American biotech firm, Moderna on Monday announced its experimental vaccine against COVID-19 was shown to be 94.5 percent effective, according to early results from a clinical trial with more than 30,000 participants.

This is coming one week after Pfizer made a major breakthrough in the race for development of COVID-19 vaccine.

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According to reports, early trial data shows that 95 Coronavirus infections had been recorded from Moderna’s ongoing phase three study, with the virus observed in 90 volunteers from the placebo group and five participants who had received the vaccine, returning an efficacy rate of 94.5 per cent.

The company, which hinted that its intends to submit for an Emergency Use Authorisation (EUA) with US regulators in the coming weeks, however said it would continue its large-scale trial until 151 cases had been reached,

“This positive interim analysis from our phase-3 study has given us the first clinical validation that our vaccine can prevent Covid-19 disease, including severe disease,” CEO of Moderna, Stéphane Bancel, said.

Describing the development as “pivotal’, Bancel said, “This milestone is only possible because of the hard work and sacrifices of so many.”