What happened
Actions of Modern (NASDAQ: MRNA) rose 4% on Monday after the biotech company announced three new vaccine development programs.
And
Moderna intends to use the lessons learned from its coronavirus vaccine to advance its drug portfolio. Biotechnology will use its messenger RNA (mRNA) technology to develop vaccine candidates against seasonal influenza, the human immunodeficiency virus (HIV) and the Nipah virus.
Moderna wants to expand its vaccine portfolio. Image source: Getty Images.
“The challenging year 2020 for the whole society proved to be an extraordinary period of proof of concept for Moderna,” said CEO Stephane Bancel in a press release. “Even though it showed that our mRNA-based vaccine can prevent COVID-19, it encouraged us to pursue more ambitious development programs.”
What now
Moderna demonstrated the effectiveness of its mRNA technology when clinical trials showed that its coronavirus vaccine is 94% effective against COVID-19 and 100% effective in preventing severe forms of the disease. Governments around the world rushed to buy large quantities of Moderna’s vaccine. These purchases, in turn, helped Moderna’s cash reserves grow to more than $ 5 billion, which it now plans to use to finance its new development programs.
With a total of 24 mRNA development projects underway, Moderna – and its shareholders – have many ways to succeed in the years to come.