- Inovio to discontinue COVID vaccine trial, appoints Jacqueline Shea as CEO
Inovio Pharma misses by $0.03, misses on revs
- Reports Q1 (Mar) loss of $0.36 per share, $0.03 worse than the S&P Capital IQ Consensus of ($0.33); revenues fell 46.4% year/year to $0.2 mln vs the $0.66 mln S&P Capital IQ Consensus.
May 10 (Reuters) - Inovio Pharmaceuticals Inc will discontinue a late-stage study of its COVID-19 vaccine, the company said on Tuesday, and appointed its operating chief as the new chief executive, sending the company's shares down nearly 20% after the bell.
The decision on the trial comes after emerging global data showed a lower incidence of severe COVID cases, which would lead to an increase in trial size and costs, the company said.
It would now focus on developing its vaccine candidate, INO-4800, as a heterologous booster.
The biotechnology company's new strategy also comes with a change at the helm, with Jacqueline Shea taking over as CEO, effective immediately. She replaces current CEO and co-founder Joseph Kim.
The change at the top comes at a crucial stage when the company has fallen behind in the COVID vaccine race.
In November last year, Inovio resumed the late-stage trial of its COVID vaccine in the United States after being on clinical hold for 14 months. The FDA in late 2020 had halted the study as it sought more data, including details on a delivery device used to inject genetic material into cells.
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