WASHINGTON (dpa-AFX) - Shares of nano-cap company GeoVax Labs, Inc. (GOVX) jumped 36% on Monday morning after the biotechnology company announced a license agreement with NIH to support COVID-19 vaccine development.
GOVX is currently trading at $4.16, up $1.12 or 36.84%, on the Nasdaq.
GeoVax Labs signed a Patent and Biological Materials License Agreement with the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health, in support of the company's development of a vaccine against SARS-CoV-2.
The Patent License Agreement to GeoVax includes access to NIAID's patent rights in the stabilized SPIKE protein, which is the protein that SARS-CoV-2 uses to gain entry into human tissue.
The deal allows GeoVax rights to develop, manufacture and commercialize its COVID-19 vaccine. Financial terms of the agreement were not disclosed.
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