Mining magnate Clive Palmer has donated $1 million to Brisbane researchers who are within reach of finding a cure for coronavirus.

Clinical trials are hoped to begin next week for two drugs, used to treat other conditions, which have stopped coronavirus in its tracks in lab testing.

Watch the video above

The drugs are “effective” but researchers are yet to determine whether “one is better than another”, according to David Paterson, a renowned infectious diseases expert at the Royal Brisbane and Women’s Hospital.

Paterson has told 7NEWS thousands of dollars of donations from the community have helped the effort to get to the clinical testing stage.

Palmer said his donation was to expedite the testing process.

In the video below, Queensland researchers are working on a possible cure for COVID-19

Play Video Professor David Paterson provides an update to 7NEWS on his team's efforts in finding a coronavirus cure. Professor David Paterson provides an update to 7NEWS on his team's efforts in finding a coronavirus cure.

“There are many other Australians beside me that can provide financial support necessary to allow our medical resources to be deployed in the shortest possible time to save lives,” he said.

Paterson is hoping these drugs are the panacea the world needs.

“Potentially down the road, it’s even something a general practitioner could prescribe,” he said.

A nurse prepares for patients at a Covid-19 Clinic in Adelaide. Credit: AAP

Both medications are safe for use in Australia.

One treats malaria, the other HIV.

In test-tube studies, both effectively kill coronavirus.

But without human trials, the drugs cannot be administered with any certainty.

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“We are going to coordinate with hospitals in NSW and Victoria so that we can all work on a common protocol to get the answers as quickly as possible,” Paterson said.

“If we have an effective drug that can cure the infection, we certainly believe we are going to save lives.”

If the trial is successful, within three months researchers should know whether these drugs are effective in treating COVID-19.