Covid-19: Global markets rise as Moderna reports positive vaccine results
Global stocks pushed higher this afternoon after US biotech firm Moderna reported positive results from an early-stage human trial of its Covid-19 vaccine.
The company’s vaccine, known as mRNA-1273, produced levels of virus-neutralising antibodies similar to those found in blood samples of recovered patients.
As part of the study, all 45 participants were given three different doses of the vaccine. The company reported a dose-dependent increase in immunogenicity — the ability to provoke an immune response in the body.
Moderna said the vaccine was “generally safe and well-tolerated” by patients in the early study.
Shares in Moderna jumped 20 per cent following the announcement, helping to push the Nasdaq up 2.7 per cent. The S&P 500 and Dow Jones were up 2.44 per cent and 2.97 per cent respectively in afternoon trading, while the FTSE gained 3.3 per cent.
There are currently no approved vaccines or treatments for Covid-19, with development of a safe vaccine expected to take between 12 and 18 months.
Moderna said it expects to begin larger late-scale trials in July.
“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,” said chief executive Stephane Bancel.
Moderna last week won the US health agency’s so-called fast track label, allowing a regulatory review to be accelerated.
The company has already signed deals with Swiss contract drugmaker Lonza Group and the US government to produce mass quantities of its vaccine.