Moderna Announces Expanded Supply Agreement With Canada, Initiation Of mRNA Therapeutic Study For Inherited Disorder

Moderna Inc MRNA announced a double dose of positive tidings Monday, but the stock is still wallowing in the red amid a sell-off seen across vaccine stocks.

Moderna Augments Supply Deal With Canada: Cambridge, Massachusetts-based Moderna announced a revised supply agreement with Canada for up to 105 million doses of its COVID-19 vaccine and its booster vaccine candidate, if authorized, for delivery through 2024.

The agreement provides for 20 million doses each year in 2022 and 2023, with an option for an additional 15 million doses each year. For 2024, the agreement provides an option for up to 35 million doses.

In early August, Moderna announced a Memorandum of Understanding with Canada to build a state-of-the-art mRNA vaccine manufacturing facility in Canada, which will include access to Moderna's mRNA development engine.

Related Link: Moderna Is Now More Valued Than Gilead, GlaxoSmithKline: How Long Did COVID-19 Vaccine Maker Take To Hit $100B?

Moderna Commences Clinical Study of mRNA-3705: Separately, Moderna said the first patient has been dosed in the Phase 1/2 study evaluating the safety and tolerability of mRNA-3705, its investigational mRNA therapeutic, for methylmalonic acidemia.

Methylmalonic acidemia is a rare, life-threatening, inherited metabolic disorder that is most commonly caused by a deficiency in the mitochondrial enzyme methylmalonic-CoA mutase. This deficiency can lead to metabolic crises due to a toxic buildup of acids in the body and progresses into multi-organ disease.

Currently, there are no approved therapies, and standard-of-care includes dietary and palliative measures. Liver or combined liver and kidney transplant is the only effective treatment.

At last check Monday, Moderna shares were sliding 6.60% to $364.07.

Related Link: How Much A $1,000 Investment In Moderna Stock At the Time Of COVID-19 Vaccine Authorization Would Be Worth Today