Hopes raised globally that many lives will be saved and economies can begin to recover AstraZeneca has signed agreements with governments around the world to supply the vaccine should it prove effective and gain regulatory approval LONDON: Oxford University announced on Monday that a coronavirus vaccine being produced by its researchers appears to safely produce a strong immune response in the body. The success of the clinical trials has raised hopes globally that a working vaccine may soon be available. Results from the trial of more than 1,000 volunteers showed that patients who received the vaccine had detectable levels of neutralizing antibodies in their blood, essential for fighting off coronavirus infections. Andrew Pollard, chief investigator of the Oxford vaccine trial, said the results are in line with what previous studies have shown to be associated with protection from the virus. “We saw the strongest immune response in the 10 participants who received two doses of the vaccine, indicating that this might be a good strategy for vaccination,” he added. While the initial results from the trial are promising, more research is required before it can be declared conclusively that the vaccine is ready and fully protects people from infection. The vaccine in question is a modified version of the common cold virus, adjusted so it imitates coronavirus and effectively trains the body to attack it when detected. The vaccine has been developed at an unprecedented speed in partnership with UK-based pharmaceutical giant AstraZeneca. The British government has invested £85 million ($107.5 million) into this vaccine project alone, and has already ordered 100 million doses. Mene Pangalos, executive vice president of biopharmaceuticals research and development at AstraZeneca, said: “While there is more work to be done, today’s data increases our confidence that the vaccine will work and allows us to continue our plans to manufacture the vaccine at scale for broad and equitable access around the world.” A working vaccine would save the lives of many thousands of people, but would also help the global recovery from the devastating economic effects of the coronavirus pandemic. A report by the Arab League outlined the pandemic’s severe impact on the economies of its member states. It estimated total economic damage at roughly $1.2 trillion, and predicts that it will cause over 7 million job losses in 2020 alone. Income from oil has been particularly hard-hit by the decline in global trade, with Arab economies losing roughly $550 million per day in oil revenue. The Arab League report called for the creation of a crisis fund to help mitigate the economic damage caused by the pandemic.