BioNTech and Pfizer have reported that their vaccine which is still being developed, has been found to be over 90% effective in preventing COVID-19.
The vaccine is in its third phase of clinical trial.
In a statement, the two companies announced that their vaccine requires two doses.
The trial started July 27, 2020 and included 38,955 participants.
According to the statement, as of Sunday, November 8, 2020, the participants had the second dose of the vaccine.
Pfizer Chairman and CEO Dr. Albert Bourla, was quoted in the statement as saying: “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.”
Dr. Bourla was quoted as saying: “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. With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis.”
The statement also quoted BioNTech CEO and co-founder, Ugur Sahin, as saying that the trial’s result is “a victory for innovation, science and a global collaborative effort.”
The US stock market has responded favorably to the announcement of the effectiveness of the vaccine.
President Donald Trump has hailed the news about the progress of the vaccine.
“Stock market up big, vaccine coming soon. Report 90% effective. Such great news,” Mr. Trump tweeted.
STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!
— Donald J. Trump (@realDonaldTrump) November 9, 2020
Pfizer and BioNTech are hoping to produce at least 50 million doses of the vaccine in 2020 and up to 1.3 billion by 2021.
The announcement about the potency of the vaccine comes as the Johns Hopkins University reported 50,591,301 positive cases of coronavirus and 1,258,817 deaths linked to the virus in 190 countries worldwide.
By Melvin Tarlue