Shares of Novavax Inc. were up 8% in trading
on Tuesday after the company said it had received $4 million from the Coalition for Epidemic Preparedness (CEPI) to develop a COVID-19 vaccine. The company has said it has several vaccine candidates
in preclinical animal studies, and it expects to start a phase 1 clinical trial by June
. "This first stage of funding from CEPI is critical to enable ongoing development of our COVID-19 vaccine candidates," Novavax CEO Stanley Erck said in a statement. More than 116,000 people have been sickened and at least 4,000 people have died from the novel coronavirus, which was first identified in December in Wuhan, China. Novavax's shares are up 157% over the last three months, while the S&P 500 has dropped 12%.