Moderna's experimental COVID-19 vaccine shows promise

Moderna Inc said on Monday its experimental COVID-19 vaccine produced antibodies that could "neutralise" the new coronavirus in patients in a small early stage clinical trial, sending its shares up 25 per cent.

The levels of the antibodies were similar to those in blood samples of people who have recovered from COVID-19, early results from the study conducted by the National Institutes of Health showed.

Participants were given three different doses of the vaccine and Moderna said it saw dose-dependent increase in immunogenicity, the ability to provoke an immune response in the body.

The vaccine, mRNA-1273, was also found to be generally safe and well tolerated in the early-stage study, the drug developer said.

Moderna leads global efforts in developing a vaccine for the new coronavirus and last week, won the US health agency's "fast track" label to speed up the regulatory review. It is looking to begin late-stage trials in July.