle-based treatment using a recombinant F lipoprotein or saponin, "extracted from the Quillaja saponaria [or?] Molina bark together with cholesterol and phospholipid." It is aimed at stimulating resistance to respiratory syncytial virus infection, targeting both adult and infant populations.
2016 saw the company's first phase III trial, the 12,000 adult Resolve trial, for its respiratory syncytial virus vaccine, which would come to be known as ResVax, fail in September. This triggered an eighty-five percent dive in the company's stock price. Phase II adult trial results also released in 2016 showed a stimulation of antigenicity, but failure in efficacy. Evaluation of these results suggested that an alternative dosing strategy might lead to success, leading to plans to run new phase II trials. The company's difficulties in 2016 led to a three part strategy for 2017: cost reduction through restructuring and the termination of 30% of their workforce; pouring more effort into getting ResVax to market; and beginning clinical trials on a Zika virus vaccine.
Alongside the adult studies of ResVax, the vaccine was also in 2016 being tested against infant RSV infection through the route of maternal immunization.
In 2019, late-stage clinical testing of ResVax, failed for a second time, which resulted in a major downturn in investor confidence and a seventy percent reduction in capital value for the firm. As a secondary result, the company was forced to conduct a reverse stock split in order to maintain Nasdaq minimum qualification, meaning it was in risk of being delisted.
NanoFlu is a quadrivalent influenza vaccine, which completed Phase 2 clinical trials successfully in 2019. In January 2020, it was granted fast track status by the U.S. Food and Drug Administration (FDA) to move into Phase 3 trials, which completed in March 2020.
Novavax is funded by a mix of private and public investment. In 2015, Novavax received a US$89 million research grant from the Bill and Melinda Gates Foundation to support the development of a vaccine against human respiratory syncytial virus for infants via maternal immunization.
In May 2020, Novavax received US$384 million from the Coalition for Epidemic Preparedness Innovations to fund early-stage evaluation in healthy adults of the company's COVID-19 vaccine candidate NVX-CoV2373 and to develop resources in preparation for large-scale manufacturing, if the vaccine proves successful. CEPI had already invested $4 million in March.
Drugs/Vaccines in development
COVID-19 vaccine candidate
In January 2020, Novavax announced development of a vaccine candidate, named NVX-CoV2373, to establish immunity to SARS-CoV-2. NVX-CoV2373 is a protein subunit vaccine that contains the spike protein of the SARS-CoV-2 virus. Novavax's work is in competition for vaccine development among dozens of other companies.
In January 2021, the company released phase 3 trials showing that it has 89% efficacy against Covid-19, and also provides strong immunity against new variants. It has applied for emergency use in the US and UK but will be distributed in the UK first. As of May 2021[update], the company does not anticipate that it will file for approval in the UK "until July at the earliest". On 14 June 2021, Novavax announced overall 90.4% efficacy in Phase 3 U.S & Mexico trial. Of the total 77 COVID-19 cases among the volunteer of the trial, 14 occurred in the vaccine group, while 63 occurred in the placebo group.
On May 22, 2021, Novavax and Moderna announced a deal with the South Korean government to manufacture their COVID-19 vaccines.The vaccine is also being co-developed (with the Coalition for Epidemic Preparedness Innovations) in India under the name Covovax.
Novavax also develops proprietary immune-stimulating saponin-based immunologic adjuvants at a wholly owned Swedish subsidiary, Novavax AB. One of these, Matrix-M, is used in one of Novavax's experimental test vaccines for COVID-19.
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- Official website
- Business data for Novavax, Inc.: