Lifestyle Health New Experimental Drug Highly Effective and Would Be First to Treat COVID, Company Says Pharmaceutical company Merck said the drug cut the risk of hospitalization and death by nearly half, and stopped the trial early to get it to patients as soon as possible By Julie Mazziotta Julie Mazziotta Twitter Associate Editor, PEOPLE Health People Editorial Guidelines Published on October 1, 2021 11:34 AM Share Tweet Pin Email Molnupiravir. Photo: HANDOUT/Merck & Co,Inc./AFP via Getty A new experimental drug developed to treat COVID-19 is highly effective and cut the risk of hospitalization and death by nearly half, pharmaceutical company Merck said Friday. The drug, called molnupiravir, was so successful in clinical trials that an independent board of experts recommended ending the study early in the hopes of getting it to patients as soon as possible. Merck said in a press release that they will apply for emergency use authorization from the Food and Drug Administration as soon as they can. "At the interim analysis, molnupiravir reduced the risk of hospitalization or death by approximately 50%," the company said. In the first month of the study, which included 775 people all of whom had at least one risk factor for severe illness such as obesity or advanced age, 14% of the patients who were hospitalized and given a placebo died, compared to 7.3% of patients who received molnupiravir. As the trial progressed, "no deaths were reported in patients who received molnupiravir, as compared to 8 deaths in patients who received placebo." FDA Warns People Not to Treat COVID with Drug Meant for Livestock: 'You Are Not a Horse' The study has not yet been peer reviewed or published. Molnupiravir would be the first antiviral pill to treat COVID-19, and would be given twice a day for five days to patients diagnosed with the virus. Currently, the only approved treatment for COVID-19 is remdesivir, which is given through an IV to patients in a hospital and not used in all cases. Two other companies are also developing antiviral pills and are expected to share study data in the coming weeks. RELATED VIDEO: FDA Grants Full Approval to Pfizer's COVID Vaccine "We always believed antivirals, especially an oral antiviral, would be an important contribution to the pandemic," Daria Hazuda, vice president of infectious diseases and vaccine discovery at Merck, told The Washington Post. "Keeping people out of the hospital is incredibly important, given the emergence of variants and the continued evolution of the virus." Dad Urges Vaccinations After Son's Appendix Bursts While Waiting to Get into Crowded Florida ER Molnupiravir would act as a treatment if a person contracts COVID-19, but the best method of prevention is still a vaccine. An increase in vaccine mandates has improved the vaccination rate in the U.S., but there are still large portions of the country that have yet to start their inoculations. As of Oct. 1, 64.6% of Americans have received at least one dose of a COVID-19 vaccine and 55.6% are fully vaccinated. Among those who are eligible, people aged 12 and up, 75.5% have received at least one dose and 65.1% are fully vaccinated. As information about the coronavirus pandemic rapidly changes, PEOPLE is committed to providing the most recent data in our coverage. Some of the information in this story may have changed after publication. For the latest on COVID-19, readers are encouraged to use online resources from the CDC, WHO and local public health departments. PEOPLE has partnered with GoFundMe to raise money for the COVID-19 Relief Fund, a GoFundMe.org fundraiser to support everything from frontline responders to families in need, as well as organizations helping communities. For more information or to donate, click here.