Drug firm Moderna's COVID-19 vaccine shows positive result, share prices rise
New York/IBNS: American biotech company Moderna Inc said its COVID-19 vaccine, which is still in the test phase, has shown success in a small initial trial with the vaccine producing virus-neutralising antibodies similar to that found in patients recovered from the infection, triggering a rise in its share prices by 25 per cent.
According to Forbes, Moderna has made significant progress with its Coronavirus vaccine candidate - mRNA-1273 - in recent weeks, as it gained FDA approval to begin phase 2 clinical trials while noting that it was finalizing the protocol for a phase 3 study, which is expected to begin early summer.
According to a Reuters report, the vaccine is leading the efforts against the fast-spreading contagion and has been awarded US health agency's "fast track" label to expedite the regulatory review.
Eight patients who were given Moderna's vaccine have shown antibody levels similar to those who have recovered from COVID-19, according to the initial trials by National Institutes of Health, stated the report.
There were 45 participants in the trial and the company said it noted "dose-dependent increase in immunogenicity, the ability to provoke an immune response in the body". All of them were given three different doses of the vaccine, said the report.
"We are investing to scale up manufacturing so we can maximize the number of doses we can produce to help protect as many people as we can from SARS-CoV-2," the Reuters report quoted Moderna Chief Executive Officer Stéphane Bancel as saying.
The drug manufacturer has signed agreements with Swiss contract drugmaker Lonza Group AG and the U.S. government to produce the vaccine in huge quantities, it added.
Responding to the development, the Dow traded 800 points, or 3.4%, the S&P gained 3 per cent and the Nasdaq advanced 2.4%, said a CNBC report.
(Image Credit: L N on Unsplash)
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