AstraZeneca said Monday that late-stage trials showed that its COVID-19 vaccine with Oxford University was up to 90 per cent effective in preventing disease. The vaccine is one of several that Canada has preordered.
The results are based on interim analysis of trials in the U.K. and Brazil of a vaccine developed by Oxford University and manufactured by AstraZeneca. No hospitalizations or severe cases of COVID-19 were reported in those receiving the vaccine, AstraZeneca said.
The trial looked at two different dosing regimens. A half dose of the vaccine followed by a full dose at least one month apart was 90 per cent effective. A second regimen using two full doses one month apart was 62 per cent effective. The combined results showed an average efficacy rate of 70 per cent.
“These findings show that we have an effective vaccine that will save many lives,” Prof. Andrew Pollard, chief investigator for the trial, said in a statement. “Excitingly, we’ve found that one of our dosing regimens may be around 90 per cent effective.”
AstraZeneca is the third major drug company to report late-stage results for its potential COVID-19 vaccine as public health officials around the world anxiously wait for vaccines that will end the pandemic that has killed almost 1.4 million people. Pfizer/BioNTech and Moderna last week reported preliminary results from late-stage trials showing their vaccines were almost 95 per cent effective.
Unlike the Pfizer and Moderna vaccines, the Oxford-AstraZeneca candidate doesn’t have to be stored at ultra-cold temperatures, making it easier to distribute, especially in developing countries. All three vaccines must be approved by regulators before they can be widely distributed.
“The Oxford vaccine can be stored in the fridge, as opposed to the freezer like the other two vaccines, which means it is a more practical solution for use worldwide,” said Peter Horby, professor of Emerging Infectious Diseases and Global Health at Oxford.
The results come as COVID-19 infection rates are rising in most U.S. states and in many countries, including Canada, amid a resurgence of the virus, which is once again prompting governments to shut down businesses and restrict social gatherings around the world. England is still in the middle of a four-week lockdown that has closed all non-essential shops, while in the U.S., the government’s top health agency has recommended that Americans not travel to visit family and friends over the Thanksgiving holiday this week.
AstraZeneca said it will immediately apply for early approval of the vaccine where possible, and it will seek an emergency use listing from the World Health Organization so it can make the vaccine available in low-income countries.
The vaccine uses a weakened version of a common cold virus that is combined with genetic material for the characteristic spike protein of the virus that causes COVID-19. After vaccination, the spike protein primes the immune system to attack the virus if it later infects the body.
Incredibly exciting news the Oxford vaccine has proved so effective in trials. There are still further safety checks ahead, but these are fantastic results. <br><br>Well done to our brilliant scientists at <a href=”https://twitter.com/UniofOxford?ref_src=twsrc%5Etfw”>@UniofOxford</a> & <a href=”https://twitter.com/AstraZeneca?ref_src=twsrc%5Etfw”>@AstraZeneca</a>, and all who volunteered in the trials. <a href=”https://t.co/84o8TKhQga”>https://t.co/84o8TKhQga</a>
The vaccine can be transported under “normal refrigerated conditions” of 2 C to 8 C, AstraZeneca said. By comparison, Pfizer plans to distribute its vaccine using specially designed “thermal shippers” that use dry ice to maintain temperatures of minus -70 C.
Smaller dose may reduce costs
Peter Openshaw, professor of experimental medicine at Imperial College London, said the finding that a smaller initial dose is more effective than a larger one is good news because it may reduce costs and mean more people can be vaccinated.
“The report that an initial half-dose is better than a full dose seems counterintuitive for those of us thinking of vaccines as normal drugs. With drugs, we expect that higher doses have bigger effects, and more side-effects,” he said. “But the immune system does not work like that.”
WATCH | Who would get a COVID-19 vaccine first and when?
With several COVID-19 vaccines in development around the world, cost and efficacy are important. However, logistical considerations may be the deciding factor in what becomes available across Canada, according to epidemiologist Dr. Christopher Labos. 5:41
Dr. Christopher Labos, a cardiologist in Montreal trained in epidemiology, said vaccines do not have to be perfect or prevent every case of COVID-19.
“The point is to drastically reduce the caseload, to drastically reduce the number of new infections so that we don’t have these outbreaks, so we don’t have the hospital systems overwhelmed,” Labos said Monday on CBC News Network.
“That’s the main take-home message from a lot of these vaccines. Not only do they prevent cases but they seem to prevent serious cases of COVID-19.”
Labos said he suspects because the Pfizer/BioNTech and Moderna vaccines need to be stored at low temperatures, they are probably going to be reserved for institutions, while the Oxford/AstraZeneca one might be rolled out in the community.
The results reported Monday come from trials in the U.K. and Brazil that involved 23,000 people. Late-stage trials are also underway in the U.S., Japan, Russia, South Africa, Kenya and Latin America, with further trials planned for other European and Asian countries.
AstraZeneca reported two pauses in the Phase 3 clinical trial of its vaccine candidate, AZD1222. “No serious safety events related to the vaccine have been confirmed,” the company said in a release.
AstraZeneca has been ramping up manufacturing capacity, so it can supply hundreds of millions of doses of the vaccine starting in January, chief executive Pascal Soriot said earlier this month.
Soriot said Monday that the Oxford vaccine’s simpler supply chain and AstraZeneca’s commitment to provide it on a non-profit basis during the pandemic mean it will be affordable and available to people around the world.
“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 said.
Now that AstraZeneca has released its interim results, regulators must approve the vaccine before it can be widely distributed.
‘Great sense of relief’
Britain has ordered 100 million doses of the Oxford vaccine, and the government says several million doses can be produced before the end of the year if it gains approval from the regulator. Canada has ordered 20 million doses, enough for 10 million people.
British Health Secretary Matt Hancock said he felt “a great sense of relief” at the news of the AstraZeneca vaccine’s effectiveness.
He said just months ago, as the virus raged, “the idea that by November we would have three vaccines, all of which have got high effectiveness, I would have given my eye teeth for.”
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
