Hunt for COVID-19 vaccine: US breakthrough prompts market surge

An American biotechnology company says it is one step closer to a COVID-19 vaccine after a promising first phase of human trials.

The company, Moderna Therapeutics, says the first eight participants developed antibodies after only one dose of its vaccine.

President, Dr Stephen Hoge, says his team aims to have the vaccine available for wider distribution by the end of the year.

“We’ll be looking across 600 people in the Phase Two of the study,” he said.

“That will be to confirm we’ve got the right idea on the dose, where we believe we’re going to see protective immunity, as well as that the safety profile continues to hold up.”

US markets surged based on positive news from the vaccine trial, with the Dow Jones up 3.8 per cent.

“The market is excited by the idea that a vaccine is perhaps close to hand,” Tom Petrovski, from CommSec, said.

Hunt for COVID-19 vaccine: Australian researchers ‘hopeful’ after breakthrough