Its shares plummeted more than 33% after the news
As the race for finding a viable COVID-19 vaccine is getting tougher, incidents start to show up. The latest pharmaceutical company to halt the trials after AstraZeneca is Inovio Pharmaceuticals.
Earlier today, the Pennsylvania-based company announced that Phase II of the clinical trial for its potential #COVID-19 #vaccine was in “partial clinical hold.” According to the company’s statement, the pause is caused by the Food and Drug Administration (#FDA) inquiry.
At the moment, Inovio is working on answering the regulator’s questions, and the response will be available in October. Following the company’s response, the FDA has 30 days to decide if the trial can move forward or not.
The news shocked the markets, and made Inovio stock price drop more than 33% during today’s pre-market session. Since the beginning of the year, the company’s stocks have increased 413.3%, while USA500 added 21%.
Read about AstraZeneca’s situation here!
Sources: marketwatch.com, finance.yahoo.com