Nov 10, 2020 01:37 PM EST
Stock futures surged before the markets opened following drugmaker Pfizer says a new COVID-19 vaccine shows an excellent promise in late-stage testing.
On Monday morning, stock futures soar on the Dow Jones Industrial average to more than 1,700 points (6.1%). In early trading, the S&P 500 also rose by 3.7%, while the tech-heavy Nasdaq Composite jumped 1%, as per DailyWire.
Pfizer Inc. said that the latest results of its human trials on the coronavirus vaccine showed that it is more than 90% effective.
Dr. Albert Bourla, Pfizer CEO and Chairman, said in a statement, "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."
Bourla added that they are reaching the crucial milestone in their vaccine development program when the world needs it most with infection rates set new records, economies struggling to reopen, and hospitals nearing over-capacity. The Pfizer CEO also claimed that with this news, they are significantly stepping closer to giving people worldwide a much-needed breakthrough and help bring an end to the global crisis.
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Pfizer explained that it would ask federal health regulators soon for permission to start distributing the Vaccine by the end of the month.
Drug companies should monitor at least 50% of the study's subject for side effects within two months prior to making a safety assessment of the COVID-19 Vaccine, according to the Food and Drug Administration (FDA) guidelines. Pfizer said it would have data by next week.
The company's statement said that they recently elected to drop the 32-case interim analysis and conducted the first interim analysis at a minimum of 62 cases after discussion with the FDA.
The valuable case count reached 94 upon the conclusion of those discussions, and the Data Monitoring Committee (DMC performed its first analysis on all cases. The case slit between those who received the placebo and those vaccinated individuals indicates a vaccine efficacy rate of over 90% at seven days after the second dose.
According to Latin Post, the FDA said that the findings came too early for the researchers to say that the Vaccine is safe and effective. The Vaccine needs two months to monitor those who underwent the last trial if the study's subjects will reveal side effects, the health regulatory added.
Pfizer said they would continue collecting at least two months of safety data until the third week of November. They will immediately file for an emergency authorization if the data show the Vaccine is safe and effective to use.
Read also: Post COVID-19 Recovery: Top CEOs Give 3 Key Things to Prepare Your Business
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