Stock Alert: Inovio Gains 16% On Getting US Defense Dept. Contract

(RTTNews) - Shares of Inovio Pharmaceuticals, Inc. (INO) are surging more than 16% Tuesday morning The company received a $71-million contract from the U.S. Department of Defense to support the large-scale manufacture of the company's proprietary intradermal DNA delivery device Cellectra 3PSP.

Cellectra 3PSP is designed to deliver INO-4800 directly into the skin. Interim results of phase 1 study of INO-4800 are expected later this month. The company plans to begin phase 2/3 efficacy study of INO-4800 this summer.

Inovio stock is currently trading at $17.78. It has traded in the range of $1.92- $19.36 in the past 52 weeks.