Moderna surges on positive Covid-19 vaccine study

Moderna shares surged on Monday after the clinical stage biotechnology company said its experimental Covid-19 vaccine had produced antibodies in a phase 1 study.

The study, led by the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), showed that vaccine candidate mRNA-1273 was generally safe and well-tolerated.

Study participants - aged between 18 and 55 - received two different doses of the vaccine. All of the participants seroconverted within 15 days of being given a single dose.

Chief executive officer Stephane Bancel said: "With today’s positive interim Phase 1 data and the positive data in the mouse challenge model, the Moderna team continues to focus on moving as fast as safely possible to start our pivotal Phase 3 study in July and, if successful, file a BLA.

"We are investing to scale up manufacturing so we can maximise the number of doses we can produce to help protect as many people as we can from SARS-CoV-2."

At 1500 BST, the shares were up 20% at $80.52.