Moderna raises $500M, readies coronavirus vaccine for clinical testing

Moderna raised $500 million Tuesday after announcing that its coronavirus vaccine is ready for Phase I testing, and providing an update on other candidates in its antiviral vaccine pipeline.

Moderna Inc. (NASDAQ:MRNA) sold 26.3 million shares at $19, a 20% discount from its close of $23.65 on Monday when it proposed the offering after market hours. The stock fell $2.30 (10%) to Tuesday and a further $2.34 (11%) to $19.01 Wednesday...