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- Starpharma (SPL) has been awarded $1 million in matched funding by the Australian Government’s Medical Research Future Fund (MRFF)
- This funding will enable the pharmaceutical company to speed-up development and commercialisation of its COVID-19 antiviral nasal spray
- Starpharma’s nasal spray is based on its proprietary dendrimer, SPL7013, which has demonstrated significant activity against SARS-CoV-2, the virus that causes COVID-19
- SPL7013 works by blocking the interaction between viral surface proteins and human cell receptor proteins
- Starpharma is up 4.29 per cent on the market and shares are trading for $1.70 each
Starpharma (SPL) has been awarded $1 million in matched funding by the Australian Government’s Medical Research Future Fund (MRFF).
Starpharma was one of five companies who received this COVID-19 specific funding for “projects capable of achieving substantial and rapid impact in the global response to the COVID-19 pandemic within 12 months.”
This funding will enable the pharmaceutical company to speed-up the development and commercialisation of its COVID-19 antiviral nasal spray.
Starpharma’s nasal spray is based on its proprietary dendrimer, SPL7013, which has demonstrated significant activity against SARS-CoV-2, the virus that causes COVID-19.
Antiviral data has confirmed that SPL7013 slows down the infection of host cells when applied to cells both before and after exposure to the virus.
It works by blocking the interaction between viral surface proteins and human cell receptor proteins.
Additionally, it has the potential to complement vaccines and further reduces risk by preventing the transmission of SARS-CoV-2.
SPL7013 has also shown potential treatment for other diseases such as HIV, herpes, hepatitis B, and the Zika virus.
“We are very pleased that the SPL7013 COVID-19 nasal spray has been selected for this grant, especially from such a large and competitive field of applicants,” CEO Dr Jackie Fairley commented.
“This is an important initiative aimed at accelerating Australian innovations to address the global COVID-19 pandemic and we thank the Government for continuing to fund programs like these that drive the local development of novel, innovative therapies for patients globally,” she said.
“The selection of Starpharma’s program recognises its near-term potential and the global relevance of the SPL7013 COVID-19 nasal spray, with differentiated features that are complementary to other preventative strategies, like vaccines,” she added.
Starpharma is up 4.29 per cent on the market and shares are trading for $1.70 each at 12:28 pm AEST.
