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The AstraZeneca-Oxford COVID-19 vaccine (AZD1222) is highly effective in preventing the disease based on the interim clinical trial results, which were analyzed by an independent Data Safety Monitoring Board.

On Sunday, AstraZeneca Plc (NASDAQ: AZN) and Oxford University disclosed that their COVID-19 vaccine is up to 90% effective for one of the two dosing regimens tested on participants in the phase 3 study. In this dosing regimen, participants were given a half dose then followed by a full dose at least one month apart.

The other dosing regimen, in which participants were given two full doses at least one month apart, is 62% effective.

Combining the analysis from both data, the AstraZeneca-Oxford COVID-19 vaccine has an average efficacy rate of 70%. Participants in the clinical tolerated both dosing regimens and did not experience serious safety events related to the vaccine.

AstraZeneca is now preparing to submit the data to regulators worldwide to obtain approvals for the vaccine. The pharmaceutical company said it is making great progress in manufacturing. Its goal is to produce 3 billion by 2021.

The AstraZeneca-Oxford COVID-19 vaccine will be affordable

In a statement, AstraZeneca CEO Pascal Soriot said, “Today marks an important milestone in our fight against the pandemic. This vaccine’s efficacy and safety confirm that it will be highly effective against COVID-19 and will have an immediate impact on this public health emergency.”

Soriot also reiterated their no-profit pledge and commitment to broad, equitable, and timely distribution of the vaccine globally. In other words, the AstraZeneca-Oxford COVID-19 vaccine will be available to millions of people at an affordable price worldwide.

On the other hand, Professor Andrew Pollard, Chief Investigator of the Oxford Vaccine Trial at Oxford, said, “These findings show that we have an effective vaccine that will save many lives. Excitingly, we’ve found that one of our dosing regimens maybe around 90% effective and if this dosing regime is used, more people could be vaccinated with a planned vaccine supply."

Developing countries are depending on the AstraZeneca-Oxford COVID-19 vaccine to eradicate the disease, get back to normalcy, and recover from the crisis. AstraZeneca is reportedly pricing the vaccine at $4 to $5 per dose, which is significantly cheaper than the prices set by Pfizer Inc. (NYSE: PFE) and Moderna Inc. (NASDAQ: MRNA) for their vaccines.

In July, the U.S. agreed to obtain the Pfizer and BioNTech vaccine in a deal that sets the price at $19.50 a dose, or $39 for a two-shot immunization. Moderna, on the other hand, said it will charge some $32 to $37 per dose for smaller purchases and less for bigger deals.