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Trump’s Vaccine Chief Has Vast Ties to Drug Industry, Posing Possible Conflicts Trump’s Vaccine Chief Has Vast Ties to Drug Industry, Posing Possible Conflicts
(7 days later)
The chief scientist brought on to lead the Trump administration’s vaccine efforts has spent the last several days trying to disentangle pieces of his stock portfolio and his intricate ties to big pharmaceutical interests, as critics point to the potential for significant conflicts of interest.The chief scientist brought on to lead the Trump administration’s vaccine efforts has spent the last several days trying to disentangle pieces of his stock portfolio and his intricate ties to big pharmaceutical interests, as critics point to the potential for significant conflicts of interest.
The scientist, Moncef Slaoui, is a venture capitalist and a former longtime executive at GlaxoSmithKline. Most recently, he sat on the board of Moderna, a Cambridge, Mass., biotechnology firm with a $30 billion valuation that is pursuing a coronavirus vaccine. He resigned when President Trump named him last Thursday to the new post as chief adviser for Operation Warp Speed, the federal drive for coronavirus vaccines and treatments.The scientist, Moncef Slaoui, is a venture capitalist and a former longtime executive at GlaxoSmithKline. Most recently, he sat on the board of Moderna, a Cambridge, Mass., biotechnology firm with a $30 billion valuation that is pursuing a coronavirus vaccine. He resigned when President Trump named him last Thursday to the new post as chief adviser for Operation Warp Speed, the federal drive for coronavirus vaccines and treatments.
Just days into his job, the extent of Dr. Slaoui’s financial interests in drug companies has begun to emerge: The value of his stock holdings in Moderna jumped nearly $2.4 million, to $12.4 million when the company released preliminary, partial data from an early phase of its candidate vaccine trial that helped send the markets soaring on Monday.Just days into his job, the extent of Dr. Slaoui’s financial interests in drug companies has begun to emerge: The value of his stock holdings in Moderna jumped nearly $2.4 million, to $12.4 million when the company released preliminary, partial data from an early phase of its candidate vaccine trial that helped send the markets soaring on Monday.
Dr. Slaoui sold his shares on Tuesday, and the administration said he would donate the increased value to cancer research.Dr. Slaoui sold his shares on Tuesday, and the administration said he would donate the increased value to cancer research.
But the Moderna stock is just one piece of his pharmaceutical portfolio, much of which is not public. And some ethics and financial securities experts have voiced concerns about the arrangement Dr. Slaoui struck with the administration.But the Moderna stock is just one piece of his pharmaceutical portfolio, much of which is not public. And some ethics and financial securities experts have voiced concerns about the arrangement Dr. Slaoui struck with the administration.
In agreeing to accept the position, Dr. Slaoui did not come on board as a government employee. Instead, he is on a contract, receiving $1 for his service. That leaves him exempt from federal disclosure rules that would require him to list his outside positions, stock holdings and other potential conflicts. And the contract position is not subject to the same conflict-of-interest laws and regulations that executive branch employees must follow.In agreeing to accept the position, Dr. Slaoui did not come on board as a government employee. Instead, he is on a contract, receiving $1 for his service. That leaves him exempt from federal disclosure rules that would require him to list his outside positions, stock holdings and other potential conflicts. And the contract position is not subject to the same conflict-of-interest laws and regulations that executive branch employees must follow.
Dr. Slaoui, an expert in molecular biology and immunology, is not the first Trump administration official with close relationships to drug and health care companies. His immediate boss, Alex M. Azar II, the health and human services secretary, is a former Eli Lilly executive. And the former commissioner of the Food and Drug Administration, Dr. Scott Gottlieb, has moved in and out of government twice, and divested of his interests immediately upon assuming the F.D.A. job in 2017.Dr. Slaoui, an expert in molecular biology and immunology, is not the first Trump administration official with close relationships to drug and health care companies. His immediate boss, Alex M. Azar II, the health and human services secretary, is a former Eli Lilly executive. And the former commissioner of the Food and Drug Administration, Dr. Scott Gottlieb, has moved in and out of government twice, and divested of his interests immediately upon assuming the F.D.A. job in 2017.
