Here's Why MediciNova Is Soaring Today
Shares of MediciNova (NASDAQ: MNOV) jumped over 65% today after the company announced a collaboration with BioComo and Mie University to develop a vaccine against SARS-CoV-2. The partners, both based in Japan, have developed a novel vector for delivering viral genes and proteins into human cells. The technology platform has been used to develop experimental vaccines against Ebola virus and respiratory syncytial virus (RSV).
Under the agreement, MediciNova will gain exclusive worldwide development rights to use the vector technology for an experimental SARS-CoV-2 vaccine. Although there are inherent advantages to the technology platform (on paper), the collaboration is certainly a little late to the global effort to develop safe and effective vaccines against the novel coronavirus. Does that matter?
As of 11:26 a.m. EDT, the small-cap stock had settled to a 64.7% gain.
Source Fool.com
