Global stock markets jumped higher Tuesday morning after Russia became the first country to confirm that a coronavirus vaccine is safe for immediate use. Russia named its vaccine the "Sputnik V" in a reference to the cold war era, when the country was first to launch an artificial Earth satellite.
But some experts are sounding alarm bells, noting the absence of a Phase 3 trial could lead to premature optimism.
Gottlieb Says Russian Vaccine Process Thin: Russia claims the vaccine passed all the necessary health and safety checks and was administered to one of Russian President Vladimir Putin's daughters.
The vaccine has only been tested on several hundred people at most, while some reports suggest the actual number is as few as 100, former FDA Commissioner Dr. Scott Gottlieb said on CNBC's "Squawk Box."
The vaccine itself is adenoviral vector-based and similar to a Chinese-made vaccine from the company CanSino, Gottlieb said.
Unfortunately, data from the CanSino vaccine "isn't very encouraging," as many people already had antibodies to the viral vector itself, which was based on the common cold, he said.
Russia approved its vaccine after the equivalent of a Phase 1 trial, and there are many things that can go wrong, including a reaction to the viral vector itself, the former FDA head said.
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One Step Closer To A Vaccine: A market celebration might be premature amid concerns of safety, Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said on CNBC's "Worldwide Exchange."
The Russian-made vaccine would need to undergo strict testing from the FDA prior to approval for use in America, he said.
Around 160 companies worldwide working on a vaccine, including nearly two dozen American companies, the chief investment strategist said.
Regardless of Russia's announcement, there is sufficient reason to believe the world is "getting close" to a vaccine, he said.
CEO Says He's 'Extremely Wary': The public should be "extremely wary," as the vaccine's study timeline is too short to properly determine safety and efficacy, Adaptive Biotechnologies co-founder and CEO Chad Robins said on CNBC's "Squawk Box."
Even looking at the antibody response "isn't enough" to declare a vaccine to be ready for public use, the CEO said.
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