surged as much as 11% in premarket trading Monday after the company announced a new round of funding and the start of the Phase 3 trial for its coronavirus vaccine candidate.
On Sunday, Moderna announced an additional round of $472 million in funding to"support late stage clinical development including the expanded Phase 3 study of the Company's mRNA vaccine candidate against COVID-19,"The extra funding came from the biotech firm's contract with the Biomedical Advanced Research and Development Authority, which in April had awarded the company $483 million when the experimental vaccine was in early stage trials.
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