Stock Alert: Inovio Pharma Shares Up 12% In Pre-Market On $71 Mln Contract From DoD

(RTTNews) - Shares of Inovio Pharmaceuticals Inc. (INO) are rising over 12% in pre-market today, after the company announced that it has received $71 million funding from the U.S. Department of Defense or DoD to support the large-scale manufacture of the company's proprietary CELLECTRA 3PSP smart device and the procurement of CELLECTRA 2000 devices, which are used to deliver INO-4800 directly into the skin.

CELLECTRA 3PSP is designed to deliver INO-4800 directly into the skin, where the vaccine prompts the body's immune system to drive a robust immune response. The company noted that interim results of U.S. Phase 1 clinical studies of INO-4800 would be available later this month. A Phase 2/3 efficacy trial is planned to begin this summer (July/August).

The stock has been trading in the range of $1.92 - $19.36 for the past one year, and closed Monday's trade at $15.30, up $1.03 or 7.22%. INO is currently trading at $17.18, up $1.88 or 12.29% in the pre-market session.