The results from the Phase I trial are expected in July.
However, this was just an early-stage trial and proof of its effectiveness will require trials in thousands more people.
He says researchers will closely study results and only advance to the next phase of testing when the vaccine is found to be safe and free of side effects.
CEO Stanley Erck, "Administering our vaccine in the first participants of this clinical trial is a significant achievement, bringing us one step closer toward addressing the fundamental need for a vaccine in the fight against the global COVID 19 pandemic".
Other companies, including Johnson & Johnson (NYSE: JNJ), are also working on developing their vaccine candidates.
For Covid-19, there are over 100 vaccines being developed across the world now, some from scratch, some from existing molecules developed for other diseases. The most common adverse reactions were mild pain at the injection site in 54 per cent (58/108) of the recipients, fever (46 per cent, 50/108), fatigue (44 per cent, 47/108), headache (39 per cent, 42/108) and muscle pain (17 per cent, 18/108).
All dose levels of the vaccine triggered some immune response - antibodies that bind to the coronavirus but do not necessary attack it - within two weeks of the vaccination.
Experts predict a vaccine could take 12 to 18 months to develop.
The availability of a safe and effective vaccine for COVID-19 is well-recognised as a key tool to control the pandemic.
The U.S. company said on Wednesday it would buy Czech Republic-based Praha Vaccines, a unit of India's Cyrus Poonawalla Group, which also owns Serum Institute, for $167 million in cash. AstraZeneca has already signed an agreement to supply 100 million doses of the vaccine to the British government and it reiterated it hopes to start delivery in September.
Novavax is a leading innovator of recombinant vaccines; its proprietary recombinant technology platform combines the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles in order to address urgent global health needs.
There are now as many as 100 experimental vaccines being developed for the virus around the world, including a collaboration between Canada and China. The vaccine was made with a certain mutation of a virus, named Ad5, which genetically modifies the protein structure once injected inside the cell. The firm said it is collaborating with a number of countries and multilateral organizations in a bid to make the vaccine "widely accessible around the world in an equitable manner".
Only a subset of people in the new trial produced neutralizing antibodies to th. virus, the kinds of molecules needed for immunity.