Cambridge-based biotech company Moderna is getting $483 million from the federal government to speed up the development of an experimental coronavirus vaccine they're working on.
The money will allow the company to significantly ramp up development and manufacturing, representatives said, including hiring 150 new employees this year.
"This is very helpful because we can accelerate the clinical studies," said Moderna CEO Stephane Bancel.
A vaccine likely wouldn't be available commercially for at least a year, they said, since it is still in the early stages of development and has yet to be approved.
With the funding boost, the company could be able to supply millions of doses per month in 2020 and, with further investments, tens of millions per month in 2021, if the vaccine candidate is successful in the clinic.
The company said phase three of the process could begin as soon as this fall.