Story at a glance
- Pharmaceutical company Novavax said that it’s prospective COVID-19 vaccine has been approved for a fast-track designation by the FDA.
- Novavax is one company receiving funding from Operation Warp Speed.
Pharmaceutical company Novavax announced on Monday that it has been granted a fast track designation for its COVID-19 vaccine candidate by the Food and Drug Administration (FDA), according to MarketWatch.
The company’s vaccine candidate will be expedited with the help of the government agency in a bid to accelerate the development of an effective and safe COVID-19 vaccine.
Officials at Novavax expect its candidate, called NVXCoV2373, to complete its phase 3 trials based in the U.S. and Mexico by the end of November.
"While the regulatory review of this clinical program will be expedited, Novavax remains committed to a data-driven and scientifically rigorous approach in demonstrating safety and efficacy, which we believe will support confidence in the vaccine in the U.S. and globally," Gregory M. Glenn, president of Novavax Research and Development, said in a statement.
This announcement comes on the heels of Pfizer, another COVID-19 vaccine contender, announcing Monday that its efficacy data saw a 90 percent prevention rate for its candidate during phase 3 trials.
Both Novavax and Pfizer have received federal funding as part of Operation Warp Speed, an initiative established by the Trump administration that provided funding to pharmaceutical companies to develop COVID-19 vaccines in a record-breaking time frame.