Corning Incorporated (NYSE: GLW) today announced it will receive
$204 million from the Biomedical Advanced Research and Development
Authority (BARDA), part of the Office of the Assistant Secretary
for Preparedness and Response at the U.S. Department of Health and
Human Services through its partnership with the Department of
Defense’s Joint Program Executive Office for Chemical, Biological,
Radiological and Nuclear Defense and Army Contracting Command.
Under the agreement, Corning will substantially expand its domestic
manufacturing capacity of Corning Valor® Glass vials to support the
vaccination and treatment of billions of patients. Corning will
provide priority access to designated BARDA vaccine and drug
development partners.
Wendell P. Weeks, Corning’s chairman and chief executive
officer, said, “We’re delighted that BARDA has selected Corning as
a packaging provider for COVID-19 vaccines and treatments. Our
Valor Glass provides the strongest, fastest to fill, and
highest-quality pharmaceutical glass vials ever produced. It helps
protect patients and addresses existing bottlenecks. Corning is
ready to do our part in the fight against the pandemic, as well as
to help prepare for future public health emergencies.”
At the White House in 2017, Corning joined Merck and Pfizer to
announce a Valor Glass collaboration focused on modernizing
pharmaceutical glass packaging. Through investment in Valor Glass
manufacturing capacity under Operation Warp Speed (OWS), the U.S.
government will strengthen the U.S. pharmaceutical supply chain by
directly addressing existing constraints and shortages.
“Valor Glass sets a new standard for quality and performance in
pharmaceutical packaging. It is purpose-built for pharmaceuticals
and is uniquely positioned to enable faster, more reliable drug
manufacture and delivery – attributes that are critical to the
SARS-CoV-2 pandemic response,” said Brendan Mosher, vice president
and general manager, Corning Pharmaceutical Technologies.
Valor Glass offers superior chemical durability and minimizes
particulate contamination, enhancing product quality. The
specialized glass allows for faster filling and capping, increasing
manufacturing throughput by as much as 50% on conventional filling
lines, and reduces the time needed to manufacture vaccines and
therapies. Up to ten times stronger than conventional borosilicate
glass, Valor Glass reduces damage and breakage during manufacturing
and shipping, helping to ensure more treatments reach patients.
This revolutionary glass is advantaged for highly specialized
formulations that may be utilized in next-generation therapies due
to manufacturing quality standards that are more stringent than
those used for conventional vials.
This critical investment from BARDA will enable Corning to
accelerate the scale up of Valor Glass’ tubing and vial
manufacturing assets at three U.S. facilities in Big Flats, New
York; Durham, North Carolina; and Vineland, New Jersey. The
increase in vial manufacturing surge capacity will help meet the
rapidly growing demand for glass containers as pharmaceutical
companies enter COVID-19 clinical trials towards eventual approval
of vaccines and treatments.
Caution Concerning Forward-Looking
StatementsThis press release contains “forward-looking
statements” (within the meaning of the Private Securities
Litigation Reform Act of 1995), which are based on current
expectations and assumptions about Corning’s financial results and
business operations, that involve substantial risks and
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include: the duration and severity of
the recent COVID-19 (coronavirus) outbreak, and its ultimate impact
across our businesses on demand, operations and our global supply
chains; the effects of acquisitions, dispositions and other similar
transactions by the Company, the effect of global business,
financial, economic and political conditions; tariffs and import
duties; currency fluctuations between the U.S. dollar and other
currencies, primarily the Japanese yen, New Taiwan dollar, euro,
Chinese yuan, and South Korean won; product demand and industry
capacity; competitive products and pricing; availability and costs
of critical components and materials; new product development and
commercialization; order activity and demand from major customers;
the amount and timing of our cash flows and earnings and other
conditions, which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned
levels; possible disruption in commercial activities due to
terrorist activity, cyber-attack, armed conflict, political or
financial instability, natural disasters, or major health concerns;
unanticipated disruption to equipment, facilities, IT systems or
operations; effect of regulatory and legal developments; ability to
pace capital spending to anticipated levels of customer demand;
rate of technology change; ability to enforce patents and protect
intellectual property and trade secrets; adverse litigation;
product and components performance issues; retention of key
personnel; customer ability, most notably in the Display
Technologies segment, to maintain profitable operations and obtain
financing to fund their ongoing operations and manufacturing
expansions and pay their receivables when due; loss of significant
customers; changes in tax laws and regulations including the Tax
Cuts and Jobs Act of 2017; and the potential impact of legislation,
government regulations, and other government action and
investigations.
