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Will Smith has resigned from the motion picture academy following his Oscars night slap of Chris Rock and said he would accept any further punishment the organisation imposed.

A spokesperson for Smith issued a statement from the actor on Friday afternoon Los Angeles time.

“I will fully accept any and all consequences for my conduct. My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable,” Smith said in the statement.

READ MORE: Will Smith: 'My actions were shocking, painful, and inexcusable'

“I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work,” Smith's statement said.

“I am heartbroken. I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film. ”

Smith's resignation came two days after the academy met to initiate disciplinary proceedings against Smith for violations against the group’s standards of conduct.

READ MORE: What happened in aftermath of Smith, Rock confrontation

On Sunday, Smith strode from his front-row Dolby Theatre seat on to the stage and smacked Rock, who had made a joke at the expense of Smith's wife, Jada Pinkett Smith. Moments later, he went on to win the best actor award for his role in “King Richard.”

Rock, who was about to present Oscar for best documentary, declined to file charges when asked by police.

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A new anti-COVID-19 drug has shown promising signs of eliminating the virus in three days, a study has revealed.

Clinical trials of the American made drug Molnupiravir have shown the pill can "eliminate" a mild to moderate COVID-19 infection by day three of the treatment.

However, a COVID-19 patient needs to start the drug within five days of developing symptoms.

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Molnupiravir is an "oral antiviral prodrug" that has been used to fight coronaviruses, including COVID-19.

The drug has been provisionally approved by the Therapeutic Goods Administration in Australia

The study carried out by Merck & Co, the manufacturer of the drug, found that zero of the 92 participants with COVID-19 still had the virus by day three of taking Molnupiravir whereas 21 per cent of participants who had a placebo still had the virus at that time.

Dr Julie Strizki, the scientist heading the study, concluded a five-day course of Molnupiravir is effective in rapidly eliminating COVID-19.

"This study provides additional evidence that molnupiravir helps those infected clear SARS-CoV-2 (COVID-1) faster than placebo," she said.

"Molnupiravir can lower the risk of progression to serious illness in this high-risk cohort."

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It also appears to clear the virus equally well in immunocompromised patients.

The study also revealed the drug can improve symptoms quicker, especially loss of smell and fatigue

The results of the studies will be presented at the European Congress of Clinical Microbiology & Infectious Diseases with hopes the pill will be approved for emergency use in Europe.

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