The FDA's advisors have given their approval to Novavax's Covid vaccine, paving the way for its approval.
Surges in the stock market.
The vaccinations advisory group of the Food and Drug Administration backed Novavax percent's long-awaited Covid-19 vaccine, saying the benefits outweighed the dangers.
With one abstention, the panel voted Tuesday 21 to 0 in favour of the premise that the vaccine's advantages outweighed its risks.
However, the panel was disappointed that more information on the vaccine's efficacy against more current viral types was not available.
The FDA must now determine whether or not to approve the vaccine on an emergency basis.
All indications point to the FDA approving the vaccination.
Dr. Peter Marks, head of the FDA's Center for Biologics Evaluation and Leadership, stated that there is a huge demand in the United States for a Covid-19 vaccine that is not reliant on messenger RNA.
In anticipation of the vote, trading in Novavax shares was halted on Tuesday.
This year, the stock has lost more than 65 percent of its value.
The stock dropped 20% on Friday after the FDA revealed information before of the meeting that sparked worries that FDA employees were opposed to the drug's approval.
After the FDA advisors have given their approval to Novavax's Covid vaccine the stock was up 17% to $55.60.
Myocarditis, or cardiac inflammation, was a major topic of discussion at the meeting.
Six out of 40,000 vaccination users in the Novavax safety database have reported myocarditis or pericarditis, according to the government.
Myocarditis has also been reported in persons who received Pfizer PFE +0.13 percent (PFE) and Moderna MRNA +4.00 percent messenger RNA-based Covid-19 vaccinations (MRNA).