Shares of Pfizer Inc. PFE,
collected 2.3% and of BioNTech SE BNTX,
jumped 5.3% in trading on the premarket on Monday, after the companies said that two of their vaccine candidates to protect against the virus that causes COVID-19 were given the permanent mark by the Food and Drug Administration. Fast Track is a process for speeding up the review of new drugs and facilitating the development of new drugs. Pfizer̵
7;s and BioNTech’s BNT162b1 and BNT162b2 are currently being evaluated in phase 1/2 clinical trials in the US and Germany. “The FDA’s decision to grant these two COVID-19 vaccine candidates Fast Track designation represents an important milestone in efforts to develop a safe and effective vaccine against SARS-CoV-2,” said Peter Honig, Senior Vice President, Global Regulatory Affairs , Pfizer. “We look forward to continuing to work closely with the FDA throughout the clinical development of this program, Project Lightspeed, to evaluate the safety and efficacy of these vaccine candidates.” Pfizer’s share has fallen by 13.7% so far this Friday while BioNTech shares have more than doubled (up 107.7%) and the Dow Jones Industrial Average DJIA,
has lost 8.6%.