Last Coronavirus: Novavax has delayed plans to approve vaccines in the third quarter

Novavax has withdrawn its timetable and will apply for its vaccination in the third quarter of the year in the UK, US and Europe as they try to gather the data needed to submit the company quickly.

“It’s just a long process,” Novavax CEO Stanley Erck told the Financial Times. “Our guideline has been that we would get the project done in the second quarter and now I’m saying … At the end of June we can’t do everything, so it will unfortunately enter the third quarter.”

His comments on biotechnology reported revenue of $ 447 million in the first quarter, exceeding analysts ’expectations of $ 234 million and exceeding the $ 3 million in sales reserved for the same period last year.

The US and UK are not relying on the Novavax jab to immunize their populations because they have complied with orders from other authorized drug manufacturers. But if allowed, the protein-based vaccine would boost supply around the world and benefit developing countries, especially since it can be easily stored in the jab refrigerator.

The Novavax two-dose vaccine has been shown to be 96 per cent effective against the original coronavirus strain and 86 per cent effective against the variant first detected in the UK.

“It’s a volume of work,” Erck said of the delay, adding that the company has gone from 150 to 900 employees in the last year. “I need to have 100 consultants working.”

Novavax’s UK clinical trial data have been completed, but it is working to gather manufacturing data that will show that it can safely and repeatedly make the same doses of vaccines. The U.S. clinical trial is expected to be completed in the second quarter of the year.

The Maryland-based company had a net loss of $ 223 million in the three months to March. Analysts had expected a net loss of $ 256 million.

Erck said biotechnology is lacking in raw materials, including bags, filters and cell culture supports. He said it was “painful” that a Novavax plant had not been operational for three weeks due to a shortage of material that has now been repaired. If all plants were to operate at full capacity, Novavax would have to do a 150m dose every month, he added.

Novavax’s share price has risen nearly 4,000 percent since the start of 2020. Its shares rose 3 percent in post-market trading on Monday after closing 9% lower.