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Inovio Pharmaceuticals Stock Rallies After Signing Covid-19 Manufacturing Deal

Updated: 4 Dec 2020

Shares of biotechnology company, Inovio Pharmaceuticals (NASDAQ: INO) are rallying premarket after the company announced on Thursday a deal with Japanese based Kaneka Corp to manufacture its Covid-19 candidate, INO-4800.

The two companies did not disclose the terms of the agreement. 

However, Kaneka will join Inovio's existing manufacturing partners Thermo Fisher Scientific, Richter-Helm BioLogics and Ology Biosciences to help increase the vaccines supply. 

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“Our partnership with Kaneka Eurogentec, one of the world's largest and most experienced plasmid manufacturers, provides additional scale to our growing global manufacturing coalition. Kaneka Eurogentec will be a crucial member of INOVIO's global manufacturing consortium, supporting our plans to produce, manufacture and scale our COVID-19 vaccine candidate, INO-4800,” commented Inovio's President and CEO, Dr J Joseph Kim. 

The company's current Covid-19 vaccine trial is currently in the Phase 2 segment of its Phase 2/3 clinical trial for INO-4800. 

Inovio's stock price is up 9.90% at $13.76 premarket after closing on Thursday at $12.52 per share. 

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