Inovio Wins $71 Million Department of Defense Contract for Its COVID-19 Vaccine Delivery Devices

Inovio Pharmaceuticals (NASDAQ: INO) announced on Tuesday that it has been awarded a $71 million Defense Department contract to assist it in ramping up production of its Cellectra 3PSP smart devices, and to purchase a quantity of its Cellectra 2000 devices. Both devices are used to deliver Inovio's experimental COVID-19 vaccine, INO-4800, into the skin.

The Cellectra 3PSP could be especially well-suited for the Defense Department's needs. It's a durable hand-held device that administers INO-4800 using an electrical field -- a method that allows the vaccine to more easily and efficiently enter the patient's cells. The devices can be stockpiled without requiring maintenance. And INO-4800 could also be a good fit for the military, as it's the only nucleic-acid-based COVID-19 vaccine that doesn't have to be frozen for storage or transportation.

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Source Fool.com