- Starpharma (SPL) has spent the majority of the March quarter focussed on its VIRALEZE product
- VIRALEZE contains SPL7013, which has been known to eradicate 99.9 per cent of SARS-CoV-2, the virus that causes COVID-19
- It works by slowing down the infection of host cells and blocking the interaction between viral surface proteins and human cell receptor proteins
- In its first week of being sold online in partnership with LloydsPharmacy, it was the fastest-selling product on the site
- The company is now looking for other markets to distribute VIRALEZE
- Looking at its financials, Starpharma burnt nearly $5.9 million in the quarter with the majority going towards manufacturing and operating costs
- The company ended the quarter with $65 million in total available funding, representing 11.1 quarters of use if spending levels remain the same
- Shares in Starpharma are up a slight 0.88 per cent and are trading at $1.72
Starpharma (SPL) has spent the majority of the March quarter focussed on its VIRALEZE product.
Described as an easy-to-use antiviral nasal spray, VIRALEZE contains SPL7013 which has been known to eradicate 99.9 per cent of SARS-CoV-2, the virus that causes COVID-19.
It works by slowing down the infection of host cells when applied to cells before and after exposure to the virus.
From there it blocks the interaction between viral surface proteins and human cell receptor proteins.
VIRALEZE has the potential to complement vaccines and personal protective equipment and it further further reduces risk by preventing the spread of SARS-CoV-2.
On March 25, Starpharma signed an exclusive commercial agreement with LloydsPharmacy to have VIRALEZE sold in-store and online.
It was launched online on March 29 and in its first week it was the fastest-selling product on LloydsPharmacy.com.
As COVID-19 is still ever-present worldwide, the interest in VIRALEZE remains strong and Starpharma is continuing discussions with potential partners.
Starpharma is also continuing with its DEP irinotecan phase 2 trial with more than 40 patients recruited.
Encouraging results have already been achieved such as tumour shrinkage and prolonged stable disease.
The company’s DEP technology can be used to help target drugs to particular organs, tissues or receptors in the body.
Finally, its BV Gel was launched in South Africa in March and has now been approved in more than 45 countries.
VivaGel BV is a non-antibiotic topical treatment used to prevent the reoccurrence of bacterial vaginosis (BV).
One in three women will experience BV in their lifetime while half of these will have recurring BV.
“It has been an important quarter for Starpharma, with multiple value-adding milestones achieved in the DEP portfolio, in addition to the commercialisation and launch of VIRALEZE,” CEO Dr Jackie Fairley commented.
“Starpharma was excited to launch VIRALEZE in the U.K. in March ahead of our original schedule,” she said.
“We were pleased to partner with Lloyds to bring this important product to consumers in the U.K. We are rapidly advancing the launch of VIRALEZE in other parts of Europe and look forward to pursuing registrations in further countries and regions,” she added.
Finances
Starpharma burnt nearly $5.9 million in the quarter with the majority going towards manufacturing and operating costs.
The company also invested $44,000 in its property, plant and equipment.
Starpharma ended the quarter with $65 million in total available funding, representing 11.1 quarters of use if spending levels remain the same.
Shares in Starpharma are up a slight 0.88 per cent and are trading at $1.72 at 11:58 am AEST.