The Starpharma Holdings Limited (ASX: SPL) share price was up 5.52% at the time of writing to $1.72. This came after the company announced a funding award to develop a COVID-19 nasal spray.
What was in the announcement?
Starphama said it had been awarded $1 million in funding from the Federal Government's Medical Research Future Fund to develop a nasal spray for the treatment of COVID-19. The nasal spray would utilise its proprietary dendrimer, SPL7013.
The company said its patented SPL7013 nasal spray had the potential to prevent both acquisition and transmission of SARS-CoV-2. In addition, its broad spectrum antiviral activity could also play a role for other respiratory viruses and preparedness for future pandemics. SARS-CoV-2 is the virus that causes COVID-19.
The product could be used as an additional line of defence in combination with personal protective equipment. It would have applications for the general public including frontline workers such as doctors and nurses along with those exposed to crowded and high risk environments including public transport, airlines and aged care.
Starpharma said that since the SPL7013 development program started in April, the nasal spray has been reformulated into several formulations and a manufacturer identified. In addition, pilot manufacturing has been undertaken and work has started on compiling regulatory documentation for submission. Additionally, the company is in confidential commercial discussions with interested pharmaceutical companies in a number of geographic markets.
Starpharma CEO Dr Jackie Fairley said the funding award to develop Starphama's program recognised "its near term potential and the global relevance of the SPL7013 COVID-19 nasal spray".
About the Starpharma share price
Starpharma is a biotechnology company that develops and licenses treatments for various common health problems. It has agreements with a number of pharmaceutical giants and has been listed on the ASX since 2000.
The Starpharma share price is up 177.4% since its 52-week low of 62 cents. It has returned 40.98% since the beginning of the year. The Starpharma share price is up 49.57% since this time last year.
