The Starpharma Holdings Limited (ASX: SPL) share price bolted more than 14% in early trade today. The positive price action follows an announcement from the company regarding a nasal spray for COVID-19.
Details on Starpharma's nasal spray
Earlier today, Starpharma provided the market with an update on its SPL7013 nasal spray, which is currently being repurposed for treatment of COVID-19.
In the update, Starpharma announced progress with the development, regulation and manufacturing activities of its repurposed SPL7103 nasal spray. The company informed investors that it has identified a manufacturer and undertaken a pilot manufacture.
Starpharma also highlighted promising results from the antiviral testing for SPL7013. The company noted that testing had shown that SPL7013 has potent antiviral effect against COVID-19. The company provided supporting data which elaborated on the mechanism of action of SPL7013 in acting early in the viral replication cycle of COVID-19.
The data also indicated that potent activity of SPL7013 against COVID-19 was evident before and after exposure to the virus. Starpharma highlighted that the company has compiled regulatory documentation in preparation for submission. The company also noted that a regulatory pathway has been confirmed for a number of important markets including Europe.
Starpharma's management elaborated the important role that SPL7013 can play in fighting the COVID-19 pandemic. The company conceded that although a vaccine against the virus is most important, auxiliary products will help reduce the risk of transmission and exposure. Starpharma also noted that a publication of the antiviral data has been submitted to peer reviewed scientific journal.
More details on Starpharma
Starpharma is an Australian based biopharmaceutical company that develops products for pharmaceutical, life science and other applications. The company's underlying technology is built around a type of synthetic nanoscale polymer called dendrimers. Starpharma has 2 core development programs based on dendrimers: VivaGel and DEP drug delivery.
Earlier this year Starpharma announced that the active component of its VivaGel product, SPL7013 had shown significant activity against COVID-19. Since VivaGel is already approved in Europe, Canada, Australia and other countries, Starpharam believes that the company can fast-track development for products that target COVID-19.
Foolish takeaway
At the time of writing the Starpharma share price is trading more than 10% higher for the day at around $1.16. Shares in the company have been sold-down slightly after hitting an intra-day high of $1.22 earlier.
