IDT Australia (ASX:IDT) share price rockets 40% on COVID vaccine update

What did IDT Australia update the ASX with?

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The IDT Australia Limited (ASX: IDT) share price is entering the stratosphere today. This comes after the pharmaceutical manufacturing company announced a significant market update in regards to Australia's mRNA manufacturing capability.

At the time of writing, IDT Australia shares are up 40.23% to 61 cents. This means that its shares have now more than tripled since the start of the year.

IDT Australia marks milestone achievement 

Investors appear excited about the company's latest COVID-19 update, rallying up the IDT Australia share price.

According to its release, the company advised it has successfully created Australia's first mRNA COVID-19 vaccine candidate.

The drug product passed all the required specifications and is now going through the release process for clinical trials. In total, 450 doses of the vaccine have been manufactured, allowing 150 volunteers to take part in the upcoming study. This is expected to commence in the new year, with results expected later in 2022.

Last month, IDT Australia entered into a Master Services Agreement and Services Order with Monash Institute of Pharmaceutical Sciences (MIPS). Following completion of the successful manufacture, IDT Australia will begin testing ongoing product stability.

A collaboration between MIPS, Doherty Institute and IDT Australia has put Victoria's medical research and manufacturing sectors in the spotlight. The state is one of the few places in the world with the capability to develop and manufacture mRNA therapeutics.

IDT Australia CEO, Dr David Sparling commented:

We're honoured to be a part of this collaboration. We believe this product will be the first locally developed mRNA COVID-19 vaccine candidate and the first locally manufactured cGMP mRNA drug product.

About the IDT Australia share price

Over the past 12 months, IDT Australia shares have gained around 215%. Year-to-date has surged even further, with the company share price up 225%.

IDT Australia presides a market capitalisation of roughly $143.92 million and has approximately 239.86 million shares outstanding.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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