The Starpharma Holdings Limited (ASX: SPL) share price has been a positive performer on Tuesday.
In morning trade the dendrimer products developer's shares have jumped 12% to a record high of $1.70.
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Why is the Starpharma share price storming higher?
Investors have been buying Starpharma's shares this morning after it announced the development of a slow release soluble DEP remdesivir nanoparticle.
According to the release, the company has applied its novel DEP drug delivery technology to create a long-acting, water soluble version of remdesivir.
Remdesivir is an antiviral drug which is currently being developed by US giant Gilead to treat COVID-19. It has emergency use authorisation from the US Food and Drug Administration for the treatment of COVID-19 in adults and children hospitalised with severe disease.
It has broad-spectrum antiviral activity. However, current formulations of remdesivir are required to be administered intravenously due to the drug's low solubility, with each infusion taking up to two hours and requiring daily administration for either 5 or 10 days.
Whereas, Starpharma's DEP remdesivir is a highly water-soluble nanoparticle formulation of remdesivir with controlled release properties. This would potentially allow for less frequent dosing and use in a non-hospital setting, such as aged care. Furthermore, the solubility of DEP remdesivir is 100-fold higher than standard remdesivir.
This means that DEP remdesivir's enhanced aqueous solubility would enable subcutaneous (under the skin) injection rather than intravenous infusion. This is a positive as it allows for outpatient treatment and would reduce the burden on hospitals.
Management commentary.
The company's CEO, Dr Jackie Fairley, was very pleased with the development.
She said: "Given the limited treatment options available for COVID-19 patients, Starpharma has been actively reviewing development programs globally, and evaluating where Starpharma's proprietary DEP technology has potential to improve delivery, expand use or reduce frequency of dosing."
"The ability to deliver remdesivir via a long-acting, subcutaneous injection has the potential to expand its application outside hospitals, into settings like aged care, and also facilitate its use in countries with less developed healthcare systems. It would also improve patient convenience and reduce the burden on the healthcare system. We're pleased to be able to utilise the DEP platform to improve the delivery of this important antiviral medicine," she added.
