Starpharma (ASX:SPL) share price surges higher on COVID product update

The Starpharma Holdings Limited (ASX:SPL) share price is surging higher on Thursday after releasing an update on its Viraleze product…

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A woman kicks a giant COVID-19 molecule, indicating positive share price movement for biotech companies

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The Starpharma Holdings Limited (ASX: SPL) share price has been a strong performer on Thursday.

At the time of writing, the dendrimer products developer’s shares are up 6% to $1.89.

Why is the Starpharma share price racing higher?

Investors have been buying Starpharma’s shares following the release of an update on its Viraleze antiviral nasal spray.

According to the release, the Viraleze antiviral nasal spray is now available for purchase by consumers in Europe via the company’s webstore.

This follows the recent launch of Viraleze in the United Kingdom through LloydsPharmacy’s 1,400 stores and online business. It is also expected to be available via independent United Kingdom pharmacies later this month.

What is Viraleze?

Viraleze is a broad spectrum antiviral nasal spray that contains astodrimer sodium (SPL7013). This is virucidal, irreversibly inactivating >99.9% of coronavirus/SARS-CoV-2 within one minute.

These antiviral studies were conducted at the renowned Scripps Research Institute in the United States and a number of other specialist virology laboratories.

It isn’t just multiple strains of COVID-19 that Viraleze has been demonstrated to have potent antiviral activity. It also has been found to have potent antiviral activity against RSV (respiratory syncytial virus), MERS, and SARS.

Management notes that the antiviral active in Viraleze works by irreversibly blocking coronavirus SARS-CoV-2 ‘spike’ proteins from binding to human airway cells. This forms a physical barrier to respiratory viruses in the nasal cavity and has multiple unique advantages. One of these is its ability to inactivate the virus either before or after exposure.

Starpharma’s CEO, Dr Jackie Fairley, commented: “We are delighted to be rolling out Viraleze in Europe following the UK launch. The product has been very well received in the UK, and we hope that Viraleze will provide European consumers with added peace of mind.”

“In addition to making Viraleze available direct to consumers in Europe via www.viraleze.co, commercial discussions for distribution continue in parallel. Starpharma is actively engaged in discussions with a variety of organisations in the region, including sporting teams, which have expressed interest in Viraleze,” she concluded.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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