CureVac/GSKCureVac (NSDQ:CVAC) and GSK (NYSE:GSK) have announced the dosing of the first participant in a Phase 1 study of a multivalent influenza vaccine built on a second-generation mRNA backbone. The study is based in Panama and will enroll approximately 240 subjects.

CVAC shares increased 2.27% to $19.34 in mid-day trading.

At various points last year, however, the company’s stock was trading over $100 per share on enthusiasm about the company’s first-generation COVID-19 vaccine. However, the shares later tanked after the company announced that interim vaccine efficacy was 47% in the Phase 2b/3 study.

The company’s second-generation COVID-19 vaccine remains in pre-clinical development.

Its influenza vaccine candidate has multiple non-chemically modified mRNA constructs related to four different influenza strains.

Pfizer (NYSE:PFE) and Moderna (NSDQ:MRNA) are also developing mRNA-based influenza vaccines.

Investors were disappointed with positive Phase 1 data related to Moderna’s experimental influenza vaccine, sending MRNA shares down almost 10% when the company announced the data in December.

In theory, mRNA-based influenza vaccines could result in higher efficacy than traditional flu vaccines due to the mRNA platform’s nimbleness.

“Providing seasonally updated yet highly effective influenza vaccines has historically been challenging,” said Dr. Klaus Edvardsen, chief develo