The Chief Executive of German biotechnology company IDT Biologika, Juergen Betzing, said the company plans to start a phase II trial of its experimental COVID-19 vaccine by the end of the year, Reuters news agency reported on Monday.

IDT Biologika is a German contract development and manufacturing company focussed on the development and manufacture of live viral vaccines.

Betzing was quoted as saying at a news conference that the company hopes to be able to apply for approval in 2021.

"If all clinical tests are successful, we could apply for an accelerated approval at the end of 2021," Betzing added.