Biotech company, Inovio Pharmaceuticals Inc. (INO) provided positive news about its Covid-19 vaccine development program earlier last week. The news helped the stock price, which at the November 16 trading grew by more than 14 percent, but dropped nearly 8 percent very next day. After a loss of -6.06 percent over the past week, the company end the Friday trading at $10.54, dropping -4.36 percent on the day.

For the Ino-4800 cancer vaccine candidate, Inovio Pharmaceuticals has announced the launch of the second phase of a phase II/III clinical trial. The research will be funded by the US Defense Department.

Inovio Pharmaceuticals previously reported that the study will be suspended until all feedback from the FDA on Cellectra 2000, a system to deliver DNA vaccines such as INO-4800 directly to the recipients’ skin cells, are met. In the near future, the company plans to fix issues with the unit, which will allow further testing of the vaccine.

All of the 38 participants who were vaccinated displayed elevated levels of neutralizing antibodies and T-cell activity in phase I trials. In addition, almost 90 percent of participants developed a significant response from T cells, and 95 percent developed a significant response from antibodies. The vaccine, without any serious side effects, is also well-tolerated.

Inovio Pharmaceuticals investors were at the time wary of the news that the US Department of Defense would provide the main funding for the development of the Ino-4800 vaccine. Although it would also obtain funding from other sources, Inovio Pharmaceuticals said.

In particular, Inovio Pharmaceuticals Inc. (INO) was awarded a $5 million research grant by the Bill & Melinda Gates Foundation. The organization has won a $17.2 million grant to fund clinical trials from the Alliance for Outbreak Preparedness Technologies.