Shares of Inovio Pharmaceuticals Inc (NASDAQ:INO) ended Tuesday session in green amid volatile trading. The shares closed up +0.15 points or 1.59% at $9.59 with 783,107.00 shares getting traded. Post opening the session at $9.51, the shares hit an intraday low of $9.45 and an intraday high of $9.68 and the price vacillated in this range throughout the day. The company has a market cap of $687.95 million and the numbers of outstanding shares have been calculated to be 73.55 million shares.
Inovio Pharmaceuticals Inc (INO) on Sept. 12, 2016 announced that its Zika vaccine in development has been named a 2016 Technology Breakthrough by the editors of Popular Mechanics magazine, the leading technology voice in the U.S. with millions of readers.
Inovio has advanced its DNA-based Zika vaccine into two trials in the U.S., Canada and Puerto Rico. Inovio expects to have results before the end of this year for its U.S. study. In addition, the CDC estimates Zika will infect more than 25% of the Puerto Rican population by year end, providing the potential for Inovio’s Zika vaccine and this study’s placebo control design to provide exploratory signals of vaccine efficacy. The company expects to meet with regulators next year to determine the most efficient path forward to develop its Zika vaccine and help mitigate this widespread Zika outbreak that has now expanded into the continental United States.
In selecting Inovio’s Zika vaccine as a 2016 breakthrough technology the magazine cited: “Inovio Pharmaceuticals, the drug company behind what looks to become the fastest vaccine ever to come to market, may be able to halt such a (Zika) spread before it gets out of control. The company shocked the medical world in June by announcing that its Zika vaccine had already received FDA approval for human clinical trials, just nine months after the race to prevent Zika began. If all goes well, its shot will be available to the public as soon as early 2018.”
Dr. J. Joseph Kim, Inovio’s President & CEO, said, “This award recognizes the Inovio scientists and engineers who have advanced Inovio’s Zika vaccine into two human studies. Inovio was the first to manufacture a Zika vaccine, the first to begin human trials and we expect to have the first human trials data late this year.”
Shares of Allergan plc Ordinary Shares (NYSE:AGN) ended Tuesday session in green amid volatile trading. The shares closed up +0.68 points or 0.28% at $239.36 with 2.90 million shares getting traded. Post opening the session at $238.42, the shares hit an intraday low of $237.50 and an intraday high of $240.80 and the price vacillated in this range throughout the day. The company has a market cap of $94.51 billion and the numbers of outstanding shares have been calculated to be 395.95 million shares.
On Sept. 27, 2016 A new study conducted by the Orange County Business Council (OCBC) found that Allergan’s California operations generated a combined annual economic activity in the state of approximately $6.35 billion and net economic impact of $3.45 billion. The economic impact is a direct result of the Company’s strong influence on employment in the state, generating more than 16,600 direct, indirect and induced jobs, with annual total statewide labor income of ~$1.55 billion.
The economic impact study, titled “The Economic Impact of Allergan on the California Economy,” was conducted and developed by Dr. Wallace Walrod, Chief Economic Adviser, at the Orange County Business Council.
“The findings of this study clearly showcase the value and leadership of Allergan within our local and state economies, adding significant economic impact and contribution to California’s highly skilled labor force. Allergan’s success is a testament to the importance of attracting and retaining strong, growing companies to Orange County, and California—ensuring we have a growing, vibrant economy for years to come,” Dr. Walrod said.
“Since our founding in Los Angeles in 1948, and throughout our history in Southern California, Allergan has been very proud of the significant impact we’ve had on this region and the State of California for nearly 70 years. Our more than 2,000 employees in California, and the many that came before them, have discovered and developed some of the most innovative medicines and products in our industry. These medicines have had a profound impact on the care of patients in more than 100 countries around the world,” said Brent Saunders, President and CEO of Allergan. “Allergan’s rich history and impact for patients has not been achieved alone. Our success has been made possible by being in a supportive business environment – access to a highly skilled workforce, collaboration with leading medical professionals and institutions like the University of California at Irvine, and the unwavering support of local, state and federal elected officials and trade associations make Orange County and California a great business partner for companies like Allergan.”