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- Starpharma (SPL) records $1.8 million in receipts from customers for the December quarter, primarily due to the launch of VIRALEZE in Vietnam
- VIRALEZE launched in Vietnam in December with the product to be distributed by Truong Bao Land International Investment Company
- VIRALEZE also launched in Italy in October following a distribution agreement with ADMENTA Italia Group
- Starpharma burnt through $4.23 million in the quarter, leaving more than $53.13 million in total available funding
- Shares in Starpharma are up 1.01 per cent on the market and are trading at $1.01
Starpharma (SPL) recorded $1.8 million in receipts from customers for the December quarter, primarily due to the launch of VIRALEZE in Vietnam.
The sum of $1.8 million is a 188 per cent increase from the prior quarter.
Starpharma’s VIRALEZE nasal spray contains antiviral agent SPL7013 which works by slowing down the infection of host cells before and after exposure to respiratory viruses.
From there, it blocks the interaction between viral surface proteins and human cell receptor proteins.
The product launched in Vietnam in December with the formal launch attended by clinicians, healthcare professionals, politicians and media representatives.
VIRALEZE is supplied under a distribution arrangement with Healthco Australia and Vietnam-based Truong Bao Land International Investment Company (TBL).
TBL will use local medical distribution networks in the country to distribute the product.
Additionally, VIRALEZE was launched in Italy in October following a distribution agreement with ADMENTA Italia Group.
Under the agreement, Starpharma will supply VIRALEZE while ADMENTA will be responsible for the distribution, sales and marketing of the product.
VIRALEZE has now been registered for sale in Saudi Arabia and New Zealand, taking the number of countries where VIRALEZE is registered to more than 30.
“Starpharma’s antiviral nasal spray, VIRALEZE, was successfully launched in Vietnam, with Starpharma having received orders totalling more than $2 million to date,” CEO Dr Jackie Fairley said.
“We were excited to see the product so well received and pleased to see VIRALEZE playing a role in the fight against COVID-19 in that region.”
Starpharma burnt through $4.23 million in the quarter with the majority going towards staff costs and research and development. The company also invested $40,000 in its property, plant and equipment.
As of December 31, Starpharma had more than $53.13 million in total available funding, representing 12.6 quarters of use if spending levels remain the same.
Shares in Starpharma were up 1.01 per cent on the market and were trading at $1.01 at 11:51 am AEDT.