Human trials begin for Novavax's coronavirus vaccine

Biotechnology company Novavax rolled out its first human trials for its coronavirus vaccine on Tuesday.

Novavax already tested its vaccine on animals in low doses and found it successful, Axios notes. So the Maryland-based company will inject 131 volunteers in the Australian cities of Melbourne and Brisbane, with results of the clinical trial expected to be made public in July.

Phase 1 of the trial is a "randomized, observer-blinded, placebo-controlled trial" that assesses two different dosage sizes of the vaccine among healthy participants age 18 to 59, Novavax said in a press release. If that first phase goes well, Novavax said it expects a second phase to begin "promptly." That second phase will be conducted across several different countries, including the U.S., and across a broader age range.

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Novavax shares spiked when markets reopened Tuesday after the holiday weekend, up from $46.11 per share to $54.20. Novavax is among several pharmaceutical companies racing to develop coronavirus vaccines, with Pfizer and Moderna launching human trials earlier this month.