Dr. Slaoui, 60, has spent his career developing vaccines and biotechnology businesses, and he has the investments and board seats to prove it. He still holds just under $10 million in GlaxoSmithKline stock and remains a partner in Medicxi, a venture capital firm that specializes in investing in biotech concerns, with several companies engaged in the global race to develop treatments or vaccines to stanch the coronavirus pandemic. GSK and Sanofi have become partners in creating a vaccine candidate against the coronavirus.Dr. Slaoui, 60, has spent his career developing vaccines and biotechnology businesses, and he has the investments and board seats to prove it. He still holds just under $10 million in GlaxoSmithKline stock and remains a partner in Medicxi, a venture capital firm that specializes in investing in biotech concerns, with several companies engaged in the global race to develop treatments or vaccines to stanch the coronavirus pandemic. GSK and Sanofi have become partners in creating a vaccine candidate against the coronavirus.
The administration has reviewed Dr. Slaoui’s affiliations with several companies and concluded in several instances that there were no conflicts because his advisory roles were unrelated to coronavirus research or treatments, and in some cases the corporations had no products against the virus in production, according to a senior official with the Department of Health and Human Services.The administration has reviewed Dr. Slaoui’s affiliations with several companies and concluded in several instances that there were no conflicts because his advisory roles were unrelated to coronavirus research or treatments, and in some cases the corporations had no products against the virus in production, according to a senior official with the Department of Health and Human Services.
The new group of which Dr. Slaoui is lead scientist will vet candidates for vaccines and treatments, to decide whether they should receive federal financial backing and additional support.The new group of which Dr. Slaoui is lead scientist will vet candidates for vaccines and treatments, to decide whether they should receive federal financial backing and additional support.
In an interview, Dr. Slaoui said he was determined to avoid conflicts and would re-evaluate any remaining associations if his financial interests stood to gain more from his new post overseeing the government’s push to encourage speedy development of treatments or vaccines.In an interview, Dr. Slaoui said he was determined to avoid conflicts and would re-evaluate any remaining associations if his financial interests stood to gain more from his new post overseeing the government’s push to encourage speedy development of treatments or vaccines.
He did not say how much his GSK shares were worth. When he left the company in 2017, he held about 240,000 shares and share equivalents, according to the drug company’s annual report and an analysis by the executive compensation firm Equilar.He did not say how much his GSK shares were worth. When he left the company in 2017, he held about 240,000 shares and share equivalents, according to the drug company’s annual report and an analysis by the executive compensation firm Equilar.
He said he told administration officials that he did not want to sell his company stock.He said he told administration officials that he did not want to sell his company stock.
“I have worked for 29 years for GSK,” Dr. Slaoui said. “I have never sold a single share of any company in my life. This is my retirement. What I said regarding the GSK shares, I said I cannot take the job if I have to sell them.”“I have worked for 29 years for GSK,” Dr. Slaoui said. “I have never sold a single share of any company in my life. This is my retirement. What I said regarding the GSK shares, I said I cannot take the job if I have to sell them.”
Advanced Decision Vectors, which regularly contracts with the National Institutes of Health and other federal agencies, will pay Dr. Slaoui’s living expenses when he stays in Washington away from his home in the Philadelphia area.Advanced Decision Vectors, which regularly contracts with the National Institutes of Health and other federal agencies, will pay Dr. Slaoui’s living expenses when he stays in Washington away from his home in the Philadelphia area.
Without public disclosure, some ethics experts called his contract an end-run around the rules.Without public disclosure, some ethics experts called his contract an end-run around the rules.
“This is basically absurd,” said Virginia Canter, who is chief ethics counsel for Citizens for Responsibility and Ethics in Washington. “It allows for no public scrutiny of his conflicts of interest.”“This is basically absurd,” said Virginia Canter, who is chief ethics counsel for Citizens for Responsibility and Ethics in Washington. “It allows for no public scrutiny of his conflicts of interest.”
