Moderna Funding Nears $1 Billion as Vaccine Study Starts

Moderna Inc. climbed as much as 11% Monday after getting a second round of U.S. funding for an experimental vaccine for COVID-19 and kicking off its late-stage trial.

With an additional $472 million award from the Biomedical Advanced Research and Development Authority (BARDA) announced on Sunday, Moderna’s shot is now backed by $955 million of funds from the U.S.

The first participants in the 30,000 person study have been dosed, the Cambridge, Mass-based biotech company said on Monday. Earlier, it said that the new award closed a funding gap in the larger-than-anticipated trial.