Inovio falls as it drops to vaccine programs

Shares of US biotech Inovio (Nasdaq: INO) were down almost 7% at $2.30, after the company disclosed it was halting development of two vaccine programs because of disappointing clinical trial results.

The company announced that it has agreed with its collaborator, non-profit organization the Coalition for Epidemic Preparedness Innovations (CEPI), to discontinue development of product candidates targeting Lassa fever (INO-4500) and Middle East respiratory syndrome (MERS) (INO-4700), following initial analyses of data from studies conducted by Inovio and funded by the CEPI.

Under a partnership signed in 2018, the CEPI had agreed to provide as much as $56 million to take the vaccines through Phase II.