"We pay up front a significant part of the investment needed in exchange for a commitment from the pharmaceutical manufacturer to give us a vaccine when is available", the official told a news conference.
"These results support the further evaluation of BBIBP-CorV in a clinical trial", researchers said in the paper.
"Based on the strength of the preclinical data we have seen so far and interactions with the regulatory authorities, we have been able to further accelerate the clinical development", said Chief Scientific Officer Paul Stoffels.
The company's efforts to develop this vaccine is to prevent COVID-19 which, has infected over 7 million people around the globe and killed over 400,000.
In the US, a program called "Operation Warp Speed" aims to have 300 million doses on hand by January.
It will ask European Union health ministers at a video conference meeting on Friday to back the plan, which has been swiftly devised as the bloc fears it may not have access to enough shots should a vaccine be developed.
US unemployment rate drops in May as economy reopens
Employment in May was boosted by restaurants and bars, which added 1.4 million jobs after losing 6 million in April and March. Small businesses, however, have been continuing to take a big hit over the past month, despite the BLS's rosier jobs report.
According to Xinhua, researchers said that the pilot-scale production of the vaccine candidate induces high levels of neutralising antibody concentrations in mice, rats, guinea pigs, rabbits and non-human primates including cynomolgus monkeys and rhesus macaques. The J&J trials that will take place in the United States and Belgium would test the corona vaccine for safety and efficacy in 1,045 volunteers between ages 18 to 55 years. There are five Chinese coronavirus vaccine candidates that are in the human trial stage and competing with the likes of Moderna and AstraZeneca.
The company has already signed deals with the United States government to create enough manufacturing capacity to produce more than 1 billion doses of its vaccine through 2021, even before it has evidence that it works. The study will take place in the US and Belgium.
'If you have an incidence of one percent a year versus four percent a year, it's totally different.
If the incidence is low, 'we will complement that with worldwide sites to make sure that we reach enough endpoints quickly to prove the vaccine works, ' Stoffels said.
One of the other five leading vaccine candidates was developed partly by another MA company, Cambridge-based Moderna.
"I called a meeting of my staff on January 11, mostly at the Vaccine Research Center, and said, 'We've really got to move on this to start developing a vaccine, '" Fauci recalled.