The University of Oxford announced Monday that a COVID-19 vaccine it's developed with AstraZeneca is 70.4% effective in preventing people from developing symptoms, per interim data from Phase 3 trials.

Why it matters: The Oxford-AstraZeneca vaccine is shown to work in different age groups and can be stored at fridge temperature. It is much cheaper than other vaccines in development and is part of the global COVAX initiative, designed to ensure doses go where they're most needed.

• AstraZeneca CEO Pascal Soriot said in a statement that the vaccine's "simple supply chain and our no-profit pledge and commitment to broad, equitable and timely access means it will be affordable and globally available, supplying hundreds of millions of doses on approval."

Between the lines: The findings come from combining results from two different dosing regimes.

• When two full doses were given to volunteers at least a month apart, the efficacy was 62%. This rose to 90% among those given half a dose, followed by a full one, the university noted in a statement.
• Pfizer and Moderna both reported earlier this month their coronavirus vaccines had efficacy rates of about 95%.

Today marks an important milestone in the fight against #COVID19. Interim data show the #OxfordVaccine is 70.4% effective, & tests on two dose regimens show that it could be 90%, moving us one step closer to supplying it at low cost around the world>> https://t.co/fnHnKSqftT pic.twitter.com/2KYXPxFNz1

— University of Oxford (@UniofOxford) November 23, 2020

Yes, but: The Food and Drug Administration initially set the bar for a COVID-19 vaccine to be 50% effective, roughly in line with the seasonal flu vaccine. A 70% efficacy was a best-case scenario back then, per Axios' Marisa Fernandez.

For the record: More than 24,000 volunteers were involved in the trials in the U.K., Brazil and South Africa — including 131 coronavirus cases, per the university.

• There were no hospitalizations nor severe cases of COVID-19 reported from participants treated with the vaccine.

What to expect: The university said in a statement scientists are "hoping to supply 3 billion doses of the vaccine and make it available to people around the world by the end of next year."

Flashback: Oxford University coronavirus vaccine trials show strong immune response

Editor's note: This article has been updated with new details throughout.