Starpharma share price is currently down by 1%, despite announcing a positive update on its Viraleze antiviral nasal spray.
The post Starpharma (ASX:SPL) share price dips despite positive update appeared first on The Motley Fool Australia. –
Starpharma Holdings Limited (ASX: SPL) shares are edging lower despite the company announcing a positive update on its Viraleze antiviral nasal spray. At the time of writing, the Starpharma share price is down by 0.65% cents to $1.53.
What did Starpharma announce?
The Starpharma share price is sliding today despite the fact the Melbourne-based biopharmaceutical company reported it has now received all necessary approvals to commence the clinical study for its COVID-19 nasal spray product, Viraleze.
The study will commence enrolment of healthy volunteers in Perth in early January 2021, and is expected to be completed in the first quarter of calendar year 2021.
Starpharma says the study is being undertaken to support commercialisation activities for Viraleze, and is not a requirement to achieve EU product registration. The study will be conducted in 40 healthy volunteers, who will use the product four times a day for 14 days.
The company has advised it will continue to aggressively pursue an expedited regulatory approval pathway for the product, leveraging the extensive data already available for SPL7013 in Viraleze.
SPL7013 is an astrodimer sodium ingredient used in the nasal spray, with laboratory studies showing it to have significant antiviral activity against the coronavirus that causes COVID-19.
Starpharma reported the EU regulatory dossier is now more than 90% complete, and Viraleze is on track to be registered and ready for market in the first quarter of 2021.
The company’s CEO, Dr Jackie Fairley, commented:
We continue to make excellent progress towards the launch of this important product, including manufacturing campaigns of Viraleze early in the new year.
Starpharma is working hard to bring this product to market as quickly as possible, in the first quarter of 2021.
The worsening situation of COVID- 19 in Europe in particular clearly highlights the need for preventative strategies for use alongside PPE and vaccines. Not surprisingly, our recent consumer research in Europe indicates strong demand for Viraleze.
More about the Viraleze antiviral nasal spray
The product was already announced to the market on 10 December, sending the Starpharma share price 15% higher that day.
Viraleze will be marketed as an antiviral nasal spray for SARS-CoV-2, and will also be marketed as an antiviral nasal spray for other respiratory viruses such as influenza and RSV. RSV is also a common and very contagious virus that affects the lungs and airways.
According to Starpharma, the broad spectrum antiviral activity of Viraleze is a compelling differentiating feature, and means the product could have an important role to play in helping fight future pandemics.
About the Starpharma share price in 2020
The Starpharma share price has had a good year, rising by 25% year to date.
The higher share price is reflective of Starpharma’s progress this year. For the 12 months ended 30 June 2020, the company reported a 162% increase in revenue to $7.1 million.
That was driven by VivaGel product sales and royalties and a $4.34 million milestone payment by AstraZeneca for the first dose of AZD0466 administered in the phase 1 trial of its first DEP product.
At the current price, the company commands a market capitalisation of $635 million.
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Eddy Sunarto 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.