Of the 15,000 test subjects given a placebo, Moderna said Monday that only 90 of those individuals contracted Covid-19.
Pfizer and Moderna's vaccines use the messenger RNA platform, Johnson and Johnson and AstraZeneca in partnership with Oxford University are on the live vector path while Novavax and Sanofi/ GlaxoSmithKline are building out their vaccine candidates on the recombinant protein platform.
After the US biotech company Moderna on Monday announced significant interim results of its Covid-19 vaccine, the White House credited US President Donald Trump for the progress of the vaccine which has been shown to be 94.5 per cent effective for the treatment of coronavirus.
Moderna says studies are ongoing and more information is incoming.
The company plans to submit applications for emergency approval in the USA and around the world within weeks, and says it expects to have approximately 20 million doses ready to ship in the United States by the end of the year. The country's death toll is the world's highest - more than 246,000 at last count.
"The NIH-appointed Data Safety Monitoring Board (DSMB) for the Phase 3 study of mRNA-1273, its vaccine candidate against COVID-19, has informed Moderna that the trial has met the statistical criteria pre-specified in the study protocol for efficacy, with a vaccine efficacy of 94.5 per cent", Moderna said in a statement.
There were 11 people who fell severely ill, all of whom were in the placebo group.
On top of their promising announcement, Moderna also says the vaccine will be able to be stored for 30 days in warmer temperatures than that of many other vaccines in development.
The impact of a new Covid vaccine will kick in significantly over summer, and life should be back to normal by next winter, one of the vaccine's creators has said.
The company added it could be kept in long-term storage at standard freezer temperatures of -20 degrees Celsius for up to six months.