The clinical-stage biotech plans to meet with the US Food and Drug Administration in the first half of the year to discuss the Phase 2 clinical trial results and expects Phase 3 clinical trials to begin this year.
Shares of Novavax jumped more than 7% to $2.19 in Friday pre-market trading.
“Over the past several years, influenza vaccine effectiveness has been suboptimal in this population, and there is broad agreement that better vaccines are needed,” said Gregory Glenn, president of research and development.
“These confirmatory data from the second clinical trial of NanoFlu further justify continued rapid development of an improved vaccine,” he added.
The company estimated that seasonal flu vaccine growth in the top seven markets, which include the US, Japan, France, Germany, Italy, Spain and UK, may increase from around $3.2 billion in 2015 to $5.3 billion by 2021.
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