$1.4 Billion Boost for Next-Gen COVID Vaccines and Therapies

The Biden administration is allocating $1 billion for midstage COVID-19 vaccine trials, $300 million for the development of a new monoclonal antibody for immunocompromised individuals, and $100 million to explore new technologies to prevent and treat COVID-19. The funding will support smaller biotech companies in conducting clinical trials and expand investments in new technologies. The administration aims to be prepared for future challenges posed by the virus. More funding allocations will be announced before September 30th.