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The U.S. Department of Health and Human Services (HHS) said on Thursday it will provide up to $500 million for mid-stage trials evaluating vaccines administered as a nasal spray or pill to protect against symptomatic COVID-19.

The funding is part of Project NextGen, a $5 billion initiative led by the Biomedical Advanced Research and Development Authority (BARDA), to advance a pipeline of new, innovative vaccines and therapeutics providing broader and more durable protection against COVID-19 infection.

BARDA, which helps companies develop medical supplies to address public health threats, is a part of HHS.

The project is awarding up to $453 million to Vaxart for a study that will evaluate its oral COVID vaccine. The company's shares more than doubled to $1.78 after market. Head over to Medscape to read the full story.