The US government announced on Tuesday that it has given $1.4 billion in funding for the development of novel COVID-19 treatments and vaccines, including a $326 million contract with Regeneron Pharmaceuticals (REGN.O) for a next-generation antibody therapy for infection prevention.
COVID-19 treatments and vaccines
The financing for Regeneron is part of the US Department of Health and Human Services’ (HHS) $5 billion “Project NextGen” effort.
Regeneron had previously developed a monoclonal antibody therapy against COVID, which was approved by the US Food and Drug Administration in November 2020, but its usage was restricted early last year after it was discovered that it was unlikely to function against the Omicron variation.
The financing also includes $1 billion for four mid-stage clinical studies of novel COVID vaccines, as well as $100 million for Global Health Investment Corp, a non-profit organisation that invests in breakthrough technology to speed illness response.
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