U.S. biopharmaceutical firm Moderna is applying for emergency use authorization from American and European regulators after reporting positive results on the safety and effectiveness of its candidate COVID-19 vaccine. 

According to Reuters and other media on Monday, Moderna said its new data on the Phase Three trial of its vaccine candidate confirmed the shot is 94-point-one percent effective in preventing COVID-19.

The company released on November 16 an early analysis of its Phase Three trial that showed its vaccine was 94-point-five percent effective. 

Moderna said the vaccine appeared to be effective in preventing people from getting severely sick from the virus and that no serious safety concerns were identified. 

The firm reportedly said it could produce 20 million doses of the vaccine in the U.S. within this year, adding it will begin distribution as soon as it secures approval.