Ms. Canter also said federal law barred government contractors from supervising government employees.Ms. Canter also said federal law barred government contractors from supervising government employees.
But others noted the lengths to which Dr. Slaoui was already distancing himself. Joseph Grundfest, a Stanford law professor and a former commissioner on the Securities and Exchange Commission, said conflicts of interest involving scientific experts were hardly rare.But others noted the lengths to which Dr. Slaoui was already distancing himself. Joseph Grundfest, a Stanford law professor and a former commissioner on the Securities and Exchange Commission, said conflicts of interest involving scientific experts were hardly rare.
“The challenge is to manage them appropriately, because if you try to avoid them altogether you often won’t be able to get the best people for the job,” Mr. Grundfest said.“The challenge is to manage them appropriately, because if you try to avoid them altogether you often won’t be able to get the best people for the job,” Mr. Grundfest said.
“And obviously there will be appropriate recusals on a situational, going-forward basis, as is common,” he added. “What more do you want the guy to do?”“And obviously there will be appropriate recusals on a situational, going-forward basis, as is common,” he added. “What more do you want the guy to do?”
Dr. Slaoui has stepped away from other commitments: He resigned last week from Lonza, which will manufacture Moderna’s vaccine if it goes into production. And he said he left his position as an adviser to a company that works with Chinese businesses to develop therapies against the virus.Dr. Slaoui has stepped away from other commitments: He resigned last week from Lonza, which will manufacture Moderna’s vaccine if it goes into production. And he said he left his position as an adviser to a company that works with Chinese businesses to develop therapies against the virus.
Dr. Slaoui also said that if the value of GlaxoSmithKline accrues higher than that of the pharmaceutical sector of the S&P 500 Index by the time he leaves the job, and if GSK has received any investment from the government for the Covid-19 program, he will donate the difference in his stock value to the National Institutes of Health, for research.Dr. Slaoui also said that if the value of GlaxoSmithKline accrues higher than that of the pharmaceutical sector of the S&P 500 Index by the time he leaves the job, and if GSK has received any investment from the government for the Covid-19 program, he will donate the difference in his stock value to the National Institutes of Health, for research.
Michael R. Caputo, assistant secretary for public affairs at H.H.S., said that the agency’s ethics office had cleared Dr. Slaoui to hold onto his GSK investment and that he had agreed not to trade other coronavirus-related stocks. He added that Dr. Slaoui’s contract now included an ethics addendum, but could not provide details.Michael R. Caputo, assistant secretary for public affairs at H.H.S., said that the agency’s ethics office had cleared Dr. Slaoui to hold onto his GSK investment and that he had agreed not to trade other coronavirus-related stocks. He added that Dr. Slaoui’s contract now included an ethics addendum, but could not provide details.
Mr. Caputo said Dr. Slaoui’s role would be to recommend decisions that would be considered by government officials, including the chief operating officer Gen. Gustave Perna and others supervising the project.Mr. Caputo said Dr. Slaoui’s role would be to recommend decisions that would be considered by government officials, including the chief operating officer Gen. Gustave Perna and others supervising the project.
Ms. Canter, a former ethics lawyer in the Obama and Clinton administrations, the Securities and Exchange Commission and other agencies, pointed out that GSK’s vaccine candidate with Sanofi could wind up competing with other manufacturers vying for government approval and support.Ms. Canter, a former ethics lawyer in the Obama and Clinton administrations, the Securities and Exchange Commission and other agencies, pointed out that GSK’s vaccine candidate with Sanofi could wind up competing with other manufacturers vying for government approval and support.
