The Starpharma Holdings Limited (ASX: SPL) share price has been a strong performer on Tuesday morning.
In early trade, the dendrimer products developer's shares are up 7% to $1.35.
Why is the Starpharma share price racing higher?
Investors have been bidding the Starpharma share price higher today after it provided another update on its SPL7013 antiviral agent.
According to the release, new antiviral testing demonstrates that SPL7013 has potent virucidal activity against the Delta variant of COVID-19.
The release explains that SPL7013, which is the antiviral agent in Starpharma's Viraleze nasal spray, reduces infectivity of the virus by >99.99% after 30 seconds of exposure.
Management notes that the Delta variant of COVID-19 is believed to be the most transmissible variant yet. It has spread to at least 102 countries worldwide resulting in multiple outbreaks in Australia, Europe, India, Indonesia, Japan, the UK, and the US.
In addition, the company revealed that testing confirmed potent virucidal activity of SPL7013 against the closely related Kappa COVID-19 variant as well.
This bodes well for Starpharma, which has registered its Viraleze antiviral nasal spray for sale in Europe and India, and in certain markets via online channels. Viraleze is also partnered with LloydsPharmacy in the UK, and Starpharma is in advanced discussions with potential commercial partners in India, Europe, and multiple other regions.
Starpharma's CEO, Dr Jackie Fairley, commented: "We are very pleased to confirm the rapid virucidal activity of SPL7013, with greater than 99.99% reduction of infectious virus in just 30 seconds against the Delta variant. The Delta variant continues to challenge public health responses worldwide – most recently triggering lockdowns and emergency restrictions in Australia, Japan, and Indonesia."
"SPL7013, the active in Viraleze, has a deep pedigree as an antiviral compound, with consistent and compelling broad-spectrum activity against multiple respiratory viruses and now multiple variants of SARS-CoV-2," she added.
