A South Korean panel of experts said Monday that the vaccine for the novel coronavirus by US pharmaceutical company Moderna Inc. showed more than a 94 percent efficacy rate and is eligible for use.

The advisory board consisting of outside experts announced its review on the efficacy and safety of the Moderna vaccine, according to the Ministry of Food and Drug Safety.

The panel's review is the first step of three separate independent evaluations before the ministry gives final approval.

The panel said Moderna's two full-dose regimen showed efficacy among all adults. The panel reviewed Moderna's clinical trials on 28,207 participants

The data showed that the vaccine had a 94.1 percent efficacy in preventing COVID-19 and more than 86 percent in those regardless of age or underlying diseases.

The panel said mild reactions were reported in some vaccine recipients, but symptoms disappeared in one or two days.

The Seoul government has signed a contract with Moderna to bring in vaccines for 20 million people with some of the bottles scheduled to arrive before June.

If approved, Moderna's product will be the fourth vaccine okayed here following vaccines from AstraZeneca, Pfizer and Johnson & Johnson (J&J). (Yonhap)