“If he retains stock in companies that are investing in the development of a vaccine, and he’s involved in overseeing this process to select the safest vaccine to combat Covid-19, regardless of how wonderful a person he is, we can’t be confident of the integrity of any process in which he is involved,” Ms. Canter said.“If he retains stock in companies that are investing in the development of a vaccine, and he’s involved in overseeing this process to select the safest vaccine to combat Covid-19, regardless of how wonderful a person he is, we can’t be confident of the integrity of any process in which he is involved,” Ms. Canter said.
In addition, his affiliation with Medicxi could complicate matters: Two of its investors are GSK and a division of Johnson & Johnson, which is also developing a potential vaccine.In addition, his affiliation with Medicxi could complicate matters: Two of its investors are GSK and a division of Johnson & Johnson, which is also developing a potential vaccine.
Moderna has already received nearly $500 million from the government to help scale up production.Moderna has already received nearly $500 million from the government to help scale up production.
In stepping down from Moderna’s board, Dr. Slaoui also gave up the potential for future stock gains. Equilar estimated that he stood to forfeit 73,000 options to buy shares valued at $4.2 million.In stepping down from Moderna’s board, Dr. Slaoui also gave up the potential for future stock gains. Equilar estimated that he stood to forfeit 73,000 options to buy shares valued at $4.2 million.
Updated June 24, 2020 Updated June 30, 2020
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
In the past, he also worked for a company with extensive dealings in China, which has become a target of the president’s criticism during the pandemic. Mr. Trump and others have questioned whether China did enough to contain the coronavirus and assist other countries in controlling its spread.In the past, he also worked for a company with extensive dealings in China, which has become a target of the president’s criticism during the pandemic. Mr. Trump and others have questioned whether China did enough to contain the coronavirus and assist other countries in controlling its spread.
The company, Brii Biosciences, where Dr. Slaoui was an adviser until Friday, has ties to China’s top business leadership.The company, Brii Biosciences, where Dr. Slaoui was an adviser until Friday, has ties to China’s top business leadership.
The company’s high-profile list of investors includes Boyu Capital, the private equity firm where Jiang Zhicheng, the grandson of the former Chinese president Jiang Zemin, was a partner until January of this year, according to corporate filings. Sequoia Capital and Yunfeng Capital, the private equity fund of Jack Ma, the co-founder of Alibaba, are also investors.The company’s high-profile list of investors includes Boyu Capital, the private equity firm where Jiang Zhicheng, the grandson of the former Chinese president Jiang Zemin, was a partner until January of this year, according to corporate filings. Sequoia Capital and Yunfeng Capital, the private equity fund of Jack Ma, the co-founder of Alibaba, are also investors.
In April, Brii, which has offices in Durham, N.C., announced a partnership and licensing deal over its Covid antibody research with Tsinghua University and the 3rd People’s Hospital of Shenzhen.In April, Brii, which has offices in Durham, N.C., announced a partnership and licensing deal over its Covid antibody research with Tsinghua University and the 3rd People’s Hospital of Shenzhen.
In a statement, Brii said Dr. Slaoui “received compensation consistent with his service” and left with “a small amount of stock options.” The company added that Dr. Slaoui was not involved in Brii’s coronavirus work in China.In a statement, Brii said Dr. Slaoui “received compensation consistent with his service” and left with “a small amount of stock options.” The company added that Dr. Slaoui was not involved in Brii’s coronavirus work in China.
Dr. Slaoui said he would resign from the boards of Clasado and Artizan Biosciences, both companies that work on treatments for intestinal problems. He said he would remain on the board of SutroVax, which recently raised $110 million from investors and is developing vaccines for pneumonia. He will also continue on the boards of Divide & Conquer, and Monopteros, which work on cancer treatments.Dr. Slaoui said he would resign from the boards of Clasado and Artizan Biosciences, both companies that work on treatments for intestinal problems. He said he would remain on the board of SutroVax, which recently raised $110 million from investors and is developing vaccines for pneumonia. He will also continue on the boards of Divide & Conquer, and Monopteros, which work on cancer treatments.
