The Starpharma Holdings Limited (ASX: SPL) share price has been among the best performers on Monday.
In afternoon trade the dendrimer products developer's shares are up 8% to $1.73.
Why is the Starpharma share price zooming higher?
Investors have been buying Starpharma shares today after it released another update on its antiviral nasal spray.
The spray, also known as SPL7013, is being tested against SARS-CoV-2, which is the virus that causes COVID-19.
According to today's update, additional antiviral testing of SPL7013 against SARS-CoV-2 has been completed. This testing was undertaken in studies conducted in the laboratory of internationally recognised virology researcher, Professor Philippe Gallay, at the renowned Scripps Research Institute in the United States.
The latest results confirm that when SPL7013 is applied at the concentration of the SPL7013 COVID-19 nasal spray, it has potent virucidal activity, inactivating more than 99.9% of SARS-CoV-2.
Dr Jackie Fairley, Starpharma CEO, commented: "We are delighted to be working with Professor Gallay to expedite the development of this important product. These latest data show that at clinically relevant concentrations, SPL7013 inactivates more than 99.9% of SARS-CoV-2, which represents a compelling feature for the product. This potent virucidal action is consistent with the activity seen for SPL7013 in other viruses, including HIV and HSV."
What now?
The company believes this nasal spray could be an important near-term preventative product and sees its route to market as quicker and less complex. This is due to the fact that it is based on an already marketed active product.
In addition to this, the company notes that the SPL7013 COVID-19 nasal spray is entirely complementary to other prevention measures such as PPE and vaccines. It also has special relevance where social distancing is not possible such as crowded environments and certain workplaces.
Dr Fairley commented: "The importance of having multiple preventative product strategies has been highlighted by the recent challenges with some vaccine trials. Starpharma's topical antiviral nasal spray could play a role both prior to vaccines being available, and complementary to vaccines once available to further reduce risk."
The company is now expediting the development of the SPL7013 nasal spray and has already completed a number of activities such as reformulation, pilot product manufacture, and the identification of a manufacturer. It has also compiled regulatory documentation in preparation for submission and commenced commercial discussions.
All in all, it expects the product to be ready for market in the first half of calendar year 2021.
