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The results of research published today in medical journal The Lancet concluded: "ChAdOx1 nCoV-19 was safe, tolerated, and immunogenic, while reactogenicity was reduced with paracetamol.
"A single dose elicited both humoral and cellular responses against SARS-CoV-2, with a booster immunisation augmenting neutralising antibody titres.
"The preliminary results of this first-in-human clinical trial supported clinical development progression into ongoing phase 2 and 3 trials."
The study continued: "ChAdOx1 nCoV-19 showed an acceptable safety profile, and homologous boosting increased antibody responses.
"These results, together with the induction of both humoral and cellular immune responses, support large scale evaluation of this candidate vaccine in an ongoing phase 3 programme"
Of course, this isn't a green light to start immunising the whole population of the world, as there is still a long way to go before that stage, but the results have been described as 'promising' and the development can continue progressing at speed.
The journal added: "Authors say further clinical studies, including in older adults, should be done with this vaccine."
The study, which included 1,077 participants, warned that there is still much distance to be crossed, adding: "Current results focus on immune response measured in the laboratory. Further testing is needed to confirm if vaccine effectively protects against infection."
The vaccine is being developed at Oxford University in partnership with pharmaceutical company AstraZeneca, who will produce 100 million doses of the vaccine, if it proves to be successful.
These results will be massively encouraging, as the vaccine has been shown not only to be safe, but also to train the immune system to create a response to the novel coronavirus that causes Covid-19.
In some of the cases, the vaccine was found to cause some trialists to develop a fever or headache, but there have been no reports of serious side effects, and those who did were able to treat their problems with paracetamol.
The University of Oxford's Professor Sarah Gilbert said: "There is still much work to be done before we can confirm if our vaccine will help manage the Covid-19 pandemic, but these early results hold promise."
UK Prime Minister Boris Johnson tweeted: "This is very positive news. A huge well done to our brilliant, world-leading scientists & researchers at @UniofOxford.
"There are no guarantees, we're not there yet & further trials will be necessary - but this is an important step in the right direction."
This Oxford vaccine is just one of many projects worldwide looking to find a long-term solution to the coronavirus pandemic.
Research is also being performed at Imperial College London, but the Oxford University study is further along in the process.