⁍ Both vaccine candidates rely on a new technology that allows for faster development and manufacturing than traditional vaccine production methods.

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⁍ Moderna has received nearly $1 billion from the U.S. government, which is helping bankroll several vaccine candidates.

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⁍ Pfizer has an agreement to sell vaccines for 50 million people to the U.S. government for around $2 billion, if the vaccine is effective.

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– The deadly strain of coronavirus that has killed hundreds of thousands of people around the world is getting closer to a vaccine. Pfizer and Moderna on Monday announced the start of two large-scale, late-stage trials of their vaccine candidates against COVID-19, reports Reuters. If successful, both could be ready for regulatory approval and widespread use by the end of this year. More than 150 vaccine candidates are in various stages of development, with some two dozen candidates already conducting human testing. Johnson and Johnson is launching clinical trials in the US this week and could start a larger, late-stage trial as early as this week. Both vaccine candidates rely on a new technology that allows for faster development and manufacturing than traditional vaccine production methods, but does not have an extensive track record. So-called mRNA, or synthetic messenger RNA, teaches the immune system to recognize and neutralize the coronavirus by mimicking its surface. Moderna, which has never brought a vaccine to market, has received nearly $1 billion from the US government, which is helping bankroll several vaccine candidates under its Operation Warp Speed program. Pfizer has an agreement to sell vaccines for 50 million people to the US government for around $2 billion, if the vaccine is effective. COVID-19 has killed nearly 650,000 people worldwide and battered economies. Moderna could have tens of millions of doses ready when and if the vaccine is deemed safe and effective. Pfizer said that if the trial was successful, it could seek regulatory approval as soon as October and supply vaccines for 50 million patients, at two doses each.