The relatively new biotechnology company, Vaxxinity went public on Thursday with a share price of $13. By the end of the day, that price had risen 27% to close the day at $16.55 per share.
The good day in the stock market on Thursday, is a much needed ray of light for the company who has had a rough couple of years financially. Both 2020 and 2021 have brought about millions of dollars in losses for the company that specializes in vaccines aimed to target Alzheimer’s and Parkinson’s Disease.
Vaxxinity has released 6 vaccines since their inception, however, none of those have made it past trials so far. However, there are some promising results for a COVID-19 vaccine and a vaccine used to target Alzheimer’s which have both reached phase II clinical trials. A third vaccine, specializing in the treatment of Parkinson’s, dementia, and multiple system atrophy has advanced to phase I clinical trials.
Vaxxinity is based in Dallas, Texas making it one of more than 60 companies in the biotechnology or life sciences field based in the southern city. It is headed by Mei Mei Hu who has a law degree from Harvard and previously worked with pharmaceutical companies as a consultant for McKinsey & Co.
She started her journey with a focus on treating brain diseases that currently have no cure which earned her several recognitions in 2019. Included in these recognitions was a spot on Fortune’s “40 Under 40” and “Time’s 100 Next List”. Hu is making a name for herself in the drug development field, and hopes to continue her research and develop many breakthroughs when it comes to neurological diseases and disorders.
The ultimate goal of Vaxxinity is to create vaccines that essentially allow the body to supercharge its antibody making systems and allow the immune system to better heal itself, creating an inside out approach to disorders that are currently incurable.
Another major goal of Hu and her team at Vaxxinity is to make vaccines more readily available in underserved and underprivileged countries and communities. They believe that everyone should be able to gain access to life saving vaccines and treatments, especially those that have the potential to improve quality of life.
With the explosion of the COVID-19 virus in 2020, Vaxxinity was able to envision an opportunity to help fight a virus that was taking over the globe. While it wasn’t their traditional approach to target diseases and their treatments, Vaxxinity saw a need and was happy to go about filling it.
With the increase in stock value, their specialized outlook and approach to treatments, and their desire to increase the efficiency of each individual’s immune system, Vaxxinity is on the right trajectory to become a household name in the biotechnology and life sciences industry.