The Food and Drug Administration has fast-tracked one biotechnology company’s in-development coronavirus vaccine. Massachusetts-based Moderna Inc. confirmed the news on Tuesday and said that it expects the vaccine to enter late-study early in the summer.

Moderna has received $500 million in federal funding to develop a safe and effective vaccine for COVID-19.

No vaccine or treatment had been approved for widespread use, but numerous companies have been racing to create them. Vaccines can sometimes take decades to make it from concept to market, but the enormity of the current pandemic has expedited the process considerably.

The FDA’s fast-track designation will speed up the review processes for Moderna’s experimental vaccine. According to Forbes, the company is utilizing new biotechnology known as “mRNA,” or “mRNA,” which, in effect tells cells which proteins to produce. It is believed that this new technique will make the vaccines quicker, safer and more effective.

In anticipation of successful human trials and the vaccine's approval for production, Moderna has partnered with Swiss vaccine-manufacturer Lonza. The first batches are planned to go into production in July with as many as a billion doses being planned in the long-term.

Moderna was founded in 2010 with the stated intention of discovering and development applications for mRNA. To date, it did not have a product reach clinical trials, let alone to the market.