Vaxart (VXRT.US), a biotechnology company, saw its stock price double in after-hours trading on Thursday, soaring to a 52-week high. As of the time of publication, Vaxart's stock price rose nearly 70% in after-hours trading to $1.25. This leap is due to the company's announcement that it has received a huge project award worth up to $453 million through the Rapid Response Partnership Program (RRPV) to advance the evaluation of its oral COVID-19 vaccine candidate.

The funding will be provided through the Rapid Response Partnership Program (RRPV) by the Biomedical Advanced Research and Development Authority (BARDA) within the US Department of Health and Human Services. Vaxart plans to use the funding to conduct a phase 2b comparative study involving 10,000 participants to evaluate the relative effectiveness of its oral tablet vaccine compared to the FDA-approved mRNA COVID-19 vaccine.

The funds will be provided in two phases: approximately $65.7 million will be immediately used to support research initiation activities, and the remaining approximately $387.2 million will be gradually paid out throughout the entirety of the study as Vaxart and BARDA jointly determine the study can continue.

Vaxart expects to begin recruiting study participants as early as the summer of 2024 and plans to conduct an interim analysis of vaccine efficacy in the first quarter of 2025, comparing it to the approved mRNA vaccine.

RRPV is an alliance funded by the Biomedical Advanced Research and Development Authority (BARDA) within the US Department of Health and Human Services' Office of Strategy, Policy, and Plans to promote the development and implementation of innovative medical solutions.

Through this infusion of funds, Vaxart not only gains the opportunity to advance its innovative vaccine candidates, but also demonstrates its important position and potential in the field of biotechnology.