IDT Australia rises on COVID-19 drug manufacturing agreement

IDT Australia

13/10/2021 04:58

** Shares of pharmaceutical company IDT Australia  IDT.AX 
rise as much as 9.2% to A$0.650, their biggest intraday pct gain
since Aug. 27
    ** Signs agreement with Monash Institute of Pharmaceutical
Sciences (MIPS) to provide contract manufacturing services to
make drug product for its mRNA COVID-19 receptor binding domain
vaccine clinical trial
    ** IDT's fees will be based on achieving certain project
milestones with total fees being A$2 mln ($1.47 mln)
    ** MIPS' messenger ribonucleic acid (mRNA) COVID-19 vaccine
will be Australia's first locally developed COVID-19 vaccine
candidate to advance to a clinical trial - company    
    ** As of last close, IDT had more than tripled in value this
year
    
($1 = 1.3630 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))