Vaxart Receives BARDA-Funded Project NextGen Award Valued Up to $453 Million to Conduct a Phase 2b Study Evaluating Its COVID-19 Oral Pill Vaccine Candidate
Vaxart (VXRT) has received a BARDA-funded Project NextGen award valued up to $453 million for a Phase 2b study of its oral COVID-19 vaccine candidate. The study will involve 10,000 subjects and compare the oral vaccine to an FDA-approved mRNA vaccine. Preliminary enrollment is expected by summer 2024, with interim efficacy results as early as Q1 2025. Initial funding of $65.7 million will support study preparations, with an additional $387.2 million provided based on study progress. Previous trials showed the vaccine's effectiveness against various SARS-CoV-2 variants and strong immune responses.
- Vaxart received a substantial $453 million award for its Phase 2b study.
- The study will compare Vaxart’s oral COVID-19 vaccine to an approved mRNA vaccine.
- Initial funding of $65.7 million is available immediately to start preparations.
- Previous trials indicated strong immune responses and effectiveness against SARS-CoV-2 variants.
- An innovative oral pill vaccine could transform global vaccination methods.
- Enrollment for the study is anticipated as early as summer 2024.
- The study's additional $387.2 million funding is contingent on progress, which poses a risk.
- Interim efficacy results will not be available until Q1 2025, delaying potential impact.
- The new oral vaccine needs to prove its efficacy compared to an established mRNA vaccine.
Insights
Vaxart's recent award from BARDA, valued up to
With
Short-term: Investors should note the immediate availability of funds, enabling the start-up activities and rapid progression to the Phase 2b study. This could provide a short-term boost to stock prices as the market reacts positively to the announcement.
Long-term: The potential success of the Phase 2b study is crucial. Positive interim results expected by early 2025 could lead to continued stock price appreciation. However, investors should be aware of the risks inherent in clinical trials, including potential delays and the outcomes not meeting the desired efficacy or safety benchmarks.
Overall, this funding is a positive development for Vaxart, reducing financial risk and supporting its innovative oral vaccine project.
The award from BARDA facilitates Vaxart's efforts to advance its oral pill COVID-19 vaccine candidate to a Phase 2b study. This is noteworthy not only because of the substantial funding but also due to the innovative nature of an oral vaccine compared to traditional injections.
Current mRNA vaccines have proven efficacy, but challenges include storage conditions and the need for injection, which can be a barrier to mass vaccination. Vaxart’s oral vaccine, if successful, addresses these issues by potentially offering easier distribution and greater acceptance due to its non-invasive nature. Additionally, the oral delivery could stimulate a mucosal immune response, providing robust protection at the infection site.
Investors should understand the significance of this Phase 2b study’s design, which includes a head-to-head comparison with an approved mRNA vaccine. This could set a new benchmark in vaccine development if Vaxart's candidate is shown to be as effective or superior. Moreover, achieving such milestones can result in further funding and partnership opportunities.
However, the scientific community and investors should maintain realistic expectations, as clinical trials can be unpredictable and efficacy is not guaranteed until the study is complete.
The announcement positions Vaxart in a favorable light within the market for COVID-19 vaccines. The decision by BARDA to fund the Phase 2b study underscores the government’s commitment to exploring next-generation vaccine technologies, which include non-injection delivery methods like Vaxart’s oral pill.
From a market perspective, the oral vaccine could potentially disrupt the market dominated by injectable mRNA vaccines. The ease of administration and potential lower costs associated with oral vaccines make it a compelling alternative, especially in under-resourced regions where logistics and medical infrastructure are challenges.
Additionally, the timing of the trial with anticipated enrollment beginning in mid-2024 means that Vaxart could capture significant market share if successful, benefiting from ongoing demand for COVID-19 vaccines due to endemic phases and variant emergence.
Nevertheless, competition remains stiff and existing players in the mRNA space have a head start. Thus, Vaxart’s ability to effectively market and commercialize their product post-trial will be critical.
