Moderna CEO Stéphane Bancel said Wednesday that his company's coronavirus vaccine won't be available for widespread distribution until at least spring 2021, according to Financial Times.
Why it matters: Bancel told FT that the drugmaker will not seek emergency authorization for FDA approval for its vaccine for front-line medical workers and at-risk individuals until Nov. 25 at the earliest.
- He added the company would not seek FDA approval for use in the general population until late January.
- If the vaccine is proven safe and effective, approval is unlikely to come until at least late March or early April.
What he's saying: "I think a late [first quarter], early [second quarter] approval is a reasonable timeline, based on what we know from our vaccine," Bancel said, according to FT.
The big picture: Moderna's vaccine is one of four that are currently in late-stage testing in people in the U.S.
- The Trump administration in August announced it purchased 100 million doses of Moderna's experimental coronavirus vaccine for $1.5 billion, or $15 per dose.
- The president has repeatedly claimed that a vaccine will be available for widespread distribution before the end of the year, though CDC director Robert Redfield testified to Congress that it's more likely that a vaccine won't be available until the second or third quarter of 2021.
