Starpharma (ASX:SPL) share price pushes higher on COVID-19 nasal spray update

The Starpharma Holdings Limited (ASX:SPL) share price is rising on Thursday after releasing an update on its COVID-19 nasal spray product…
The post Starpharma (ASX:SPL) share price pushes higher on COVID-19 nasal spray update appeared first on The Motley Fool Australia. –

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The Starpharma Holdings Limited (ASX: SPL) share price is pushing higher on Thursday morning.

At the time of writing, the dendrimer products developer’s shares are up 3.5% to $2.10.

Why is the Starpharma share price pushing higher?

Investors have been buying Starpharma’s shares this morning following the release of a positive announcement.

According to the release, the company has signed a sales and distribution agreement for its Viraleze antiviral nasal spray with Lloyds Pharmacy and the McKesson Group in the United Kingdom.

Lloyds Pharmacy and the McKesson Group is one of the largest pharmacy groups in the UK and is also a major wholesaler. It currently operates approximately 1,400 pharmacies across the country and supplies to over 14,000 independent UK pharmacies.

The release explains that Viraleze will be available online next week and is expected to be instore in April.

Starpharma’s sales and distribution agreement with the pharmacy group incorporates a reciprocal exclusivity arrangement for Viraleze. This includes significant investment in marketing by Lloyds, both online and instore.

What is Viraleze?

Viraleze is an antiviral nasal spray that was developed by Starpharma based on an already marketed active.

It contains astodrimer sodium (SPL7013), which is virucidal and irreversibly inactivates >99.9% of coronavirus/SARS-CoV-2 within one minute. Importantly, it has also demonstrated potent antiviral activity against multiple strains of SARS-CoV-2.

Starpharma’s CEO, Dr Jackie Fairley, was very pleased with the agreement.

She said: “We are excited that VIRALEZE will be available from next week in the second largest pharmacy chain in the UK.”

“The LloydsPharmacy/McKesson team shares Starpharma’s enthusiasm and commitment to bring VIRALEZE antiviral nasal spray to UK consumers as they emerge from their latest lockdown. LloydsPharmacy represents an ideal partner for this product.”

Lloyds Pharmacy’s Head of e-Commerce and Category Management, Mr John Acland, added: “We are excited to have secured exclusive rights to VIRALEZE for the UK. It is a highly innovative product with compelling customer benefits and is well supported by an impressive body of quality science and research.”

“We hope VIRALEZE will bring LloydsPharmacy customers added peace of mind and protection as we enter the next chapter of the pandemic and re-emerge back into work, school and social settings.”

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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.

The post Starpharma (ASX:SPL) share price pushes higher on COVID-19 nasal spray update appeared first on The Motley Fool Australia.

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