Moderna Inc. (NASDAQ:MRNA) is one of the biopharma entities working on the largest drug candidates at the same time. Notably, the firm has 21 candidates in the pipeline. According to the latest progress report, most of the drug candidates are proceeding well. As such, the firm is a vantage position to add to its market share.
Majority of candidates progressing well
Notably, Moderna divides its pipeline into three major categories; Intratumoral Immuno-oncology, Cancer Vaccines, and Systemic Intracellular Therapeutics. Interestingly, all the products in development under all the categories above base on the firm’s proprietary therapy. In particular, the processes utilize therapeutics targeting the messenger RNA (mRNA). Of the 21 candidates in the pipeline, 11 are in clinical development.
According to Stéphane Bancel, CEO of Moderna, the firm will continue leveraging the mRNA platform to expand the pipeline. Further, the CEO noted that the company would strive to advance more candidates into clinical stages and then to development. In a short while, almost all the candidates will be out of Phase 1.
“I am pleased with the continued progress of our pipeline, our ability to now manufacture mRNA for clinical development at our new site in Norwood and the relentless work of our team,” said Bancel.
Largest IPO in the industry
With the excellent progress, the CEO is confident that they will continue to meet their targets. As per the company, they have the unique opportunity to transform the lives of various people suffering from rare diseases.
Interestingly, the positive progress to be doing just what the management might have had in mind. In the aftermath of the progress report, the firm’s stock rallied 7.7% before the market opened for Tuesday trade. After ending trading on Monday, the shares added 3%.
The company is merely building on the high note on which it ended the year 2018. In early December, the firm raised in the region of $600 million in a public offering. Notably, Moderna dispensed over 26 million shares at $23 per share. As such, the offering exceeded expectations, and it set the record as the largest to date in the industry.