The Starpharma Holdings Limited (ASX: SPL) share price has been a very strong performer on Tuesday.
At one stage today, the dendrimer products developer's shares were up as much as 13% to $2.49.
When the Starpharma share price hit that level, it was within just 3 cents of its record high.
Why is the Starpharma share price racing higher today?
Investors have been fighting to get hold of Starpharma shares today following an update on its Viraleze antiviral nasal spray.
Viraleze is an easy to use antiviral nasal spray. It contains SPL7013, which has been shown in laboratory studies to inactivate a broad spectrum of respiratory viruses. Importantly, this includes up to 99.9% of coronavirus SARS-CoV-2, which is the virus that causes COVID-19.
Furthermore, it does this rapidly. SPL7013 has been shown to be virucidal, rapidly inactivating up to 99.9% of SARS-CoV-2 within just 60 seconds.
It has also been shown to have activity against other important respiratory viruses. These include influenza viruses, respiratory syncytial virus (RSV), and other cold-causing coronaviruses.
What was today's update?
Today's update reveals that Viraleze has been successfully registered for sale in Europe.
This registration allows for the marketing of the product across the European Economic Area (EEA). This includes the 27 countries of the European Union, the United Kingdom, and the European Free Trade Association (EFTA) countries. The combined population of this market is approximately 520 million.
The company is on track to launch Viraleze in Europe online directly to European and UK consumers from next month. Preparations for launch are well advanced, with the manufacture of launch batches underway.
After which, a roll-out to European pharmacies is planned. In addition, Starpharma is undertaking discussions with B2B customers and potential commercial partners.
Management commentary
Starpharma's CEO, Dr Jackie Fairley, commented: "Starpharma is pleased to have successfully developed a product that has the potential to assist with the fight against the global COVID-19 pandemic. We are delighted to have completed registration of VIRALEZE in the UK and Europe ahead of our original schedule and acknowledge the support of local and international specialist laboratories who have assisted Starpharma with the development of VIRALEZE."
"We know from consumer research conducted with the Boston Consulting Group, that VIRALEZE has strong appeal for European consumers across all age groups. The spray is easy to use and convenient – and works rapidly, without being absorbed into the bloodstream. If you are about to walk into the supermarket, you would use it. The same is true for public transport, elevators, planes, bars and restaurants," added Dr Fairley.
