Novavax has moved back in time and will register its vaccine in the UK, US and Europe in the third quarter of the year as the company struggles to quickly meet the requirements for delivery.
“It’s just been a long time,” Stanley Erck, chief executive of Novavax, told the Financial Times. “Our advice was that we could get the project done by the end of the second phase and now I say … we can’t finish it by the end of June, so unfortunately we will enter the third phase.”
The comments came as biotech reiterated its first quarter of $ 447m, exceeding expectations of analysts by $ 234m and surpassing the $ 3m price target held immediately last year.
The US and UK are not relying on Novavax jab to vaccinate their citizens because laws from drug manufacturers have been enforced. But if approved, a protein-based vaccine could promote the availability of jabs around the world and benefit developing countries, especially since the jabyo can be easily stored in the refrigerator.
The Novavax vaccine has shown a 96% effect against the original type of coronavirus and 86% effective against the first strains found in the UK.
“It’s also a work in progress,” Erck said of the delay, adding that the company had gone from 150 to 900 people last year. “I have to have 100 mentors working on the project.”
The UK’s Novavax blood test data was completed but is in the process of collecting information that would allow the manufacturer to replicate the same vaccine. His clinical trial in the US is expected to be completed by the end of the second year.
The Maryland-based company spent $ 223m in the three months to March. Investigators were expecting a loss of $ 256m.
Erck said biotech has been struggling with a lack of raw materials including wallets, filters and social media. He said it was “painful” that one Novavax plant did not work for three weeks due to a lack of equipment, which has now been eliminated. If all of its seeds are fully operational, Novavax is expected to produce 150m per month, he added.
The price of the Novavax stock has fallen nearly 4,000% since the beginning of 2020. Its stock rose 3% in the stock market on Monday after closing 9% lower.