— 10,000-subject Phase 2b study will evaluate Vaxart’s next generation oral pill COVID-19 vaccine against an approved mRNA vaccine comparator —
— Vaxart anticipates initiating enrollment as early as summer 2024 —
SOUTH SAN FRANCISCO, Calif., June 13, 2024 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) announced today that it received a project award valued at up to
The funds will be used to conduct a Phase 2b comparative study evaluating Vaxart’s oral pill COVID-19 vaccine candidate against a U.S. Food and Drug Administration (FDA)-approved mRNA vaccine comparator. In preparation for the trial, Vaxart created and manufactured under Good Manufacturing Practice (GMP) standards a next-generation oral COVID-19 vaccine tablet candidate that — based on preclinical data — is more potent than Vaxart’s prior COVID-19 vaccine constructs.
Funding under the award will be provided in two parts with approximately
“We are grateful to BARDA for this funding, which will enable Vaxart to conduct a Phase 2b trial for our COVID-19 oral pill vaccine candidate. This trial will evaluate whether our oral pill vaccine candidate compares favorably against an approved mRNA injectable vaccine,” said Dr. James F. Cummings, Vaxart’s Chief Medical Officer. “We are excited to explore the results of this head-to-head comparison. Previous research showed that our earlier COVID-19 vaccine constructs triggered long-lasting immune responses and induced a cross-reactive immunogenic response against all tested SARS-CoV-2 variants.”
“Vaccine delivery has relied primarily on injection for more than 150 years. This funding from BARDA will assist us in determining whether we can bring a transformational, next-generation approach to global vaccination,” said Steven Lo, Vaxart’s Chief Executive Officer. “We believe our oral pill vaccine platform can better meet societal needs not just for COVID-19, which is now in the endemic phase, but for other infectious diseases that present significant endemic and pandemic threats.”
Vaxart was the first U.S. company to complete a Phase 2 clinical trial of an oral vaccine for COVID-19. In earlier clinical trials, Vaxart demonstrated its COVID-19 vaccine candidates generated robust cross-reactive mucosal IgA responses, boosted immune responses to existing COVID-19 vaccines, increased neutralizing antibodies against Omicron 4/5, and had a benign tolerability profile.
Funding for this award was received under Project NextGen, a
About the COVID-19 Phase 2b Trial
The Phase 2b trial is a double-blind, multi-center, randomized, comparator-controlled study to determine the relative efficacy, safety, and immunogenicity of Vaxart’s oral pill COVID-19 vaccine candidate against an approved mRNA COVID-19 injectable vaccine in adults previously immunized against COVID-19 infection. The study design anticipates enrolling approximately 10,000 healthy adults 18 years and older in the United States with 5,000 receiving Vaxart’s COVID-19 vaccine candidate and 5,000 receiving an approved mRNA comparator. At least
The study will measure efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and the incidence of adverse events. The primary endpoint is relative efficacy of Vaxart’s COVID-19 vaccine candidate compared to an approved mRNA comparator for the prevention of symptomatic disease. Primary efficacy analysis will be performed when all participants have either discontinued or completed a study visit 12 months post-vaccination.
An independent Data and Safety Monitoring Board (DSMB) will review safety data of the participants.
Execution of this Phase 2b study will be funded by BARDA through the RRPV.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart's strategy, prospects, plans and objectives, receipt of funding from BARDA for the Phase 2b study, results from preclinical and clinical trials and the timing of such trials and results, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as "should," "believe," "could," "potential," "will," "expected," “anticipate,” "plan," and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s receipt of funding from BARDA for the Phase 2b study (or for any other purpose), Vaxart's ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart's expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expectations regarding timing of enrollment in studies; and Vaxart's expectations with respect to the effectiveness of its product candidates. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement, and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart's product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart's product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart's or its partners' control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart's capital resources may be inadequate; Vaxart's ability to resolve pending legal matters; Vaxart's ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks described in the "Risk Factors" sections of Vaxart's Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.
Contacts
| Vaxart Media Relations: | Investor Relations: |
| Mark Herr | Andrew Blazier |
| Vaxart, Inc. | FINN Partners |
| mherr@vaxart.com | IR@vaxart.com |
| (203) 517-8957 |
FAQ
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