NEW YORK: The COVID-19 vaccine developed by drug giant Pfizer and German biotechnology firm BioNTech was more than 90 percent, the most encouraging scientific advance so far in the battle against the coronavirus, according to the manufacturers.
The preliminary results pave the way for the companies to seek an emergency-use authorization from regulators if further research shows the shot is also safe. The company also informed that there have been no serious side-effects.
Dr Albert Bourla, the Pfizer chairman and chief executive, said, “Today is a great day for science and humanity. The first set of results from our phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID -19.”
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen,” he added.
Bill Gruber, one of Pfizer’s top vaccine scientists, said, “I’m near-ecstatic. This is a great day for public health and for the potential to get us all out of the circumstances we’re now in.”
Pfizer shares extended gains in premarket trading, rising about 15 percent, with BioNTech American depositary receipts up about 22 percent. The news added more than $500 billion to the value of the MSCI All Country World Index.
The incumbent US President Donald Trump, in a tweet, said, “Stock Market up big, vaccine coming soon. Report 90 percent effective. Such great news.”
STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!
— Donald J. Trump (@realDonaldTrump) November 9, 2020
The findings are based on an interim analysis conducted after 94 participants, split between those who got a placebo and those who were vaccinated, contracted COVID-19. The trial will continue until 164 cases have occurred.
If the data hold up and a key safety readout Pfizer expects in about a week also looks good, it could mean that the world has a vital new tool to control a pandemic that has killed more than 1.2 million people worldwide.
