Novavax Inc. /zigman2/quotes/202614340/composite NVAX +3.79% said Tuesday it has received $1.6 billion in funding from the federal government's accelerated COVID-19 vaccine development program "Operation Warp Speed." The Gathersburg, Md.-based biotech said the funds will be used to complete late-stage clinical development of its vaccine candidate called NVX-CoV2373, including a Phase 3 trial, and to scale up manufacturing. The company is aiming to deliver 100 million doses of the vaccine, as early as late 2020. The trial will comprise up to 30,000 subjects and will start in the fall. A Phase 1/2 trial in 130 healthy participants was launched in Australia in May with initial immunogenicity and safety results expected to be available at the end of July. A Phase 2 trial is expected to start after that. The Phase 1/2 trial is being supported by up to $388 million in funding from international entity the Coalition for Epidemic Preparedness Innovations, or CEPI, an Oslo-based group. Novavax shares soared 38% premarket on the news. The stock has skyrocketed 1,895% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.35% has fallen 1.6%.