Moderna has high hopes for vaccine
Moderna Inc. said its COVID-19 vaccine was 94.5% effective in a preliminary analysis of a large late-stage clinical trial, another sign that a fast-paced hunt by scientists and pharmaceutical companies is paying off with potent new tools that could help control a worsening pandemic.
The highly positive readout comes just a week after a similar shot developed by Pfizer Inc. and BioNTech SE was found to be more than 90% effective in an interim analysis. Both shots rely on a technology called messenger RNA that has never been used to build an approved vaccine. Soon, millions of people around the world could be spared from ill
ness by the breakthroughs.
A preliminary analysis of data from more than 30,000 volunteers showed Moderna’s vaccine prevented virtually all symptomatic cases of COVID19, the disease caused by the coronavirus, the company said in a statement on Monday.
Moderna shares rose 12% in pre-market U.S. trading, while in Europe, the Stoxx 600 Index was up 1.4%. The rally in global shares following the news represented about $120 billion in market value added to the MSCI All Country World Index.
Only five participants who received two doses of the vaccine became sick, compared with 90 coronavirus cases in participants who received a placebo, according to a review by an independent data safety monitoring board appointed by the U.S. National Institutes of Health.
The vaccine also appeared to be effective in preventing the most serious COVID-19 infections. There were no severe cases among people who got the vaccine, compared with 11 in volunteers who received placebo shots, according to Moderna’s statement.
“The thing that got me the most excited today was the severe disease,” Moderna Chief Executive Officer Stephane Bancel said in an interview. “That for me is a game-changer.”
The results arrive at a moment when the pandemic’s grip is tightening. The U.S. surpassed 11 million coronavirus cases Sunday as Florida reported the most new infections since July and new cases in California hit a threemonth high. Deaths and hospitalizations are also rising. Europe has also seen cases soar as much of the world braces for what is expected to be a dire winter.
While the results are preliminary, both Moderna and Pfizer are expected to seek emergency-use authorization from the U.S. Food and Drug Administration if further study shows their vaccines are safe. In its statement, Moderna said it could seek a go-ahead from regulators in the coming weeks.
The company said it would expect an emergency authorization to be based on a final analysis containing 151 cases, along with two months of safety follow-up data that U.S. regulators want to see. That final data is expected later this month.
Cambridge, Massachusetts-based Moderna received $955 million from the U.S. Operation Warp Speed program to develop its vaccine, and the U.S. has agreed to pay up to $1.53 billion to purchase supply of the shot. Pfizer has said it didn’t receive any federal funding to develop its vaccine, though it has struck a supply agreement with the U.S. worth nearly $2 billion.