Moderna shares soar after U.S. ups funding for coronavirus vaccine by $472 million

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In this March 16, 2020, file photo, a subject receives a shot in the first-stage safety study clinical trial of a potential vaccine by Moderna for COVID-19, the disease caused by the new coronavirus, at the Kaiser Permanente Washington Health Research Institute in Seattle.

Ted S. Warren | AP

Moderna shares soared more than 8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in premarket trading Monday after the biotech company announced it received an additional $472 million from the U.S. government to support the development of its potential coronavirus vaccine. 

The additional funding from the Biomedical Advanced Research and Development Authority will support Moderna’s late-stage development of its vaccine including the phase three study, which begins Monday and will include more than 30,000 participants.  Moderna received $483 million from the federal agency in April. 

The results from the late-stage trial could be released as soon as October, Moderna CEO Stephane Bancel said during an interview with CNBC’s “Squawk Box.” “It’s a really optimistic scenario. It could be November. Again, at this stage, it’s impossible for us to know precisely. It will depend on the event rate, the attack rate of infection.”

This is a developing story. Please check back for updates.

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