Pfizer Inc (NYSE:PFE) and BioNTech (NASDAQ:BNTX) announced two of their four COVID-19 vaccine candidates have been fast-tracked by the US Food and Drug Administration.
The BNT162b1 and BNT162b2 formulations are the most advanced in the programme, currently being evaluated in phase 1/2 clinical trials in the US and Germany.
READ: Pfizer and BioNTech shares jump as early data from coronavirus vaccine trial cheers investors
Early data released at the beginning of July showed 24 of 45 participants had 'significantly elevated' antibodies within four weeks of the first injection.
The fast-track designation facilitates the development and speeds up the review of new drugs and vaccines that have the potential to address an unmet medical need.
BioNTech shot up 9% to US$76.38 while Pfizer rose 2% to US$34.63 in premarket trading.