At his first appearance in the White House Rose Garden, Dr. Slaoui divulged that he had “recently seen early data from a clinical trial with a coronavirus vaccine, and these data made me feel even more confident that we will be able to deliver a few hundred million doses of vaccine” — enough to inoculate much of the United States — “by the end of 2020.”At his first appearance in the White House Rose Garden, Dr. Slaoui divulged that he had “recently seen early data from a clinical trial with a coronavirus vaccine, and these data made me feel even more confident that we will be able to deliver a few hundred million doses of vaccine” — enough to inoculate much of the United States — “by the end of 2020.”
While he did not mention Moderna specifically, the company did release partial data the following Monday morning, saying that its vaccine candidate appeared safe and had provoked an immune response in eight of 45 people.While he did not mention Moderna specifically, the company did release partial data the following Monday morning, saying that its vaccine candidate appeared safe and had provoked an immune response in eight of 45 people.
Some researchers and ethicists criticized the company’s decision to publicize only a piece of a study that had not been published in a peer-reviewed journal. The National Institute of Allergy and Infectious Diseases, the agency led by Dr. Anthony Fauci and Moderna’s partner on the vaccine, has not commented.Some researchers and ethicists criticized the company’s decision to publicize only a piece of a study that had not been published in a peer-reviewed journal. The National Institute of Allergy and Infectious Diseases, the agency led by Dr. Anthony Fauci and Moderna’s partner on the vaccine, has not commented.
Moderna has yet to produce any successful vaccine and has a lot riding on its Covid-19 project. Its technology, which uses genetic material from the virus called mRNA, is relatively new and unproven. And many vaccine candidates fail after showing preliminary promise, or cause serious side effects in later human trials.Moderna has yet to produce any successful vaccine and has a lot riding on its Covid-19 project. Its technology, which uses genetic material from the virus called mRNA, is relatively new and unproven. And many vaccine candidates fail after showing preliminary promise, or cause serious side effects in later human trials.
By late Monday, Moderna kicked off a big stock offering in which it hopes to raise $1.34 billion with the sale of 17.6 million shares. The company, which expected to close the offering on Thursday, is looking to raise capital to help bankroll vaccine development.By late Monday, Moderna kicked off a big stock offering in which it hopes to raise $1.34 billion with the sale of 17.6 million shares. The company, which expected to close the offering on Thursday, is looking to raise capital to help bankroll vaccine development.
The company went public in 2018 with a $600 million initial public offering, the biggest to date for a biotech company. Its board includes several members of venture capital firms — Flagship Pioneering and General Catalyst. Flagship was one of the early backers of Moderna and owns 17 percent of its stock. Another large shareholder is the pharma company AstraZeneca. Until late last year, the big hedge fund Viking Global was a sizable investor in Moderna, but it slashed its holdings at the end of 2019, according to regulatory filings.The company went public in 2018 with a $600 million initial public offering, the biggest to date for a biotech company. Its board includes several members of venture capital firms — Flagship Pioneering and General Catalyst. Flagship was one of the early backers of Moderna and owns 17 percent of its stock. Another large shareholder is the pharma company AstraZeneca. Until late last year, the big hedge fund Viking Global was a sizable investor in Moderna, but it slashed its holdings at the end of 2019, according to regulatory filings.
Moderna’s chief executive, Stéphane Bancel, owns 8.7 percent of outstanding stock and last year received a compensation package worth $8.9 million.Moderna’s chief executive, Stéphane Bancel, owns 8.7 percent of outstanding stock and last year received a compensation package worth $8.9 million.
The company has approval to begin a second-phase trial involving 600 people, and said it was moving on an accelerated timetable to begin the third phase in July with thousands of people.The company has approval to begin a second-phase trial involving 600 people, and said it was moving on an accelerated timetable to begin the third phase in July with thousands of people.
Many public health experts continue to say it is unlikely that a vaccine will be ready for mass production before next year.Many public health experts continue to say it is unlikely that a vaccine will be ready for mass production before next year.
Cao Li contributed research.Cao Li contributed research.