The release said the company's antibody treatment, which is called AZD7442, is a cocktail of two monoclonal antibodies and will need approval from the Food and Drug Administration.
"The Biomedical Advanced Research and Development Authority part of the HHS Office of the Assistant Secretary for Preparedness and Response, collaborated with the DoD [Defense Department] Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense and Army Contracting Command, to provide approximately $486 million to AstraZeneca for two Phase 3 clinical trials and related development activities, including a large-scale manufacturing demonstration project and supply of AZD7442 doses in the United States," the release said on Friday.
The release said the antibody treatment may be able to help treat or even prevent a COVID-19 infection.
Earlier on Friday, Trump said he is working to fast-track the approval of Regeneron, an antibody drug developed by Eli Lilly pharmaceutical companies for novel coronavirus treatment.
Trump himself took Regeneron after he was diagnosed with coronavirus and briefly hospitalized. President says that he feels perfect now and has stopped receiving any medication, but wants to make the medication available to the US public for free.