For a complete listing of risks and other factors, please
reference the risk factors and forward-looking statements described
in our annual reports on Form 10-K and quarterly reports on Form
10-Q. Forward-looking statements speak only as of the day that they
are made, and Corning undertakes no obligation to update them in
light of new information or future events.
Web Disclosure In accordance with guidance
provided by the SEC regarding the use of company websites and
social media channels to disclose material information, Corning
Incorporated (“Corning”) wishes to notify investors, media, and
other interested parties that it uses its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning’s media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company’s SEC filings, press releases,
conference calls, and webcasts.
About Corning IncorporatedCorning
(www.corning.com) is one of the world's leading innovators in
materials science, with a 169-year track record of life-changing
inventions. Corning applies its unparalleled expertise in glass
science, ceramic science, and optical physics along with its deep
manufacturing and engineering capabilities to develop
category-defining products that transform industries and enhance
people's lives. Corning succeeds through sustained investment in
RD&E, a unique combination of material and process innovation,
and deep, trust-based relationships with customers who are global
leaders in their industries. Corning's capabilities are versatile
and synergistic, which allows the company to evolve to meet
changing market needs, while also helping our customers capture new
opportunities in dynamic industries. Today, Corning's markets
include mobile consumer electronics, optical communications,
automotive technologies, life sciences technologies, and display
technologies.
Operation Warp Speed Operation Warp Speed is a
U.S. government-sponsored public-private partnership to facilitate,
at an unprecedented pace, the development, manufacturing, and
distribution of COVID-19 countermeasures, between components of
HHS, including the Centers for Disease Control and Prevention
(CDC), Food and Drug Administration (FDA), National Institutes of
Health (NIH), and BARDA; the Department of Defense; private firms;
and other federal agencies, including the Department of
Agriculture, the Department of Energy, and the Department of
Veterans Affairs. Operational Warp Speed coordinates existing
HHS-wide efforts, including the NIH's ACTIV partnership for vaccine
and therapeutic development, NIH's RADx initiative for diagnostic
development, and work by BARDA.
About HHS, ASPR, and BARDA: HHS works to
enhance and protect the health and well-being of all Americans,
providing for effective health and human services and fostering
advances in medicine, public health, and social services. The
mission of ASPR is to save lives and protect Americans from 21st
century health security threats. Within ASPR, BARDA invests in the
innovation, advanced research and development, acquisition, and
manufacturing of medical countermeasures – vaccines, drugs,
therapeutics, diagnostic tools, and non-pharmaceutical products
needed to combat health security threats. To date, 55
BARDA-supported products have achieved regulatory approval,
licensure or clearance. To learn more about federal support for the
nationwide COVID-19 response, visit coronavirus.gov.
About the JPEO-CBRND:
The Joint Program Executive Office for Chemical, Biological,
Radiological and Nuclear Defense (JPEO-CBRND) is the DoD Joint
Service’s lead for development, acquisition, fielding and
life-cycle support of chemical, biological, radiological, and
nuclear defense equipment and medical countermeasures. As an
effective acquisition program, the JPEO-CBRND puts capable and
supportable systems in the hands of the service members and first
responders, when and where it is needed, at an affordable price.
Our vision is a resilient Joint Force, enabled to fight and win
unencumbered by a chemical, biological, radiological, or nuclear
environment, championed by innovative and state-of-the-art
solutions.
Corning Media Relations
Contacts:
Gabrielle
Bailey
(607)
684-4557
BaileyGR@corning.com
Amy
Washco
(828)
228-730
Washcoa@corning.com
Corning Investor Relations Contact: Ann H.S.
Nicholson (607) 974-6716 Nicholsoas@corning.com
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