The data comes from the evaluation of 94 confirmed COVID-19 cases in a Phase III trial involving 43,538 participants, according to a Pfizer press release.

Pfizer, which is partnering with German biotechnology company BioNTech SE in the development of the vaccine, said that no serious safety concerns have been observed so far.

The companies expect to apply to the U.S. Food and Drug Administration for an Emergency Use Authorization (EUA) for the vaccine later in November.

“Today is a great day for science and humanity,” Pfizer chairman Albert Bourla said in a statement on Monday.

“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”

This is a developing story and will be updated as more information becomes available.

Cronavirus CDC
This illustration, created at the Centers for Disease Control and Prevention (CDC), reveals ultrastructural morphology exhibited by coronaviruses.