Moderna shares skyrockets after drug firm’s Coronavirus vaccine shows early signs of viral immune response
New York: Moderna is soaring after an early trial of its coronavirus vaccine produced positive results.
Shares of the pharmaceutical company surged as much as 39% in premarket trading Monday in New York after it announced that all 45 volunteers in a trial for its coronavirus vaccine produced antibodies that may help protect them against the disease.
The company’s vaccine is at the forefront of the efforts in developing a treatment for the fast-spreading virus and last week, won the US health agency’s “fast track” label to speed up the regulatory review. Moderna expects to start a larger late-stage trial in July.
There are currently no approved treatment or vaccine for COVID-19, caused by the new coronavirus, and experts predict a safe and effective vaccine could take 12-18 months to develop.
The phase 1 trial was conducted by the National Institute of Allergy and Infectious Diseases, which is part of the National Institutes of Health.
Following the phase 1 trial, the company hopes to soon start a mid-stage study of the vaccine and move to a late-stage trial in July.
The experimental vaccine from Moderna Inc. showed promising early signs that it can create an immune-system response in the body that could help fend off the new coronavirus, according to sampling of data from a small, first human trial of the inoculation.