Moderna says its COVID-19 vaccine is effective in over 94% of the cases

Written by: Wajeeh Khan
November 16, 2020
  • Moderna says its COVID-19 vaccine is effective in over 94% of the cases.
  • The biotech firm hopes to ship 20 million doses in the U.S. by the end of the year.
  • Moderna to seek emergency use authorisation from the U.S. FDA.

Moderna Inc. (NASDAQ: MRNA) said on Monday that preliminary data from its phase three trial suggests its candidate COVID-19 vaccine is effective in over 94% of the cases. CEO Stephane Bancel called the preliminary results a “game-changer” in the global battle against the Coronavirus pandemic.

Moderna shares were reported over 17% up in premarket trading on Monday. On a year to date basis, the stock is now about 375% up – that you can learn to buy here if you’re interested.

Moderna’s vaccine uses mRNA to induce an immune response

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Moderna collaborated with the National Institute of Allergy and Infectious Diseases to develop its COVID-19 vaccine. The announcement came only a week after Pfizer and BioNTech made a joint statement that their experimental vaccine boasted an efficacy of more than 90% against COVID-19.

The novel flu-like virus has so far infected a little under 54 million people worldwide and caused more than 1.3 million deaths. Much like Pfizer and BioNTech, Moderna’s vaccine also uses mRNA to induce an immune response.

CEO Bancel also said on Monday that Moderna now plans on testing its vaccine in teens. Upon successful results, the study will then be carried out on children under the age of twelve. According to the American biotech company, its vaccine can be stored in a standard home refrigerator at temperatures between 36- and 46-degrees Fahrenheit for up to thirty days.

At minus 4-degrees Fahrenheit, it is stable for up to six months. In comparison, Pfizer’s vaccine must be stored at minus 94-degrees Fahrenheit. Moderna values total investment in its COVID-19 vaccine at £1.88 billion, out of which £724 million came from the U.S. government.

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Moderna to seek emergency use authorisation from the U.S. FDA

As per Moderna, in the coming weeks, it will seek emergency use authorisation from the U.S. FDA (Food and Drug Administration). For 2020, the Massachusetts-based company has a target of shipping 20 million doses of its COVID-19 vaccine within the U.S. In 2021, it expects to manufacture up to 1 billion doses globally.

Moderna has already signed supply agreements in various regions, including North America and the Middle East. In a report published in August, Moderna revealed an unprecedented 400% increase in its revenue in the fiscal second quarter.

Moderna performed modestly upbeat in the stock market last year with an annual gain of about 25%. At the time of writing, it is valued at £26.82 billion.