NovaVax has pushed back its timeline and will apply for its vaccine approval in the United Kingdom, the United States and Europe in the third quarter of the year as the company struggles to quickly gather the data it needs to submit.
“It’s just a long process,” Stanley Ark, chief executive of NovaVax, told the Financial Times. “Our direction was that we would finish the project in the second quarter and I’m saying now … we can’t finish it all by the end of June so unfortunately it’s slipping into the third quarter.”
His comments came as Biotech reported first-quarter revenue of 447m, which exceeded analysts’ expectations of 23 234 million, and surpassed the 3 3 million booked sales it had during the same period last year.
The United States and the United Kingdom do not rely on Novavax Jab to vaccinate their populations because orders from other approved drug manufacturers have been complied with. However, if approved, the protein-based vaccine would increase the global supply of jobs and benefit developing countries, especially since the job could easily be stored in a refrigerator.
The two-dose vaccine of NovaVax has proven 96 per cent efficacy against the main strain of the coronavirus and 86 per cent efficacy against the first detected variant in the UK.
“That’s the amount of work,” he said of the delay, adding that the company has lost between one and a half to 900 employees in the past year. “I must have 100 consultants working on it.”
Although NovaVax’s UK clinical trial data are complete, it is working to collect manufacturer data that show that drug manufacturers can safely and repeatedly produce doses of the same vaccine. Its U.S. clinical trial is expected to end in the second quarter of the year.
The Maryland-based company posted a net loss of 223m in the three months to March. Analysts had expected a net loss of 25 256 million.
Eric said biotechnology has struggled with a shortage of raw materials, including bags, filters and cell culture media. He said it was “painful” that a Novavax plant had not worked for three weeks due to a shortage of equipment, which has now been resolved. He added that with all of its plants operating at full capacity, NovaVax should be able to produce 150 million doses per month, he added.
Shares of NovaVax have risen nearly 4,000 percent since the beginning of 2020. Shares of the stock traded up 9 percent after closing 9 percent lower on Monday.