U.S. government gives Moderna Inc $472 million for coronavirus vaccine development

Moderna has received almost $1 billion dollars from the U.S. government for its coronavirus vaccine.

A view of Moderna headquarters on May 08, 2020 in Cambridge, Massachusetts. Moderna was given FDA approval to continue to phase 2 of Coronavirus (COVID-19) vaccine trials with 600 participants. (Photo by Maddie Meyer/Getty Images)

Moderna Inc., a biotech company that develops pharmaceuticals, received $472 million award from the federal Biomedical Advanced Research and Development Authority (BARDA).

This grant is in addition to the $483 million that was given to Moderna in April for their preliminary coronavirus vaccine research and development. That grant was from another U.S. federal agency that gives money to companies and organizations that work with disease-fighting technology.  

READ MORE: US signs contract with Pfizer for COVID-19 vaccine doses

Earlier this month, Moderna’s vaccine trials were delayed as the company wanted to change its study plan. Moderna says that this new grant will be used for clinical trails.

Moderna will be the first U.S. company to test their vaccine on humans.

“Encouraged by the Phase 1 data, we believe that our mRNA vaccine may aid in addressing the COVID-19 pandemic and preventing future outbreaks,” said Stéphane Bancel, chief executive officer, in a press release.

Moderna has been working on the coronavirus vaccine for months and has received almost $1 billion dollars from the government.

Dr. Stephen Hoge, president of Moderna, promised that the vaccine would not be sold at its production cost.

In mid-May, the U.S. Food and Drug Administration was given a “fast-track” designation. This would allow the new vaccine’s review to be expidited. This classification is only given to treatments and vaccines for serious ailments.

Moderna hopes to make a minimum of 500 million doses of their coronavirus vaccine available each year, starting in 2021.

READ MORE: U.K. coronavirus vaccine prompts immune response in early test

Moderna is based in Cambridge, Massachusetts and has been researching and creating “transformative medicines” for years.

”Its therapeutics and vaccine development programs span infectious diseases, oncology, cardiovascular diseases, and rare genetic diseases,” according to the company’s Reuters profile.

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