 Imv Inc NASDAQ: IMV share are ripping higher on above-average volume following an update by the company on its coronavirus vaccine program.What Happened? The Dartmouth, Nova Scotia-based company said its rapidly progressing in developing DPX-COVID-19, its vaccine candidate against SARS-CoV2.The company said its working closely with regulators and collaborators to kickstart the Phase 1 study as quickly as possible. Health Canada has already approved the clinical trial design of the study, it added.The rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results so far not only demonstrate the potential of our delivery platform, but also build on our previously reported clinical data from a similarly designed vaccine against RSV, the respiratory syncytial virus, said Frederic Ors, CEO of IMV.Whats Next? IMV plans to conduct the early-stage study as a randomized controlled study, assessing the safety and immunogenicity of two doses of DPX-COVID-19, in 84 healthy adults across two age cohorts - adults, ages 18-55 years and ages 56 and above.IMV said multiple batches of DPX-COVID-19 have been successfully produced.The Phase 1 study is planned for the fall. Contingent on positive results from the study, the company plans to initiate Phase 2 trials in the second half of the year.IMV shares were rallying 69 to 5.07 at the time of publication.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.See more from Benzinga The Daily Biotech Pulse: ASCO Presentations Begin, Altimmune Pops On Insider Buying, Immutep Gets RD; Grant The Week Ahead In Biotech: ASCO Presentations In The SpotlightC 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 