Starpharma (ASX:SPL) share price rebounds after receiving Indian approval for COVID-19 product

This Aussie healthcare company is aiming to help with the COVID-19 crisis in India…
The post Starpharma (ASX:SPL) share price rebounds after receiving Indian approval for COVID-19 product appeared first on The Motley Fool Australia. –

The Starpharma Holdings Limited (ASX: SPL) share price has bounced back from weakness this morning and is pushing higher late on Friday.

In afternoon trade, the biotechnology company’s shares are up 1% to $1.69.

This latest gain means the Starpharma share price is now up 60% since this time last year.

Why is the Starpharma share price pushing higher?

Investors have been buying Starpharma’s shares on Friday after it confirmed that its COVID-fighting Viraleze antiviral nasal spray has been registered for sale nationally in India via the Central Drugs Standard Control Organisation (CDSCO).

The CDSCO is part of the Indian Ministry of Health and Family Welfare.

According to the release, consumers in India can now purchase the Viraleze product via is website. It is also busy finalising local distribution arrangements with potential commercial partners into both the private (consumer) and Government markets.

In light of this, Starpharma is progressing product supply preparations for the Indian market.

Huge market opportunity

The company notes that India has a population of more than 1.3 billion and the ongoing COVID-19 crisis in the country has seen the death toll surpass 359,000 people, and more than 29 million cases.

The release explains that at the peak of the crisis, there were more than 400,000 cases being reported per day, the highest of any country since the pandemic began.

In light of this, management sees a huge opportunity for Viraleze in the Indian market. This is because it is an easy-to-use antiviral nasal spray, which can be stored at room temperature and does not require cold storage or specialised transportation.

It contains SPL7013 (astodrimer sodium), which has been shown in laboratory studies to inactivate a broad spectrum of respiratory viruses, including >99.9% of coronavirus SARS-CoV-2 (the virus that causes COVID-19).

SPL7013 has also been shown to be virucidal, rapidly inactivating >99.9% of SARS-CoV-2 within 60 seconds with potent antiviral activity shown in multiple strains and variants of the virus. This is a big positive given the various strains that have been developing, particularly in India.

Starpharma’s CEO, Dr Jackie Fairley, commented: “India continues to record hundreds of thousands of COVID-19 cases every day. Starpharma has worked extremely hard to achieve expedited registration of Viraleze in India given the significant need, and we are pleased that Indian consumers are able to access the product immediately through our webstore We are also well advanced in progressing negotiations for distribution arrangements with potential local commercial partners to enable greater access to the product.”

The post Starpharma (ASX:SPL) share price rebounds after receiving Indian approval for COVID-19 product appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Starpharma (ASX:SPL) share price pushes higher on COVID-19 product update
The Starpharma (ASX:SPL) share price is 35% below its 52-week high
The ASX shares poised to benefit from new spending in the 2021 federal budget

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!