IMV Inc. (NASDAQ: IMV) shares surged on Tuesday after the company provided an update on its vaccine candidate for COVID-19. This firm joins an ever-expanding list of companies in the fight against the coronavirus, and its stock is reflecting the sentiment.

Management noted that it is working closely with regulatory agencies and its collaborators to initiate clinical studies as quickly as possible. So far, Health Canada has agreed with the design of the Phase 1 trial.

Some quick background: The vaccine is a DPX-based formulation of multiple peptides of the SARS-CoV-2 that generated early and strong immune responses in preclinical assays in animal models. A first-in-human Phase 1 clinical study is scheduled to initiate soon.

The vaccine candidate is designed to focus the immune response on the weaknesses of the virus with the goal to optimize safety and efficacy.

So far, the rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results not only demonstrate the potential of the delivery platform but also build on its previously reported clinical data from a similarly designed vaccine against the respiratory syncytial virus.

Clinical results have shown its DPX-based vaccine against respiratory syncytial virus demonstrated a unique ability to generate safe and long-lasting immune responses in older adults.

The next milestones are expected as IMV commences this Phase 1 clinical trials this summer, with results coming in the fall. Once results are published, the firm plans to initiate Phase 2 clinical trials in the second half of the year.

IMV stock traded up about 42% on Tuesday, at $4.26 in a 52-week range of $1.35 to $6.82.

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