How one company made $208 million on an untested coronavirus vaccine
Inovio Pharmaceuticals (INO), a drug company that has existed for four decades without developing an approved product, has made $208 million thanks to a coronavirus vaccine that hasn’t been tested on humans.
According to the company’s latest financials released Thursday night, Inovio sold more than 43 million shares between Jan. 1 and March 11. Issuing that many new shares is usually bad for a company’s valuation, as it dilutes existing investors. But Inovio did it through an at-the-market agreement, or ATM, which is a pre-existing deal that lets the company mete out new stock to investment banks that then sell it on the open market.
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