The Starpharma Holdings Ltd (ASX: SPL) share price has jumped out of the gates and is trading higher on Thursday.
At the time of writing, investors are bidding Starpharma 5% higher to 70 cents apiece.
Support comes following a company announcement on sales of its Viraleze label in the UK after a temporary pause.
What did Starpharma announce?
The company advised that its Viraleze nasal spray has been relaunched by LloydsPharmacy in the UK.
According to Starpharma, the Viraleze nasal spray physically traps and blocks cold/respiratory viruses in the nasal cavity. It is registered in over 30 countries but is not approved for sale or supply in Australia.
Sales of the product were paused in the UK back in 2021. It was to address correspondence from the UK Medicines and Healthcare products Regulatory Agency (MHRA) in relation to promotional claims.
After successful resolution of the issues raised, Viraleze is now ready to be stacked back onto UK shelves.
The relaunch will see Starpharma supply LloydsPharmacy exclusively with Viraleze under its existing sales and distribution agreement.
Management commentary
Speaking on the announcement, CEO of Starpharma, Dr Jackie Fairley said:
We are delighted to relaunch Starpharmaâs innovative nasal spray, Viraleze, in the UK through LloydsPharmacyâs extensive online and retail network. Viraleze will be particularly useful in the winter cold and flu season given its broad-spectrum of activity against multiple cold and respiratory viruses. Viraleze is supported by multiple publications in peer-reviewed, international journals and was presented at leading, international antiviral conference, CROI, earlier this year.
In the last 12 months, the Starpharma share price has slipped more than 53% into the red.
The post Starphama share price lunges 5% on product relaunch appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in 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 Scott Phillips.
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