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Moderna revises COVID-19 vaccine approval to 2021 spring, stock price slumps

Moderna revises vaccines approval to 2021 spring, stock price slumps

Moderna CEO Stéphane Bancel has confirmed that the company’s coronavirus vaccine won’t be ready before the November 3rd U.S presidential elections. According to Bancel, the vaccine will be ready for mass public distribution until next year’s spring. 

Initially, Moderna had claimed that it will seek emergency approval of its vaccines as early as November 1st. The development also deals a blow to U.S President Donald Trump‘s promise of availing a vaccine before the elections.

Speaking on Wednesday, Bancel noted that Moderna will seek approval for the general population use towards the end of January. If the vaccine passes all the tests, it will be available for full approval by at least March.  According to Bancel:

“I think a late [first quarter], early [second quarter] approval is a reasonable timeline, based on what we know from our vaccine,”

According to the latest trial tests, the results were the same among all participants. The results were the same as getting a high dose flu vaccine. The vaccine is currently in the third stage of the clinical trial. 

Safe tests are now the central focus for many governments as governments attempt to get back to normal operations. Notably, China and Russia have already begun the mass administration of their vaccines. 

Despite President Trump’s assertions, experts have warned against rushing the vaccines due to political reasons. Similarly, the Center for Disease Control has noted that the mass administration of the vaccine will not be available until next year. 

At the same time, the United States Food and Drug Administration has affirmed that the vaccines’ approval will be guided by science only. 

Following the revision of vaccine timelines, Moderna shares dropped by $4 to just over $70 per share. 

Watch video: Moderna CEO says vaccine will not be ready before US election.

Trusted Challeger Banks

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Jeremy Wilson

Jeremy is a content crafter and has experience in writing about finances and digital assets for over 5 years. At he covers news related to finance, regulations, startups and cybersecurity on a daily basis.